HomeMy WebLinkAboutResolution 3019A Resolution
NO ~J=' ~ J_
APPROVING THE ISSUANCE OF EDUCATION REVENUE BONDS BY THE ITALY
HIGHER EDUCATION FACILITIES CORPORATION IN CONNECTION WITH THE
CONSTRUCTION OF EDUCATIONAL OR HOUSING FACILITIES BY
TEXAS WESLEYAN UNIVERSITY
WHEREAS, the Texas Wesleyan Umversrty (the `University"), being an institution of higher
education as defined m Chapter 53 of the Texas Education Code, located within the City
of Fort Worth, Texas (the `City"), desires to provide for the costs of construction of a
new approximately 262 bed student apartment project to be located on the School campus
at the corner of Wesleyan Street and Avenue A, including both the apartments and related
parking facilities, and to pay certain of the costs of issuing the Bonds described below (all°`
referred to as the `Prod ect"); and `~,
WHEREAS, the University desires to finance the Project m part through the issuance of tax exempt
bonds to be issued by the Italy Higher Education Facilities Corporation (the `Issuer"),
such bonds being styled the `Italy Higher Education Facilities Corporation..Education
Revenue Bonds (Texas Wesleyan University Project), Serves 2003.E (the `Bondst) mahe
aggregate principal amount of $6,500 000• and i°t- " `°'
WHEREAS, in order for such Bonds to be issued, Section 147(f)(2)(A) of the Internal`Revenue Code
of 1986 as amended, requires the pnor approval of a governmental unit?having
lunsdiction over the area in which Protect is located, and '~~i~ ~'~ ~`
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WHEREAS, the University has requested the City to give its approval with regard to the issuance of
the Bonds solely for the purpose of satisfying the provisions of Section 147(f) of the
Internal Revenue Code of 1986, as amended, and for no other purposes whatsoever and
WHEREAS, the Umversrty conducted a public heanng concerning the Bond issue and the nature of the
Project on December 3 2003 on the Umversrty campus,
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH
1 Solely for the purpose of satisfying the provisions of Section 147(f) of the Internal
Revenue Code of 1986 as amended, the City hereby approves the issuance of the Bonds for construction
of the Project. The maximum principal amount of the Bonds is $6,500,000 The sole user of the Project
shall be the University
2. This Resolution is passed based on the express understanding and representation by the
Umversrty and. the Issuer that the Bonds do not and will not constitute in any way a liability or
obligation of the City in any manner whatsoever
3 The City does not by this Resolution waive any requirement of the City relating to the
construction or acquisition of the Project (including but not limited to any requirement for a building
permit).
4 That rt is 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
AND IT IS SO RESOLVED.
Adopted and effective this 16th day of December 2003
ATTEST ,..---~,:~{~
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Iona Pear on
'=.City Secretary,~~~"
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City:Secgetary of th®
Gi4y of Fort Worth,'Etiexas
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