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HomeMy WebLinkAboutResolution 4630-05-2016 A Resolution NO. 4630-05-2016 RESOLUTION APPROVING, FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE EDUCATION REVENUE BONDS (TEXAS CHRISTIAN UNIVERSITY) OF THE RED RIVER EDUCATION FINANCE CORPORATION WHEREAS, the Red River Education Finance Corporation (the "Issuer") is empowered pursuant to Chapter 53A, Texas Education Code, to enter into contractual obligations in order to assist educational institutions in financing or refinancing the acquisition, purchase, or lease, or the construction, renovation or other improvement of, education facilities or housing facilities and facilities incidental, subordinate or related thereto or appropriate in connection therewith, and the purchase of land in connection with such purposes; and WHEREAS, Texas Christian University (the "Borrower") previously requested that the Issuer issue bonds for improvements to the Borrower's football stadium and basketball arena, and related improvements thereto, located at 2800 S. University Blvd., Fort Worth, Texas, to-wit, the Red River Education Finance Corporation Higher Education Revenue Bonds (Texas Christian University Project), Series 2010A (the "Series 2010A Bonds") and the Red River Education Finance Corporation Higher Education Revenue Bonds (Texas Christian University Project), Series 2013A (the "Series 2013A Bonds", and together with the Series 2010A Bonds, the "Bonds"); and WHEREAS, the Borrower has requested that the Issuer amend the documents authorizing the issuance of the Bonds to extend the final maturity of each series of the Bonds from December 1, 2020 to December 1, 2025; and WHEREAS, the owners of 100% in aggregate principal amount of the Bonds have consented to the change proposed by the Borrower to extend the maturity of each series of the Bonds; and WHEREAS, pursuant to the provisions of section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the City Council of the City of Fort Worth, after a public hearing following reasonable notice (the "TEFRA Hearing"), must approve the extension of the maturity of each series of the Bonds to enable the Bonds to retain their status as tax-exempt obligations under the Code; and WHEREAS, the TEFRA Hearing for this purpose was conducted on the campus of the Borrower on May 12, 2016 by a designated hearing officer of the Issuer. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS THAT: 4—W L­r ORT WO T Resolution 4630-05-2016 Section 1. The City Council, solely for the purposes of section 147(f) of the Code, as the elected legislative body having jurisdiction over the area in which the facilities financed with the proceeds of the Bonds are located, hereby approves the extension of the maturity of each series of the Bonds and authorizes Mayor Betsy Price to execute an Approval Certificate evidencing such approval. Section 2. The foregoing 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 undertaking by the City of Fort Worth. The Bonds shall not constitute a liability, indebtedness, or an obligation of the City of Fort Worth, nor shall any of the assets of the City of Fort Worth be pledged to the payment of the Bonds. Section 3. This resolution shall take effect immediately from and after its passage in accordance with the provisions of the Charter of the City of Fort Worth, and it is accordingly so resolved. PASSED AND APPROVED, this May 17, 2016. /1-100 etsy Pri a APPROVED AS TO FORM AND LEGALITY: By: Sarah J. Ful nwider, City Attorney ATTEST: �a�ooan�� orr �000000 r��a� OA.o° By: �a o a 440 °Mary J. yser, ity Secretary oP °°°°° 0 A: f� a° oRT Wo T APPROVAL OF HIGHEST ELECTED OFFICIAL WHEREAS, a public hearing was held on May 12, 2016 by the Red River Education Finance Corporation (the "Issuer") with respect to the reissuance by Red River Education Finance Corporation (the "Issuer") of its Higher Education Revenue Bonds (Texas Christian University Project), Series 2010A (the "Series 2010A Bonds") and Series 2013A (the "Series 2013A Bonds", and together with the Series 2010A Bonds,the"Bonds")to finance improvements on the campus of Texas Christian University,which is located at 2800 S. University Blvd., Fort Worth, Texas, and no member of the public appeared at such public hearing; and WHEREAS, it is necessary for the applicable elected representative of the City of Fort Worth,Texas, to approve the reissuance of the bonds hereinafter described to satisfy the requirements of section 147(f)of the Internal Revenue Code of 1986, as amended (the "Code"); WHEREAS,on May 17,2016,the City Council of the City of Fort Worth,Texas adopted a resolution approving the extension of the maturity date of the Bonds to satisfy the requirements of section 147(f)of 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 reissuance by the Issuer of the Bonds,and such approval shall be solely for the purposes of section 147(f)of the Code. The City of Fort Worth,Texas shall have no liabilities for the payment of the Bonds nor shall any of its assets be pledged to the payment of the Bonds. In Witness Whereof, I have set my hand this May 17`x', 2016. City rt girth, Texas etsy Pric ayor MINUTES OF PUBLIC HEARING Red River Education Finance Corporation Re: Red River Education Finance Corporation Higher Education Revenue Bonds (Texas Christian University Project)Series 2010A Red River Education Finance Corporation Higher Education Revenue Bonds (Texas Christian University Project)Series 2013A I, Brian Gutierrez, hearing officer for Red River Education Finance Corporation (the "Issuer"), the issuer of the above referenced bonds (the "Bonds"), called to order the Public Hearing of the Issuer held on May 12,2016 at 8:30 a.m. 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 reissuance of the Bonds by Texas Christian University. I declared that the required notice of the Public Hearing for the reissuance of the Bonds was published in the FORT WORTH STAR-TELEGRAM, being a newspaper of general circulation in the City of Fort Worth,Texas,as evidenced by an Affidavit of Publication attached hereto as Exhibit A. I proceeded to hold the Public Hearing. Comments and discussions with respect to the reissuance of the Bonds are summarized in Exhibit B,attached hereto. After sufficient time was given for all present to make their comments with respect to the reissuance of the Bonds,I declared the Public Hearing closed. Dated:May 12,2016 2 Hearug O f de—er,Red RO(T 19d on Finance Corporation EXHIBIT A AFFIDAVIT OF PUBLICATION [attached hereto] STATE OF TEXAS COUNTY OF TARRANT Before me�a Notary ublic in d for said County and State,this day personally appeared i ,Advertising Representative for the Star-Telegram,published by the Star-Telegraj Inc.at Fort Worth,in Tarrant County,Texas and distributed in other surrounding Counties;and who,after being duly sworn,did dispose and say that the following clipping of an advertisement was published in the above named paper on the following dates: Wod 6uf Signed Subscribed and sworn to before me,this the day of ) I C\1 l `J'A `� Notary Public � 1. Tarrant County,Texas LESLIE BUCKLEY fit MY COMMISSION EXPIRES "-°SEPTEMBER 24,2017 a;,•'•NOTARY ID: 128058260 010 Michael Murray household misc. 012 Kristen TruJi110 misc,household personal effects 013 Priscilla McClung household misc 055 Karishea Jones misc household personal effects 118 Elisha Updyke misc. household personal effects 173 Jonathan Clark furniture,washer 200 Michael Balenslefen misc. household personal effects . £ 202 Daniel fferris misc. household U 260 Hunter Mitchell misc.household 1 personal effects i 340 Laklta Pannell misc. household 0C personal effects 353 Shanlqua.Price misc.household dt personal effects 378 on effects EE ll misc. household SO 399 Abigail Weaver misc.household tt personal effects SO ,NOTICE OF PUBLIC HEARING 86 A public hearing will be held at 8:30 IVj a.m.on May 12.2016,in the Office of the Vice Chancellor for Finance 6.43 E and Business, Sadler Hail,,Room 4019 2800 S. University, Fort +j Z( Worth, Texas by Texas.Christian university (tie "Borrower"), In plVj connection with the refinancing and reissuance by Red River Education jy�, Finance Corporation(the"Issuer") of its Higher Education Revenue Htl: Bonds(Texas Christian University 1 e ProJect) Series Z010A(the"Series W jti; 2010A fonds ) and Series 2013A ; (the "Series 013A Bonds"1 and e, together with the Series L010A i 6 Bonds,t he"Bonds") by extending kSH16 the Anal maturity of the Bonds to December 1,2025.The proceeds of. �d9y the Series 2010A Bonds were used to finance the acquisition, con- struction and equipment of im- provements to the campus of the �54d Borrower,located generally at 2800 1 S. University Blvd, Fort Worth, jHt Texas, to-wit: the renovation of , Amon G. Carter Stadium, football BZSHt locker rooms, weight rooms, and related construction and equipment lb961531 costs associated therewith,and the r proceeds of the Series Z013A Bonds X�g, were used to finance the acquisi- tion, construction and equipment of improvements to the campus 0f fthe Borrower, located generally at 2800 S. University Blvd., Fort Worth Texas, to-wit:the renova- tion o{Scholimaier Arena(formerly 1 known as Daniel-Meyer Coliseum), including the construction of new athletics administrative offices, i r and related construction and I r equipment costs associated therewith;The Series Z010A.Bonds are currently outstanding in"the aggggree8�ate principal amount of a $56,000,000 and the Series 2013A Bonds g9are gcurrently outstanding in f $42,500x000 A11 Interested perstonsf e are invited to submit written t comments to the Borrower prior to e the time set for the public hearin or to attend the public hearing and express comments theyy may have rri i epropo onds. TeCht s ty f P.O.Box 297041 Fort Worth,Texas 76129 NOTICE TO THE REGISTERED OWNERS AND/OR LIENHOLDERS OF THE FOLLOWING DESCRIBED MOTOR VEHICLES SCHEDULED TO . r PUBLIC AUCTIONNF)Cf ASSIGNED a YEAR MAKE MODEL VIN NUMBER i 98 AC91aA ono ILW IA •• °� EXHIBIT B No member of the public attended the Public Hearing, and thus no comments were made or discussion had about the Bonds.