HomeMy WebLinkAboutResolution 3675-11-2008A Resolut><on
NO 3675-11 2008
APPROVING TAX EXEMPT FINANCING BY THE OGLESBY CULTURAL
FACILITIES CORPORATION FOR THE BENEFIT OF NEW LIFE
CHRISTIAN CHURCH OF THE APOSTOLIC FAITH AND SOUTHWEST
COMMUNITY ECONOMIC DEVELOPMENT CORPORATION REGARDING
CERTAIN FACILITIES TO BE LOCATED IN THE CITY OF FORT WORTH,
TEXAS
WHEREAS, New Life Christian Church of the Apostolic Farth, a Texas nonprofit corporation
(hereinafter referred to as the `Borrower") desires to finance, or refinance indebtedness previously
incurred to finance, an approximate 17,200 square foot building located at 4650 Campus Dnve, Ft.
Worth, Texas, including furniture and equipment related thereto to house its youth sex abstinence
educational programs, mentonng children of incarcerated parents, and other community and family
oriented activities (collectively the `Project") with the Project to be used by Southwest Community
Economic Development Corporation, and
WHEREAS, the Borrower desires to finance the Project through a tax exempt financing to be
evidenced by a Financing and Lease Agreement to be entered into among the Oglesby Cultural Facilities
Corporation, the Borrower and Regions Equipment Finance Corporation, and related Special Project
Revenue Note of the Oglesby Cultural Facilities Corporation, with the maximum principal amount to be
financed for the Project being $1 600 000• and
WHEREAS, the Borrower has requested that the Crty of Fort Worth give its approval with
regard to the financing solely for the purpose of satisfying the provisions of Section 147(f) of the
Internal Revenue Code of 1986 as amended, and Article 1528m, Tex. Rev Civ Stat. (which requires
that the issuance of the financing be approved by the jurisdiction m which the Project is located) and
WHEREAS, the City of Fort Worth, Texas (the `Crty") is willing to consider the Borrower's
request in order that the financing may be accomplished,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS
1. Solely for the purpose of satisfying the provisions of Section 147(f) of the Internal
Revenue Code of 1986 as amended, and the requirements of Article 1528m, Tex. Rev Civ Stat. the
City hereby approves the financing evidenced by the Financing Agreement and Lease, and related
Special Project Revenue Note of the Oglesby Cultural Facilities Corporation, to finance the Project as
defined above The owner of the Project shall be New Life Chnstian Church of the Apostolic Faith.
The user of the Project shall be Southwest Community Economic Development Corporation. The
maximum principal amount of the financing shall be $1 600 000
2. This Resolution is passed on the express understanding and representation by New Life
Christian Church of the Apostolic Farth and Southwest Community Economic Development
Corporation that the financing does not and will not constitute m any way a liability or obligation of the
City m any manner whatsoever and that the Crty shall have no liability whatsoever for the Project.
3. That the City does not by this resolution waive any requirement of the City relating to the
construction, operation or maintenance of the Project.
4. That rt if officially found and determined that the meeting at which this Resolution is
passed is open to the public as required by law and that notice of the time, place and subject matter of
this meeting has been given m the manner required by law
Adopted this 11th day of November, 2008
~~ ~ APPROVED
~.
ATTEST .~G~"~^-~°~~~~,~ CITY COUNCIL
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B ~ ` ~' ~~ ,~ ~ - . ~ NOV 1 1 2008
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Marty Hendrix , ~ ~ ~.,,,
~Ci , Secretar ~~
~, ty ~ y L,_ ~ City Secretary of the
~~, ` `'' :' ,,~ City of Fort Worth, Texas
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CERTIFICATE FOR RESOLUTION
STATE OF TEXAS §
COUNTY OF TARRANT §
We the undersigned officers of the City Council of the City of Fort Worth hereby
certify as follows
1 That the City Council of the City of Fort Worth (the 'City") convened in
regular session on the 11th day of November 2008 at the regular meeting place
thereof within the Fort Worth City Hall and the roll was called of the duly constituted
officers and members of the City Council and all of said persons were present, thus
constituting a quorum Whereupon among other business the following was
transacted at said meeting a written
RESOLUTION APPROVING A TAX EXEMPT FINANCING BY THE
OGLESBY CULTURAL FACILITIES CORPORATION FOR THE
BENEFIT OF NEW LIFE CHRISTIAN CHURCH OF THE APOSTOLIC
FAITH AND SOUTHWEST COMMUNITY ECONOMIC DEVELOPMENT
CORPORATION REGARDING CERTAIN FACILITIES TO BE
LOCATED IN THE CITY OF FORT WORTH TEXAS
was duly introduced for the consideration of the City Council and read in full It was
then duly moved and seconded that said Resolution be adopted and after due
discussion said motion carrying with it the adoption of the Resolution prevailed and
carried by the following vote
AYES g
NOES (~
2 A true full and correct copy of the aforesaid Resolution adopted at the
meeting described in the above and fioregoing paragraph is attached to and follows this
certificate that the Resolution has been duly recorded in the official minutes of said
meeting that the above and foregoing paragraph is a true full and correct excerpt from
the official minutes of said meeting pertaining to the adoption of the Resolution that the
persons named in the above and foregoing paragraph are the duly chosen qualified
and acting officers and members of the City Council as indicated therein that each of
the officers and members of the City Council was duly and sufficiently notified officially
and personally in advance of the date hour place and purpose of the aforesaid
meeting and that the Resolution would be introduced and considered for adoption at
said meeting and each of said officers and members consented in advance to the
holding of said meeting for such purpose that said meeting was open to the public as
required by law and that public notice of the date hour place and subject of said
meeting was given as required by Chapter 551 of the Texas Government Code as
amended
{00633592.DOC /} 1 RESOLUTION OF FORT WORTH
SIGNED on the ~ day of U~ , 2008
City Secretary rtr:~~-r
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{00633592.DOC/} 2 RESOLUTION OF FORT WORTH
CITY OF FORT WORTH TEXAS