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HomeMy WebLinkAboutResolution 5913-03-2024A Resolution NO.5913-03-2024 APPROVING, FOR PURPOSES OF SECTION 147(i) OF THE INTERNAL REVENUE CODE, OBLIGATIONS ISSUED BY THE NEW HOPE HIGHER EDUCATION FINANCE CORPORATION FOR THE BENEFIT OF FORT WORTH COUNTRY DAY SCHOOL, INC. WHEREAS, the New Hope Higher Education Finance Corporation (the "Issuer") is empowered pursuant to Chapter 53A, Texas Education Code (the "Act"), to issue its obligations in order to enable certain accredited primary or secondary schools to acquire, construct, enlarge, extend, repair, renovate, or otherwise improve an educational facility or any facility incidental, subordinate, or related to or appropriate in connection with an educational facility, or for acquiring land to be used for those purposes; and WHEREAS, Fort Worth Country Day School, Inc. (the `Borrower"), a Texas nonprofit corporation, proposes to obtain financing from the Issuer from the proceeds of one or more series of the Issuer's bonds or notes, pursuant to a plan of financing, in a maximum amount not to exceed $17,000,000 (the "Obligations"), and will use the proceeds of the Obligations to finance and refinance certain capital expenditures at educational facilities located on the Borrower's campus within the City of Fort Worth at 4200 Country Day Lane, Fort Worth, Texas 76109 (the "Project"); and WHEREAS, pursuant to the provisions of section 147(f) of Internal Revenue Code of 1986, as amended (the "Code"), the Issuer has caused to be published a notice of public hearing (the "TEFRA Notice") with respect to the issuance of the Obligations and the financing of the Project, and held such a hearing (the "TEFRA Hearing") on February 21, 2024, after reasonable notice, with evidence of the publication and hearing attached hereto as an exhibit; and WHEREAS, pursuant to the provisions of section 147(f) of the Code, the City Council of the City of Fort Worth, Texas, after the TEFRA Hearing was conducted, must approve issuance of the Obligations by the Issuer to enable the Obligations to qualify as tax-exempt obligations under the Code; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS THAT: 1. The City Council, solely for 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 financed and refinanced are located, hereby approves the proposed issuance of the Obligations by the Issuer to finance and refinance the Project for the benefit of the Borrower, in an amount not to exceed $17,000,000 and authorizes Mayor Mattie Parker to execute an Approval Certificate evidencing such approval. 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 OBLIGATIONS 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 OBLIGATIONS. 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 March 19, 2024. APPROVED AS TO FORM AND LEGALITY: 0 i Leann Guzman, City Attorney ATTEST: UZ 3annette Goodall, City Secretary Mawr Mart& Parlor Mayor Mattie Parker {Mar 24, 2024 17:44 CDTJ Mattie Parker, Mayor bQ4uu11�� 7d*a 0O°0°O°°a°° °° ° 0 ° 00 �° r° oAnQ4 XY of da n� Project Location Sc11o�I .u3���ng y Fort Wortn COO" pay #FWCU15rhml, 9 COLntey Day Ln S Toach e Spa prat 0 Kk<-: MINUTES OF PUBLIC HEARING New Hope Higher Education Finance Corporation Re: New Hope Higher Education Finance Corporation Promissory Note (Fort Worth Country Day Project) Series 2024 The undersigned, Abraham Benavides, designated Hearing Officer of New Hope Higher Education Finance Corporation (the "Issuer"), the Issuer of the above referenced promissory note (the "Obligations"), called the Public Hearing of the Issuer held on Wednesday, February 21, 2024, to order at 8:30 a.m. CT via teleconference. 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 Obligations and the project to be financed, refinanced or constructed with the proceeds of the Obligations (the "Project"). I declared that the required notice of the Public Hearing for the Project 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. No member of the public joined the teleconference for the Public Hearing and thus no comments were made or discussed about the Project or the Obligations. After sufficient time was given for all present to make their comments with respect to the Obligations and the Project, I declared the Public Hearing closed at 8:45 a.m. Dated: February 21, 2024 A./_ 4�_7.z_ Abraham Benavides, Hearing Officer New Hope Higher Education Finance Corporation EXHIBIT A AFFIDAVIT OF PUBLICATION McClatchy The Beaufort Gazette The Belleville News -Democrat DcWngbam Herald Centre Daily Times Sun Herald Idaho 5tatesmim Bradenton Herald The Charlotte Observer Tlie State Ledg—Enquirer AFFIDAVIT OF PUBLICATION Durham I The Herald -Sun Fort Worth Star -Telegram The Fresna Bee The Lsland packet The Kansas City Star Lexington Herald -Leader The Telegraph - Macon Merced SunStar Miami Herald El Nueva Herald The Modesto Bee Thu Sun News- Nwe Beach Raleigh Dews & Obsaver Rock Hill I The Herald The Sacramento Bee San LUIS Obispo Tribune Tacoma I The News Tribune Trl-City Herald The Wichita Eagle The 01)vmp" Account Order Identification Order PO Amount Col Depth # Number s 138157 520612 . Print Legal Ad-IPLQ1597260 - $1,108.4 1 59 L IPLO159726 t Q Attention Abraham Benavides NOTICE OF PUBLIC HEARING Notice is hereby given of a public hearing to be held by the New Hope Higher Education Finance Corporation (the'Lssuer) on Wednesday, February 21. 2024, at 8W am. CT via telecon- ference, with respect to the Issuance by the Issuer of Its bonds or notes In one or more series (the 'Obligaions ) pursuant to a plan of financing in an aggregate principal amount not to exceed $17,000,000, the proceeds of which will be loaned to Fort Worth Country Day School, Inc, a Texas nonprofit corporation and an arganl- zation described In Section 501(e)(3) of the Internal Revenue Code of 1986, as amended (the 'Borrowerj, or an affiliated entity. The proceeds of the Obligations will be leaned to the Borrower for the purpose of financing and refinancing certain capital expendiblres at edu- caional facilities located on the Bor- rower's campus at 4200 Country Day Lane, Fort Worth, Texas 76109 (the 'Project'). The Project will be owned and operated by the Bomower and/or affiliated entitles. All Interested parties are Inv ted to ex- press their views with respect to the Project and the Obligations by attend- ing the public hearing to be held via teleconference, by dialing the follow- ing toll -free number: 1-888,557-8511 (Passcode: 378865". Any Interest- ed persons unable to attend the hear- ing may submit their views in writing to the Issuer cJo Abraham 'Abe' Be- nmddes, McCall, Parkhurst & Horton LLP 717 North Harwood, Suite 900, Dallas, Texas 75201, prior to the date scheduted for the hearing. This notice is published and the ebove-descried hearing is to be held In satisfaction of the requtrements of Section 147(0 of the internal Revenue Code of 1986, as emended, regard- Ing the pubic approval prerequisite to the exemption from federal Income taxation of Interest on the Obligations. The public hearing wig be held via teleconference In accordance wIlh Revenue Procedure 2022-20 issued by the Internal Revenue Service. 1PLD159726 Feb 14 2024 McCall, Parkhurst & Horton L.L.P. 4041 Hockaday Drive Suite 900 Dallas, TX 75229 TIE STATE OF TEXAS largomaniz@mphlegal. corn COUNTY OF TARR.ANT Extra charge for lost or Before me, allotary duplicate affidavits. Legal Public in and for said document please do not County and State, this destroyl day personally appeared ------------------------------------------------------------------ Stefani Beard, Bid and Legal Coordinator for the Star- Telegram, published by the Star - Telegram, Inc. at Fort Worth, in Tarrant County, Texas; and who, after being duly sworn, did depose and say that the attached clipping of an advertisement was published in the above named paper on the listed dates: I insertion(s) published on: 02/14/24 Sworn to and subscribed before me C7& .. this 14th day of February in the year of 2024 Notary Public in and for''! the state of Texas, residing in Dallas County STEPHMIE HATGHER ,MYNotary�6��33534�$ EJOres January 14'262$ CERTIFICATE OF MAYOR OF CITY OF FORT WORTH, TEXAS REGARDING ISSUANCE OF OBLIGATIONS OF NEW HOPE HIGHER EDUCATION FINANCE CORPORATION (FORT WORTH COUNTRY DAY SCHOOL) WHEREAS, a public hearing was held on February 21, 2024 by the New Hope Higher Education Finance Corporation (the "Issuer") with respect to the proposed issuance of one or more series of obligations to be issued by the Issuer, in an aggregate principal amount not to exceed $17,000,000 (the "Obligations"), to finance and refinance certain capital expenditures at the educational facilities of Fort Worth Country Day School, Inc., located at 4200 Country Day Lane, Fort Worth, Texas 76109 (the "Project"), and no member of the public appeared at such public hearing; and WHEREAS, it is necessary for the undersigned, as the highest elected official of the City of Fort Worth, Texas, to approve the Obligations and the Project to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, on March 19, 2024, the City Council of the City of Fort Worth, Texas adopted a resolution approving the Obligations to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended ( the "Code") and authorizing the highest elected official of the City of Fort Worth, Texas, to execute this Certificate evidencing such approval; and NOW, THEREFORE, the undersigned Mayor of the City of Fort Worth, Texas, hereby approves the issuance of the Obligations in an aggregate principal amount not to exceed $17,000,000 to finance and refinance the Project, and such approval shall be solely for the purposes of section 147(f) of the Internal Revenue Code of 1986, as amended, and the City of Fort Worth, Texas shall have no liabilities for the payment of the Obligations nor shall any of its assets be pledged to the payment of the Obligations. In Witness Whereof, I have set my hand this March 20, 2024. Mavor Maftio Parker by: Mayor Mkie Parker (Mar 20, 2024 17:44 G©r) Mayor, City of Fort Worth, Texas