HomeMy WebLinkAboutResolution 2252-_---
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RESOLUTION ~~j'~°Z
APPROVING ISSUANCE OF BONDS BY
FW HIGHER EDUCATION FINANCE CORPORATION
FOR TEXAS WESLEYAN UNIVERSITY
THE STATE OF TEXAS §
COUNTIES OF TARRANT AND DENTON §
CITY OF FORT WORTH §
WHEREAS, the FW Higher Education Finance Corporation (the 'Corporation') is a
nonprofit corporation created by the City ofFort Worth, Texas (the 'City") pursuant to Section 53.35(b)
of the Texas Education Code, as amended; and
WHEREAS, the City has been informed by officers of the Corporation that the Corporation
>s unending to issue the following series of Its higher education revenue bonds for the benefit of Texas
Wesleyan University (the `University")•
FW Higher Education Finance Corporation Higher Education Revenue Refunding and
Improvement Bonds (Texas Wesleyan University Project) Serves 1997A, in an aggregate
principal amount not to exceed $11 000 000 and FW Higher Education Finance
Corporation Higher Education Revenue Bonds (Texas Wesleyan University Project)
Taxable Series 1997B, In an aggregate principal amount not to exceed $4 000 000
(collectively the 'Bonds")
WHEREAS, the Bylaws of the Corporation provide that the Corporation will only issue its
bonds after obtaining the approval of the City for the issuance of such bonds, which Bylaws were
approved by the City Council of the Clty acid
WHEREAS the Clty has been provcded with copses of the basic financcng documents in
substantially final form which will be used to Issue and secure payment of the aforementioned Bonds
Includlrig the Loan Agreement, dated as of February 1 1997 by and between the University and the
Corporation (the 'Loan Agreement") whereunder the University has agreed to make loan payments in
amounts sufficient to pay debt service on the Bonds.
THEREFORE, BE TT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS THAT
Section 1 In accordance with Sectcon 1.3 of the Bylaws of the Corporation, the Ccty
hereby specifically approves the Issuance of the aforementioned Bonds by the Corporation for Texas
Wesleyaci University
Sectcon 2 The Ccty Council of the City hereby approves the Issuance of the aforesaid
• Bonds iii the aggregate pruicipal amount not to exceed $15 000 000 acid the City sliall have no
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liabilities for the payment of the Bonds nor shall any of the City's assets be pledged to the payment of
the Bonds.
Section 3 The City Council specifically waives the requirement contained in Section 1.3
of the Bylaws which requires the Corporation to notify the City at least 30 days prior to the date the
Bonds are approved for issuance.
Section 4 The City Secretary is authonzed and directed to deliver executed copies of this
Resolution to the President of the Board of Directors of the Corporation for use in connection with the
issuance of the aforementioned Bonds. The City Manager any Assistant City Manager and the
Director of Fiscal Services each are authorized to executed such documents on behalf of the City to
elY'ect the provisions of this Resolution.
Section S This Resolution shall become effective immediately upon its passage.
ADOPTED AND APPROVED this the 11th day of February 1997
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Mayor City of Fort Worth
ATTEST
. City Secretary
- ~` City of Fort Worth
AP ROVED AS TO FORM.
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City Attorney ~~~~,~~~~_ ,,,~~
City of Fort Worth
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