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HomeMy WebLinkAboutResolution 4870-12-2017 A Resolution NO. 4870-12-2017 RESOLUTION APPROVING, FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE EDUCATION REVENUE REFUNDING BONDS (TEXAS CHRISTIAN UNIVERSITY) TO BE ISSUED BY 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") is seeking to refinance bonds issued to finance improvements to the campus of the Borrower, which is located at 2800 S. University Blvd., Fort Worth, Texas; and WHEREAS, the Borrower has requested that the Issuer issue bonds to refinance the outstanding Red River Education Finance Corporation Higher Education Revenue Refunding and Improvement Bonds (Texas Christian University Project), Series 2010 (the "Refunded Bonds"), in one or more series, in an aggregate principal amount not to exceed $32,000,000 (the "Refunding 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 the TEFRA Hearing, following reasonable notice, must approve issuance of bonds by the Issuer to enable the Refunding Bonds to qualify as tax-exempt obligations under the Code; and WHEREAS, the TEFRA Hearing for the issuance of the Refunding Bonds was conducted on the campus of the Borrower on December 1, 2017 by a designated hearing officer of the Issuer NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH 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 proposed to be refinanced are located, hereby approves the proposed issuance of the Refunding Bonds by the Issuer to refinance the Refunded Bonds for the benefit of the Borrower, in an amount not to exceed $32,000,000, and authorizes the Mayor or Mayor Pro Tempore to execute an Approval Certificate evidencing such approval. ORT WO T Resolution 4870-12-2017 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 Refunding 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 Refunding 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 December 5, 2017. Dennis Shingleto y ayor Pro Tempore APPROVED AS TO FORM AND LEGALITY: By: Gv` Sarah J. Fu/enwider, City Attorney ATT T• AOF,FO/��,� By: �� * r 2 onald P. Gonzales, Assi nt City Secretary �S Signature Page—Resolution for TEFRA Approval for Texas Christian University ORT WORT CERTIFICATE OF CITY OF FORT WORTH, TEXAS REGARDING ISSUANCE OF RED RIVER EDUCATION FINANCE CORPORATION EDUCATION REVENUE REFUNDING BONDS (TEXAS CHRISTIAN UNIVERSITY) WHEREAS, a public hearing was held on December 1,2017 in the City of Fort Worth,Texas by the Red River Education Finance Corporation(the"Issuer")with respect to the proposed issuance of one or more series of bonds to be issued by Red River Education Finance Corporation,in an aggregate principal amount not to exceed $32,000,000 (the 'Bonds"), to refinance bonds issued to finance improvements to the campus of Texas Christian University(the"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 an applicable elected representative of the City of Fort Worth,Texas,to approve the Bonds to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, on December 5, 2017, 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 Internal Revenue Code of 1986, as amended(the"Code")and authorizing the Mayor or Mayor Pro Tempore of the City of Fort Worth, Texas, to execute this Certificate evidencing such approval; and; NOW,THEREFORE,the undersigned 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 December 2017. Ci of Fort Worth, Texas B . Mayo r Tempore CERTIFICATE OF CITY OF FORT WORTH,TEXAS REGARDING ISSUANCE OF RED RIVER EDUCATION FINANCE CORPORATION EDUCATION REVENUE REFUNDING BONDS (TEXAS CHRISTIAN UNIVERSITY) WHEREAS,a public hearing was held on December 1,2017 in the City of Fort Worth,Texas by the Red River Education Finance Corporation(the"Issuer")with respect to the proposed issuance of one or more series of bonds to be issued by Red River Education Finance Corporation,in an aggregate principal amount not to exceed $32,000,000 (the "Bonds"), to refinance bonds issued to finance improvements to the campus of Texas Christian University(the"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 an applicable elected representative of the City of Fort Worth,Texas,to approve the Bonds to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended(the"Code");and WHEREAS, on December 5, 2017, 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 Internal Revenue Code of 1986,as amended(the"Code")and authorizing the Mayor or Mayor Pro Tempore of the City of Fort Worth, Texas,to execute this Certificate evidencing such approval; and; NOW,THEREFORE,the undersigned 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 December,2017. /o o Worth, Texas AirB : Mayo MINUTES OF PUBLIC HEARING Red River Education Finance Corporation Re: Red River Education Finance Corporation-Texas Christian University— Compass Mortgage Corporation Loan Agreement I, the undersigned hearing officer for Red River Education Finance Corporation (the "Issuer"),called to order the Public Hearing of the Issuer held on December 1,2017 at 8:30 a.m., with respect to the above-referenced loan agreement(the "Loan Agreement"). 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 Loan Agreement, the loan to be made under the terms of the Loan Agreement (the "Loan"), and the projects to be refinanced with the proceeds of the Loan(collectively, the "Projects")by Texas Christian University. I declared that the required notice of the Public Hearing for the Projects 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 Loan,the Loan Agreement and the Projects are summarized in Exhibit B, attached hereto. i After sufficient time was given for all present to make their comments with respect to the Loan,the Loan Agreement and the Projects, I declared the Public Hearing closed. j. Dated:December 1,2017 I IIe g O i ,Redve cation Finance Corporation EXHIBIT A AFFIDAVIT OF PUBLICATION i STATE OF TEXAS COUNTY OF TARRANT Be or gine,a�Ndotary PyVbbhcc in an for said County and State,this day personally appeared t { !� v UC ,Advertising Representative for the Star-Telegram,published by the Star-Telegram,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: �d �1oY t51 617 r\Signed Subscribed and sworn to before me,this the l r l day of 20 _ Notary Publi AQ arrant County,Texas dl ihli ,Jrp,Y FE`S i LtJUF BUCY,LEY Public,State of Texas Comm, Expires 09-24-2021 `. NOtary ID 128065260 PUBLIC HEARING NOTI(F REGARDING ISSUANCE OF BONDS A public hearing will be held at 8: a.m,on December 1,2017, In the Office of the Vice Chan- cellor for Finance and Adminls- tration,Sadler all,Roon•I 4019, 2800 5. University,Fort Worth, Texas, by Texas Christian Uni• versity (the 'Borrower"), in connection with the issuance by Red River Edutation Finance Corporation(the"Issuer")of its Higher Education Revenue Refunding Bonds(Texas Christi- an University Pro)ect), Series 2017 (the "Bonds'). The pro- ceeds will be used to provide funds to refund Red River Edu- cation Finance Corporation Higher Education Revenue Refunding and Improvement Bonds (Texas Christian Univer- sity Project), Series 2010 (the Series 2010 Bonds"). The Series 2010 Bonds were origi- nally Issued to finance the ac- quisitlon, construction and equipment of improvements to the campus of Texas Christian University;•located generally at. 2800 S. University Blvd„ Fort Worth, Texas (the "Campus"), to-wit to finance the costs of acquir(ng,constructing,and Im- proving capital facilities for the i educational purpose of the.Bor- rower and for purposes:related and subordlnatethereto;.ko=Wit, construction of a new Admis- I sfons Building;renovation of the Milton Daniel dormitory; and i renovations to two classroom buildings (Reed Hall and the Dance building); and to refl- nance the Red River Education Finance Corporation Higher Edu- cation Revenue Bonds, Series 2001, the proceeds of which were used to finance the casts of acquiring, constructing, and improving capital facilities to the Campus for the educational purpose of the Borrower and for purposes related and subdrdi- nate thereto, to-wit,the reno- vation and'expansion of class- If room pu(lding Improvements and rerhodeling; construction costs associated with Smith Hall; and Construction costs in- curred with respect to the Bor, rower's baseball stadium, The maximum aggregate principal amount of the proposed Bonds to be issued to refinance the Series 2010 Bonds Is anticipated j not to exceed $32,000,000. All interested persons are Invited to submit written comments to i the Borrower prior'to the time Ij set for the public hearing or to attend the public hearing ar, express comments they may have regarding the proposed Bonds, Texas Christian University P,O,Box 297041 Fort Worth,Texas 76129 STATE OF TEXAS COUNTY OF TARRANT Before,ipe,a�Notary Public inEdforsaidCounty and State,this day personally appeared 't/ti al ,Advertising Representative for the Star-Telegram,published by the Star-Telegram,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: Signed Subscribed and sworn to before me,this the day of ,�.%E h j 20�� Notary Public �- r12 �•%(- - Tarrant County,Texas LESLIE BUCKLEY Notary Public,State of Texas "9 +Q� Comm.Expires 09-242021 Notary ID 128058260 SUPPLEMENT TO PUBLIC HEARING NOTICE REGARDING ISSUANCE' OF BONDS A public hearing will be held at 8;30 a.m. on December 1,2017, in the Office of the Vice Chan- cellor for Finance and Adminis- tration,Sadler Hall,Room 4019, 2800 S. University,Fort worth, Texas, by Texas Christian Unl- versity(the"Borrower"). In ad- dition to considering the issu- ance of bonds described in the notice of public hearing publish- ed on November-95 2017 (the "originai Notice'7i'there will be discussed the execution of a loan agreement (Nie "Loan Agreement") among the nar- rower,the Red Rivcr Education Finance Corporation(tree "155u- ' er") and Compass Mortgage Corporation (the "lender"). Proceeds of the loan from the Lender will be used to refinance the Red River Education Finance Corporation Higher Education Revenue Refunding and Im- provement Bonds(Texas Chris- tian University Project) Series Z010(the"Series 2010 Bonds"), which were issued for the pur- poses described in the Original Notice, the terms of which are incorporated herein, The maxi- mum principal amount of the loan from the Lender to refi- nance the Series 2010 Bonds Is anticipated not to exceed $32,000,000. All interested per- sons are invited to submit writ- ten comments to the Borrower prior to the time set for the Public hearing or to attend the pub(Ic hearing and express com- ments they may have regarding the proposed Bonds described in the Original Notice and the loan -described in this notice, which supplements the Original No- tice. Texas Christian University P,O.Box 297041 Fort Worth,Texas 761Z9 EXHIBIT B No member of the public attended the Public Hearing, and thus no comments were made or discussion had about the Loan,the Loan Agreement or the Projects.