HomeMy WebLinkAboutResolution 2852
A Resolution
NO ~ `'
AUTHORIZING THE MAYOR OF THE CITY OF FORT WORTH TO EXECUTE A
CERTIFICATE APPROVING THE ISSUANCE OF BONDS BY THE RED RIVER
EDUCATION FINANCE CORPORATION IN CONNECTION WITH THE CONSTRUCTION
OF EDUCATIONAL FACILITIES BY TEXAS WESLEYAN UNIVERSITY
WHEREAS, Texas Wesleyan University (the `University"), a nonprofit corporation and an institution
of higher education located m the Crty of Fort Worth (the "City") has requested the
issuance oftax-exempt bonds in the approximate amount of $4 000 000 (the `Bonds") by
the Red River Education Finance Corporation, which is a nonprofit corporation created
by the City of Windthorst, Texas, and
WHEREAS, revenue from the Bonds will be used to (i) finance the construction and equipping of an
education building for the graduate program for nurse anesthesia at the University with
such facility to be located on campus of the University at the corner of Wesleyan Street
and Avenue B m the City (the `Campus") (ii) finance the construction and equipping of
a science education building containing classrooms and laboratories for biology and
chemistry instruction on the Campus, and (iii) refund the FW Higher Education Finance
Corporation Higher Education Revenue Refunding and Improvement Bonds (Texas
Wesleyan University Project) Taxable Serves 1997B currently outstanding in the
principal amount of $1 405 000 which Bonds were issued to finance the acquisition of
the building and related parking facilities for the University's School of Law which is
located at 1515 Commerce Street m the City (collectively the `Project") and
WHEREAS, m order for such Bonds to be issued, Section 147(f)(2)(A) of the Internal Revenue Code
requires the prior approval of each governmental unit having jurisdiction over the area m
which Project is located, and
WHEREAS, Section 147(fj(2)(B) of the Internal Revenue Code deems such a Bond issuance to be
approved by a governmental unit if the elected representative of the governmental unit
approves the Bond issue following a public hearing concerning the issuance and the
nature of the Project in question, and
WHEREAS, the University has scheduled a public hearing concerning the Bond issue and the nature of
the Project for July 23 2002 on the Campus,
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH
That Mayor Kenneth Barr is hereby authorized to execute the attached Approval Certificate
•
evidencing approval by the City Council of the Bond issuance, but only (i) for the purpose of satisfying
the requirements of Section 147(f) of the Internal Revenue Code; (ii) with the understanding that the
City will have no liabilities for the payment of any of the Borids and that none of the City's funds or
assets will be pledged for the payment of any of the Bonds, and (iii) after a public heanng concerrimg
the Bond issue and the nature of the Project has been held in accordance with applicable law and the
University has provided the City Attorney with the minutes of such public heanng and a copy of any
public notices required for such public heanng.
AND IT IS SO RESOLVED.
Adopted and effective this 16th day of July 2002.
ATTF.~T
APPROVED
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City of Port Worth,
-''' APPROVAL OF HIGHEST ELECTED OFFICIAL
L
WHEREAS, a public hearing was held in the City of Fort Worth (the 'City") on July 23
2002 by Bill Bleibdrey of Texas Wesleyan Umversrty (the 'Umversrty"), in connection with bonds
m the amount of $4 000 000 (the 'Bonds") to be issued the Red River Education Finance
Corporation (the 'Issuer") to (i) finance the construction and equipping of an education building for
the graduate program for nurse anesthesia at the Umversrty with such facility to be located on
campus of the Umversrty at the corner of Wesleyan Street and Avenue B m the City (the 'Campus"),
(ii) finance the construction and equipping of a science education building contaimng classrooms and
laboratories for biology and chemistry instruction on the Umversrty Campus m the City and (iii)
refund the FW Higher Education Finance Corporation Higher Education Revenue Refunding and
Improvement Bonds (Texas Wesleyan Umversrty Project) Taxable Serves 1997B, currently
outstanding m the principal amount of $1 405 000 which Bonds were issued to finance the
acgmsrtion of the building and related parking facilities for the University's School of Law which is
located at 1515 Commerce Street m the Crty (the financing and refinancing of such bonds and
facilities, all of which will be owned by the Umversrty are collectively the 'Project"). and
WHEREAS, the minutes of the public hearing and a copy of the notice of public hearing are
attached hereto as Exhibit A, and
WHEREAS, rt is necessary for the undersigned, as the highest elected official of the Crty to
approve the Bonds and the Project to satisfy the requirements of Section 147(f) of the Internal
Revenue Code of 1986, as amended (the 'Code")• and
WHEREAS, the Crty Council has approved a resolution authorizing the Mayor of the Crty to
execute this approval.
NOW THEREFORE, the undersigned Mayor of the Crty of Fort Worth, Texas, hereby
approves the issuance of the Bonds and the use thereof for the Project; provided that the City shall
have no responsibilities or liabilities for the payment of the Bonds nor shall any of its assets be
pledged to the payment of the Bonds, it being understood that this approval is solely for the purposes
of Section 147(f) of the Code.
In Witness Whereof, I have set my hand this Julys 2002.
City of Fort Worth, Texas
Mayor