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HomeMy WebLinkAboutResolution 4067-03-2012A Resolution NO. 4067 -03 -2012 AUTHORIZING EXECUTION OF THE CERTIFICATE OF THE MAYOR OF THE CITY OF FORT WORTH, TEXAS, APPROVING, FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE, THE EDUCATION REVENUE BONDS (UPLIFT EDUCATION) SERIES 2010A ISSUED BY THE CLIFTON HIGHER EDUCATION FINANCE CORPORATION AND THE FACILITIES TO BE FINANCED WITH THE PROCEEDS OF THE BONDS WHEREAS, the Clifton Higher Education Finance Corporation is a non - profit corporation governed by the Higher Education Authority Act and the Texas Non - Profit Corporation Act, organized exclusively for the purposes of benefiting and accomplishing public purposes on behalf of the City of Clifton, Texas; and WHEREAS, in 2010, the Clifton Higher Education Finance Corporation issued approximately $56,900,000.00 in bonds to finance Uplift Education, a charter school with facilities in Dallas, Irving, and Arlington, Texas; and WHEREAS, the facilities in Dallas, Irving and Arlington, Texas have been completed and bond proceeds remain unspent; and WHEREAS, the Clifton Higher Education Finance Corporation desires to utilize the remainder of these bond funds to construct and operate two charter school facilities within the boundaries of the City of Fort Worth; and WHEREAS, the City of Fort Worth will have no liability for the payment of the bonds nor shall any of the City's assets be pledged for payment of the bonds; and WHEREAS, Section 147(f) of the Internal Revenue Code requires that a public hearing, known as the TEFRA hearing, be held for tax exempt finance bonds; and WHEREAS, on January 10, 2012, notice of the TEFRA Hearing was published in the Commercial Recorder, a newspaper of general circulation in the City of Fort Worth, Texas, meeting statutory requirements for publication of notices of public hearings; and WHEREAS, in accordance with law, the TEFRA Hearing was held on January 27, 2012; and WHEREAS, Section 147(f) of the Internal Revenue Code also requires that each governmental unit having jurisdiction over the area in which any facility, funded with the net proceeds of the bond issue is located, approve such bond issuance. FoRTWORTH T Resolution No. 4067 -03 -2012 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: 1. That the recitals set forth above are true and correct. 2. That Mayor Betsy Price is authorized to execute the Certificate of Mayor of the City of Fort Worth, Texas with respect to the issuance by the Clifton Higher Education Finance Corporation of its Education Revenue Bonds (Uplift Education) Series 2010A. Adopted this 6`h day of March, 2012. ATTEST: - -4, 00000000-ko o d Mary J. Kay v, City Secretary ¢� O° 4'* 0 �* 00000°°° ° a rhk �aa��UUY1'ab' 4� ORT W0m CERTIFICATE OF MAYOR OF THE CITY OF FORT WORTH, TEXAS The undersigned Mayor of the City of Fort Worth, Texas, hereby certifies with respect to the issuance by the Clifton Higher Education Finance Corporation (the "Corporation ") of its Education Revenue Bonds (Uplift Education) Series 2010A (the "Bonds "), that: This certificate is based upon the MINUTES OF PUBLIC HEARING conducted on January 27, 2012 by the duly appointed hearing officer in accordance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code "); and 2. Solely for purposes of the approval requirements for the aforesaid Section 147(f)of the Code, and for no other purposes, and based upon the authority described in paragraph 1 above, in my capacity as Mayor I hereby approve the Bonds and the facilities to be financed with the proceeds of the Bonds; provided, however, THAT THIS APPROVAL IS NOT TO BE CONSTRUED AS (I) A REPRESENTATION OR WARRANTY BY THE CITY OF FORT WORTH, THE MAYOR OF THE CITY OF FORT WORTH, THE STATE OF TEXAS OR ANY OTHER AGENCY, INSTRUMENTALITY OR POLITICAL SUBDIVISION OF THE STATE OF TEXAS THAT THE BONDS WILL BE PAID OR THAT ANY OBLIGATION ASSUMED BY ANY OF THE PARTIES UNDER THE INSTRUMENTS DELIVERED IN CONNECTION WITH THE BONDS WILL IN FACT BE PERFORMED; (II) A PLEDGE OF FAITH AND CREDIT OF THE CITY OF FORT WORTH OR THE STATE OF TEXAS OR ANY AGENCY, INSTRUMENTALITY OR POLITICAL SUBDIVISION OF THE STATE OF TEXAS OR THE CITY OF FORT WORTH; OR (1II) A REPRESENTATION OR WARRANTY BY THE CITY OF FORT WORTH CONCERNING THE VALIDITY OF THE CORPORATE EXISTENCE OF THE CORPORATION OR THE VALIDITY OF THE BONDS. EXECUTED this -7 day of '}' 1 , 2012. Betsy Price, Mayor City of Fort�06 -- CERTIFICATE OF MAYOR OF THE CITY OF FORT WORTH, TEXAS The undersigned Mayor of the City of Fort Worth, Texas, hereby certifies with respect to the issuance by the Clifton Higher Education Finance Corporation (the "Corporation ") of its Education Revenue Bonds (Uplift Education) Series 2010A (the "Bonds "), that: 1. This certificate is based upon the MINUTES OF PUBLIC HEARING conducted on January 27, 2012 by the duly appointed hearing officer in accordance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code "); and 2. Solely for purposes of the approval requirements for the aforesaid Section 147(f)of the Code, and for no other purposes, and based upon the authority described in paragraph 1 above, in my capacity as Mayor I hereby approve the Bonds and the facilities to be financed with the proceeds of the Bonds; provided, however, THAT THIS APPROVAL IS NOT TO BE CONSTRUED AS (I) A REPRESENTATION OR WARRANTY BY THE CITY OF FORT WORTH, THE MAYOR OF THE CITY OF FORT WORTH, THE STATE OF TEXAS OR ANY OTHER AGENCY, INSTRUMENTALITY OR POLITICAL SUBDIVISION OF THE STATE OF TEXAS THAT THE BONDS WILL BE PAID OR THAT ANY OBLIGATION ASSUMED BY ANY OF THE PARTIES UNDER THE INSTRUMENTS DELIVERED IN CONNECTION WITH THE BONDS WILL IN FACT BE PERFORMED; (II) A PLEDGE OF FAITH AND CREDIT OF THE CITY OF FORT WORTH OR THE STATE OF TEXAS OR ANY AGENCY, INSTRUMENTALITY OR POLITICAL SUBDIVISION OF THE STATE OF TEXAS OR THE CITY OF FORT WORTH; OR (III) A REPRESENTATION OR WARRANTY BY THE CITY OF FORT WORTH CONCERNING THE VALIDITY OF THE CORPORATE EXISTENCE OF THE CORPORATION OR THE VALIDITY OF THE BONDS. EXECUTED this. day of AlQns, 2012. Betsy Price, Mayor City of Fo i.