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Home My WebLink AboutResolution 4677-09-2016 A Resolution NO. 4677-09-2016 RESOLUTION APPROVING, FOR PURPOSES OF SECTION 1470 OF THE INTERNAL REVENUE CODE OF 1986, THE NEWARK CULTURAL EDUCATION FACILITIES FINANCE CORPORATION ISSUANCE OF REVENUE REFUNDING BONDS (KIMBELL ART FOUNDATION PROJECT), SERIES 2016; AND RELATED MATTERS WHEREAS, the Newark Cultural Education Facilities Finance Corporation (the "Issuer") is empowered pursuant to Article 1528m, Vernon's Texas Civil Statutes, as amended (the "Act"), for the purpose, among other things, of developing new and expanded cultural and community facilities by (i) acquiring, constructing, providing, improving, financing and refinancing "cultural facilities" (as defined in the Act) to accomplish the public purposes stated in the Act; and (ii) issuing and executing bonds, notes or other obligations to loan or otherwise provide funds to borrowers to enable such borrowers to acquire, construct, enlarge, extend, repair, renovate, or otherwise improve facilities in accordance with the Act, or to acquire land to be used for those purposes, or to create operating and debt service reserves for and to pay issuance costs related to the bonds, notes or other obligations; and WHEREAS, Kimbell Art Foundation (the "Borrower") has requested that the Issuer issue bonds (the "Bonds") and loan the proceeds thereof to the Borrower for the purpose of refinancing existing debt the proceeds of which were used to finance and/or refinance all or a portion of the cost of acquisition, construction, improvement, renovation and/or equipment of a cultural facility, to wit, the Piano Pavilion at the Kimbell Art Museum located at 3333 Camp Bowie Boulevard, Fort Worth, Texas 76107-2792 (the"Financed Facilities")and paying the costs of issuing the Bonds; and WHEREAS, pursuant to the provisions of section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), approval of the City Council of the City of Fort Worth, after a public hearing following reasonable notice (the "TEFRA Hearing"), is required for the issuance of the Bonds; and WHEREAS, the TEFRA Hearing for this purpose was conducted at the offices of the Borrower on September 8, 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: 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 refinanced with the proceeds of the Bonds are located, hereby approves the issuance of the Bonds and authorizes Mayor Betsy Price to execute an Approval Certificate evidencing such approval. ORTWO T HSUSA:765724636.1 Resolution 4677-09-2016 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 September 13, 2016. Betsy Price, M APPROVED AS TO FORM AND LEGALITY: Sarah J. Full wider, City Attorney J 'z FOR?. 44 d ATTEST: JA000 *% By. Mary J. K e , ty S retary X444 bnWO T OHSUSA:765724636.1 APPROVAL OF HIGHEST ELECTED OFFICIAL WHEREAS, a public hearing was held on September 8, 2016 by the Newark Cultural Education Facilities Finance Corporation (the "Issuer") with respect to the issuance by the Issuer of its Newark Cultural Education Facilities Finance Corporation Revenue Refunding Bonds (Kimbell Art Foundation Project), Series 2016 (the "Bonds") to finance and/or refinance all or a portion of the cost of acquisition, construction, improvement, renovation and/or equipment of the Piano Pavilion at the Kimbell Art Museum located at 3333 Camp Bowie Boulevard, Fort Worth, Texas 76107-2792, 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 issuance of the Bonds to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); WHEREAS, on September 13, 2016, the City Council of the City of Fort Worth, Texas adopted a resolution approving 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 issuance 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 September 13, 2016. Ci ort Wo h,Texas B : `Betsy Pr' , M r OHSUSA:765555762.2 MINUTES OF PUBLIC HEARING Newark Cultural Education Facilities Finance Corporation Re: Newark Cultural Education Facilities Finance Corporation Revenue Refunding Bonds (Kimbell Art Foundation Project), Series 2016 I, Brenda Cline, hearing officer for Newark Cultural Education Facilities Finance Corporation(the"Issuer"),the issuer of the above referenced bonds(the"Bonds"),called to order the Public Hearing of the Issuer held on September 8, 2016 at 10:00 am. 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 issuance of the Bonds for the Kimbell Art Foundation. 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: September 8,2016 Hearing Officer OHSUSA:765724604.1 EXHIBIT A AFFIDAVIT OF PUBLICATION (Attached Hereto) 01-isusA:765724604.1 INVOICE Star - Telegram Customer ID: 6586433ORRI Invoice Number: 33839084 808 Throckmorton St FORT WORTH,TX 76102 Invoice Date: 8025/2016 (817)390-7761 Terms. Net due in 21 days Federal Tax ID 26-2674582 Due Date: Upon Receipt P.O.Number: BILL TO: ORRICK Order Number: 33839084 1301 MCKINNEY STREET Sales Rep: 73 STE 4100 Description: NOTICE HOUSTON,TX 77010 Publication Date: 8/25/2016 ............ q NOTICE OF PUEMUC HEAPM NEWARK LEGAL 1 62 a LME 14.19 $1,122 Not Amount: $1,122.63 EBORAN JEAN!of AYLO Notary P Tex! utft,Slat as My CornrMsdon Expka October 29,2019 County of Tamwt 11 "... *fore me,a*tary PubAc in and for said County and Stag this day personaffy appeared Oir"Noffand,Bids&Legd coordiwor for die Star-Tekpu4 pubAskedby the Star-Tekgram Inc.at Fort Wbrtf4 in Tanunt Count*Te;Lw:and ufto after being duty nvrr& did depose andsay that the attarfted&ppinq of advertisenunt was pubfi&d in the above namedpaper on the fisted dates. BIDS&fEr),W DEPT Star-T&gnm(i SUBSCRIBED ANp Sjs0RNrjV BEFo9a ME; 0115 DAYOF August a-W,t 2016 i Signed 611 �44 Thank You For Your Payment NOTA9?YPUBLIC Remit To: Star-Telegram owtomw 0 186864330RRI P.O.Box 901051 FORT WORTH,TX 76101-2051 Customer Name: ORRICK kwdoe Number- 33839084 hwalce Amowt $1,122.63 P.O.Munber. Ammet Erdwed ` pap0owe se 1 'y�L J'�llt ail°a lauja- ay} to )Ltir I"S�g ayl�l4'}�I e1s�114�yq(� �a4 s e eetjt a pa(sl nq emoU," 'OOib all°S atj} INDWITOET 1 Uo�6Uujia r ula5d hrlo °d a} jjO o j ll��)"il 0 a�lo.;o P.loo �atilt"J° ludpl aV °}: 131jM ul:shale 4}} em6U)Jeaya4}pua le °L al un suosjed pa saja}ul A spuoe=,ap�pue"}0a(d{d Pa9lj�sap SS ey °l}�adsa 1 4lIM sMalA clap aXa o 6uliQaQ�llgdd l�nsl . Qua}}eio}pa}le�(.aje s gsjad:p }se ul Ilb G.��l11O 6UIleaHi,a4l) 6lsap jay {o auI1J+epurj8 dq pa}snpuoo Mcll M'6uljeay i119nd 0 1, uaMO�oB`eyl pa S1.0 a Lq•peplA spa�'llfojJ lolVeRedPpue; pajtuas a le Q le seXe;;o}no alye�t loa am spuo8 ljaMojloB? Aq pa}eled0 UaUMO a9 IIIM 0r.6u1 pd ,L l,1°M'llo�n�lrlog alrnog `del EE }u pa;e�ol wnosnyl jllaq! IN ay} !u uo lined ouuld r' t o,.9u8 wdlnbA`+ao�pu0 u0110 ddaWOnoadwI 'uol3:)nilsuo) 'udnlsfn 39 JO 1501041 jo uopaod u j0.110 O)ueuuaJ JO MLMI of pasn slam p1�l!M do Spaaagld oyl agap Al slxa 6uhueuUOa M :sasodmd 6ul AOpo; ,041 J0;1 ("4aMOjjo8"i sexY"a y°pajodloa }I;Oid0ou 1 'uMl�yo�:}.11Y I�agwlNao} pea4'�flM spuoe a4 3;o spaaO . 10119 wdwJ a) quWsal} Ill�e� 4.ullam0 'JuAllnJ AMMON 95$pa0�xel° 4ou:" a e6elQ6ee try Saq q}sP�oB of 1 �ZOT9L�xa j t 0 }1°�"3� SIgWUroJ t0E'yWlep " d~ j IlagWI's 09EZ'al�S -d 00 bT la LOZ 8 JagWa}, aS Vo:uope.lodjo�awe A!} =lyiNa� udp��n 3 Ie1nlMJ �11gnd a;o 4aAl�'�tgqajay sl:eip° ; 9IOt'iS3121�5'U J3foad NOUV° noj L11V 1138wIH) ' sul�oe 9 jp.tN�yild3a s�111 1 b�°J= 4NOIj�iJnq>�'ly>Jpy1�J 111i1G13N° rr.SNllIII!3H Jl18nd=�o`� IjoN EXHIBIT B No member of the public attended the Public Hearing, and thus no comments were made or discussion had about the Bonds. OHSUSA:765724604.1