HomeMy WebLinkAboutResolution 4562-01-2016 A Resolution
NO. 4562-,01-2016
RESOLUTION APPROVING, FOR PURPOSES OF SECTION 147(f) OF
THE INTERNAL REVENUE CODE, OBLIGATIONS ISSUED BY THE
SANGER CULTURAL EDUCATION FACILITIES FINANCE
CORPORATION FOR THE BENEFIT OF FORT WORTH COUNTRY
DAY SCHOOL, INC.
WHEREAS, the Sanger Cultural 11clucation Facilities Finance Corporation (the "Issuer"') is ernpowered
PLIT'SUant to Article 1528rn, Texas Revised Civil Statutes (the "Act"), to enter into contractual obligations
in order to assist certain eligible entities in financing or refinancing facilities for cultural education or
cornmunity benefit, including facilities incidental, sut)ordinate or related thereto or appropriate in
connection therewith; and
WHEREAS, Fort Worth Country Day School, Inc. (the ".13orrower") is seeking to (i) refinance tax-
exempt obligations issued for the benefit of the School. in 2007 in connection with. the acquisition,
construction and equipment of a new dining facility,the renovation of the existing dining facility for use
as a visual arts center, the construction of a new commuility center and the expansion of the existing
raiddle school to add new classrooms, and (ii) finance the construction of a new athletic f.acility and a
new tennis corriplex (collectively, the "Project"); and
WHEREAS, the Borrower has represented to the Issuer that the Project is, and the Issuer has found, that
the Project constitutes cultural facilities, as such to is defined in.the Act; and
WHEREAS, the Borrower has requested that the Issuer issue obligations to finance and refinance the
ProJect, in one or more series,, in an aggregatc.� principal amount not to exceed $8,500,000 (the "2016
(Migations"'); and
WHEREAS, on January 4, 2016, the Issuer conducted a public hearing, following reasonable public
notice, negm, ding the issuance of obligations to finance and refinance the ProJect (the "TEFRA
licaiing"); and
WHEREAS, pursuant to the provisions of section 147(f) of the Internal Revenue Code of 1986, as
wnended (the "(,,ode"),, the City Council of the C ity of Fort Worth niust, after the rEF'R.A 11earing has
been. conducted, approve issuance of bonds or other obligations by the Issuer to enable the 2016
Obligations to qualify as tax-exempt obligations under the Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS:
r F RTWOR I
�g4w
_ _jJ
RCSOILItion 4562 01-2016
Section 1® That the City Council, solely f6r the pill-poscs of section 147(f) of the Code, as the
elected legislative body having,jurisdiction over the area in which the fticifilies proposed to be financed
and refinanced are located, hereby approves the prol')osed issuance of the 2016 Obligations by the Issuer
to finance and refinance the Project for the benefit of the Borrower, in an anioUnt not to exceed
$8,500,000, and authorizes Mayor Betsy Price to execute an Approval Certifm.ite evidencing such
appro vai.
Section 2® 'rhat the lbregoing approval is given in. accordance with the provisions of section.
147(f) of the Code and for no other purposes and is not to be construed as an undeil,akhig by the (,-.ity of
Fort Worth.. The 2016 Obligations shatt not constitute a liability, indebtedness, or an obligation of the
City of Fort Worth, nor shall atiy of the assets of the of Fort Worth be pled. ed to the payment of
the 2016 Obligations.
Section 3. That this resolution shall take effect iminc-diately from and after its passage in
accordance with the provisions of the barter of the City of Fort Worth, and it is accordingly so
resolved.
PASSED AND APPROVED, this ,Januany 2016
.......................................
.. .. .......
easy .... "'Z...............
......... cc, M or
..........
............
APPROVED AS TO FORM AND LEGALITY:
By:
Sarah J. l"till. rvwrider, City AttI)r1ley.
AJ."I EST:
JrOF17t
Xzr 000
AY 1*000 0. 4�1
op 0 0
p 0 0 0 0
f.J to. 0
0 0
0
Ono -
00
By: 0 z
.......... .................. 00 0
0
%0 0
�041
Mary J. W, YSI C 45 Secretary, 0000C)000000 ICY
to?*X ►
w
TWO-M
APPROVAL OF HIGHEST ELECTED OFFICIAL
WHEREAS, a public hearing was held on January 4, 2016 by the Sanger Cultural Education
Facilities Finance Corporation (the "Issuer") with respect to the proposed issuance of one or more series
of obligations to be issued by the Issuer, in an aggregate principal amount not to exceed $8,500,000 (the
"Obligations"), to finance and refinance improvements to the campus of Fort Worth Country Day School,
Inc. (the "School"), which is located at 4200 Country Day Lane, Fort Worth, Texas, to-wit: to refinance
tax-exempt obligations issued for the benefit of the School in 2007 in connection with the acquisition,
construction and equipment of a new dining facility, the renovation of the existing dining facility for use
as a visual arts center, the construction of a new community center and the expansion of the existing
middle school to add new classrooms, and to finance the construction of a new athletic facility and a new
tennis complex(the "Project"), and no member of the public appeared at such public hearing; and
WHEREAS, it is necessary for the undersigned, as the highest elected official of the City of Fort
Worth, Texas, to approve the Obligations and the Project to satisfy the requirements of section 147(f) of
the Internal Revenue Code of 1 986, as amended (the "Code");
WHEREAS, on January 2 2016, the City Council of the City of Fort Worth, Texas adopted a
resolution approving the Obligations to satisfy the requirements of section 147(f) of the Internal Revenue
Code of 1986, as amended (the "Code") and authorizing the highest elected official of the City of Fort
Worth, Texas, to execute this Certificate evidencing such approval;
NOW, THEREFORE, the undersigned Mayor of the City of Fort Worth, Texas, hereby attests to
the City Council's approval of the issuance of the Obligations in an aggregate principal amount not to
exceed $8,500,000 to finance and refinance the Project, and such approval shall be solely for the purposes
of section 147(f) of the Code, and the City of Fort Worth, Texas shall have no liabilities for the payment
of the Obligations nor shall any of its assets be pledged to the payment of the Obligations.
In Witness Whereof, I have set my hand this January 2 2016.
C y,tJ I� art Wa
rth Tom '
� 1 By: ,
ayor
[Signature Page—Approval of Highest Elected Official]
MINUTES OF PUBLIC HEARING
Sanger Cultural Education Facilities Finance Corporation
}
Re: Fort Worth Country Day School,Inc.
The undersigned, duly acting hearing officer for Sanger Cultural Education Facilities
Finance Corporation (the "Issuer"), the lender of loan proceeds (the "Loan"), pursuant to a loan
agreement among the Issuer, Fort Worth Country Day School, Inc. (the "Borrower") and
JPMorgan Chase Bank, N.A. (the "Lender"), called the Public Hearing of the Issuer on January
4, 2016 to order.
I declared that a Public Hearing, required under Section 147(f) of the Internal Revenue
Code of 1986 was open for purposes of discussing the Bonds and the purposes for which the
Bonds are to be issued, including to refinance a portion of outstanding loans incurred by the
Borrower in the amount not to exceed $6,650,000 (the "Outstanding Loan"), and to finance
capital improvements at the Borrower's campus in Fort Worth, Texas. The Borrower used the
proceeds of the Outstanding Loan to finance or refinance the acquisition, construction and
equipment of improvements to the Borrower's facilities,located at 4200 Country Day Lane,Fort
Worth, Texas, to-wit: the construction of a new dining facility, the renovation of the existing
dining facility for use as a visual arts center,the construction of a new community center and the
expansion of the existing middle school to add new classrooms. The capital improvements to be
financed with the proceeds of the Loan relate to the construction of a new athletic facility and a
new tennis complex. The aggregate principal amount of the Loan will not exceed$8,500,000.
1 declared that the required notice of the Public Hearing for the Bonds, the Refunding and
the Project was published in the DENTON RECORD-CHRONICLE, being a newspaper of
general circulation in the City of Sanger,Texas,and in the FORT WORTH STAR-TELEGRAM,
being a newspaper of general circulation in the City of Fort Worth, Texas, as evidenced by
Affidavits of Publication attached hereto as Exhibit A.
I proceeded to hold the Public Hearing. Comments and discussions with respect to the
Loan and the Refunding are summarized in Exhibit B.attached hereto.
After sufficient time was given for all present to make their comments with respect to the
Loan and the refunding of the Outstanding Loan, I declared the.Public Hearing closed.
Dated: January 4, 2016 —J
----------
Hearing Officer, Sanger Cultural Education
Facilities Finance Corporation
EXHIBIT A
Affidavits of Publication
Ad Copy:
PUBLIC HEARING —
NOTICE PUBLIC HEARING
REGARDING NOTICE
ISSUANCE OF j REGARDING
BONDS ISSUANCE,OF
BONDS
. Apublic hearing will be held at
NV EM p m,on January 4,2016,at A public fearing vwitll be held at
SdrngarC'ity Hall,9)2 Elm Street, 6:30 p.m.on January 4,2.016,at
Jka"VVS h,nkmrt ST1va it 21 roc ma"s6'µ$ Sanger,fens 76266,on behalf Sanger Cud Hall,502 EI'm Mast
^ ,v w,or ate r,xfl1Mf6 0:gait al Cite Cities ci Fort Worth and Sanger,Taxes 76,66,on behalf
Sanger,Texas,by lira Seriger of the Gigs sy Fart Won and
Cultural Educatilan F-adltates Sanger,Texas,by the Sanger
314 E» llIickory FirenceCrarporation(ext Culturaj Education Facattes
'Isswr°)for file testrar'to Omar In. FInance Corporation(the
P.O.Box 369 to a loan agreement(lha Issuer')for the Issuer to enter in-
Denton,TX 76202 'Agreement')wr'h Fort ftnh to moan agreement(the
C iffltry flay School,Inc.(the 'Agreement!)whit Fort Worth_.,„. _
940...387-3811 'Borrower)and a leading bank .Country Day;§chbol,Ind.(the
for Ulu puatxrsa of making a loan Barr and blending hbA,
ofiundfab thetasuortotho for the.purpose ofmakirif gr PI_a.`_
Borrower�tlwa'2p16 Loan').The of tends by the imports d e
prooeeds of Iha 20161.dan Mli be Borrower(tho"2016 Loan").The
4oufrotliae aluun(a):Denton ReozaraR.CVtrcrniclr$ used by the Sorrowarto refinance proceeds of the 2016 Loan wPI be
a pa�C9rrn of ouo6kdnding used by The Barmwor to refinance
obligations incurred by the a panean of
Borrower in an 0 igilonsincurredbyfida
PROOF}E CE F»'L9fdLOCA1'IG nP4
t 0 )tha"Crdstan
Borrower In an amount not to
Oblg lons end to finance $6,650,00 0he"Ou Ing
6drg duly swarr(9)he Is the 'rbtLaedaukhaaoe designee of Lenten capital Improvements at th e
CksGgaegnsl,and as ertanaa
Rocord-Chronicle,Byre City of De�ntordsurmwvrdinrg'gi areas in Denton Courwly� &irrowl s carmicus.The �improvements at the
f.0ar.morusedT proceeds of Bonwer'soampuso The
Newspaper of graasa=.val cirrwlakticsn arhich has tseerro o:a�natrreaouspy and regularly rruV.adusllred p mower d th0proceeds of
fair a ported Ml of narr less than one year preceding the date of¢lve attached mra":Gas.and the Outstanding oftahccos to
Gsna.rceonrefinancetlhe therower pdtng4)�Ilgalanuto
that the sail notes was published 6ro said newspaper[Denton Rosoro!4,hroinlcle on e or re�frlence the
a quislborb curtstrwdion and
the following dates below, equipmenll of improvements a u sa on,construction and
improvements to u
equipment of improvamattis to
DI R the 90rrawer's factlltes,located the Bormwees facmoga,located .
Said notice was published na neighborsgw.CarrxrollionlCoppetltPr armors at 42W Coads If Day Lano,Fart at 4206,Country Day Larne,Fort
&Bronrch/Fl�owerMoundAlrving&ewisvltfe,aneighboldocad newspaper that began an Worth,Texas,.to-twit:the
Worth,Texas,fawn:e1
e
May 7,20015 as Southern Denton C our fly daignosr (published under oongructan of a new d n arawdInConstruction er
ladlity,fee rararvalhrn of Ilia facility,the renovalion of the
Lewtsvilleo'Ho oer Mound!Highland Village hlelghbon G o'G r4elghborsG o existing dining hid illy,for use Em a existing dining facifkyfor use as a
LewMsvitlidylovver Mound)on the following dates batlow, visuel arts curter,Ilya constrrc- ylsbef eats center,,the construe^
tion of a new community center lien of a now comrmumily contin ..
and the Or.ansio n of the exc;ting and the a tasion of the Existing
12/1 X2015 mlddlo simclol to add naw middle saol to add new
claasrooms. The capital cf some.;The a
gnproveinzsrilstobe the ncedwit improvements arbefinancedwith
she proceeds of ft 2016 Loan the proceeds of the 2016 lsarl
iato to ft construction of a new relate to the conshcldon of a new
othatfa taot@lty acrd a new lennGS athoitic fadElty and'a now tennis
(,siggrcetime of Authorized Designee) complex, The maximum amount conVacx.The maxlmurn amount
of the 2016 Loan 16 anhdpalad of the 2016 Low Is antlolpatw
SB�Iast°rl�a�d and s�varrn to before eel hot to ezeed$6,500,W0.All net tae $8,00,1706.All
Issuer prior to the fime set'for the Issuer prior to the time a Set to
this w+ . day G'_ by Imtere"Bed Gvrco aetsreedVo submitwdttan ants toths
..m..........._...w_.. sedrntit umitian csmxnants tro ribs
me set for the
Public hearing or uq shard the public hearing or lac aftend the
public hearing and express... _. Y pn a and express
y
they may comments;the may,have.
rah ding62apncaltaid2p06 eanti Ina proposed(� Loan,. txaaot.
(printed name of Designee) " San rCuiWnH y:dtcalfan, ,&ngar4;ob
itur6itl Eedraralmn
Witness my hand and official seal: Fad'aOes Finance Corporation . Ftu.'rektea Rnamoo
17HC UJI02015 DRC;12M462615
(sVgfaa Are of necta4 �rcror
Notary PLIb4c,Denton County,`eras
» r w IUR.N Notary�a�— ID
)')gn» .. @G�
A GI
o.�.F
rorlV 8"Srt awn,f`fro r'r, G M1t316.)
4CC6IL " RI RST,S HOOTC',.C,L..L..F
717 14, RW J STREET, 900'
mm'
SUrrE
DALLAS,"175201-6597
Ad Number: 00014W3741' 37a 1 Price:$91.40
INVOICE
Star- Telegram Customer ID- '-VICC01
808 Throckmorton St. Invoice Number; 33639556
FORT WORTH,TX 76102 Invoice Date: 12/18/2015
(817)390-7761 Terms: Net due in 21 days
Federal Tax ID 26-2674582 Due Date. Upon Receipt
P.O.Number:
BILL TO: MCCALL PARKHURST HORTON Order Number: 33639556
717 N.HARWOOD ST STE #900 Sales Rep: 73
DALLAS TX 75201 Description: PUBLIC
Publication Date; 12/18/2015
"tl t
T 9th R L
R
t P
;' Amount
PUBLIC HEARING NOTICE REGARDING LEGAL 1 X 57 57 8.25 $ 523.11
Net Amount* $523.11
4•~tr' 14", DEBORAH JEAN BAYLOR
Notary Public.State of Texas
qHEffA'1EOFTFXAS st My Commission Expires
Co"of?arrant October 29,2019
Before ing,a Notary Pubfk in and for said County and state,this daypersonaffy appeared Christy Hvfland,Bids&Legal Coordinator
for the Star-Telegram,pubfishedby the Star-Telegram,Inc-at Fort`Worth,in Tarrant County,T&Vs.and who after being dufy sworn,
diddepose andsay that the atWfiedc6ppirg of advertisement waspublishedin the above namedpaper on the k5tedd4tes:
BIDS&LEGAL DEIT.Star-Telegram.(81 390-7037 SUBSCRIDED AND SWORNTO BEFORE ME,
9MIS DAYOF DECEMBER 2015
S!Owed
NOTARX PUBLIC��__
Thank You For Your Payment
Remit To: Star-Telegram Customer ID: MCC01
P.O.Box 901051
FORT WORTH,TX 76101-2051 Customer Name: MCCALL PARKHURST HORTON
Invoice Number: 33639556
Invoice Amount: $523.11
P.O.Number:
Amount Enclosed: 14,
ur$�le 1iER °OTICE
RAG' R G
1sstF
k pisblre heArj-n0 vilf'te fie d S
p,tn qn January 4 2b1�;`at
City Hal;502 EIm Street Sanger,y
Texas 7�2Q6;on behalf of.the Cities
:of Fort'Wortfi ayd'Sahger,`Texas,"
--hy2the-56n641cu ucatIn
Facilities.Finance Corporation..(the'
Issuer');for th e enter
:Into ,a Moan "agreement i(the
"Agreement.') with Fdrt WoKhoi
Country..Day :5chool;..,inc:'(the'je
B®rrgweN'},end A len IN'
for the-purp'se of making.a.oan-�
of;funds,by the Is uer to,the
Borrower,'(fhe 2076'L®an ):The,._;
proceeds ofahe 2. an will.be00
used by tfie Borrawef to refinanee,�r
a portion of oytstanding o�iligatJons 14 incurred by the:.Borrower in an
amount notnto:. ,650,000.(the- =
,,Outstanding:Obligatlons');and to OT
fihahce..6pltal:impr®vemems` at3rf
the BorroweWs;.campus. The qur--�
rower used .the"proceeds of the
outstarld"[ng'.d4ligation3,to finance YOe
br retldance'.the:acrilAtion, eon-j
structlon'aod 'equipmapt, of jm 3
provemepts%to the Borrower's fa-. 7
cdatie5 located at 4200 Country
Day Lane;Flirt Workh,IT6gas,'to;
wit the, construction' of a new r
dining facility,;rne'Yenpvatlon of z
the existing dining facilityy for use°".
a§,a vlsual'arts centery the.con-QQf
s2RK-tion 1 of. a new-:communityb�
cenfer:'and•:th?? expansion;of them!
ee�faFltlg maddle,schonl to add new.
cl'as�sro s +jhe Lcapiha improve-'
nyentslo heapee with the 0S
hGOCpp_ x `'hes nab telate
to.thQQ__4o�s$NUO�tQhcof�+[I�w athletic-�Y
fa lity an°da° w tefifll
201�orn2
T e a�ifrr ouRt� 'the
Coon Is`and e'k iro,} a excefld��
$a,5o®,®ad`AYgWnfe�est d„Oarsansayy
are Invited,viV s tiriji w�Jtteh.J
comments'tq t V Sue p tpr to
the time set.foY the'pu. '=—
or.to attepd.the pbblk li rkq r}e0I01
express anyy comments°�tthey'rt�ay!l•'.
have'regarding.the.,proposed 2016'1:,
Loan in
Sanger Cultural Educatio Faeilitles;°I
Finance Corporateop
EXHIBIT B
No member of the public attended the Public Hearing, and thus no comments were made
or discussion had about the Loan or the Refunding.