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HomeMy WebLinkAboutResolution 5949-05-2024A Resolution NO.5949-05-2024 RESOLUTION APPROVING, FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE, OBLIGATIONS ISSUED BY THE RED RIVER EDUCATION FINANCE CORPORATION FOR THE BENEFIT OF TEXAS CHRISTIAN UNIVERSITY WHEREAS, the Red River Education Finance Corporation (the "Issuer") is empowered pursuant to Chapter 53A, Texas Education Code (the "Act"), to issue its obligations in order to enable institutions of higher education 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, Texas Christian University (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 $230,000,000 (the "Obligations"), and will use the proceeds of the Obligations to finance and refinance the acquisition, construction and equipment of improvements to the campus of the Borrower, located generally at 2800 S. University Blvd., Fort Worth, Texas (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 April 26, 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 $230,000,000, 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 May 14, 2024. APPROVED AS TO FORM AND LEGALITY: By: JAI, 111AA eann Guzman, C ty Attorney ATTEST: By: Jai ctte S. Goodall, City Secretary :I W ry Od vu C o o P� CCOO*� O d 0 V�� 0 :1 �3 Project Location MINUTES OF PUBLIC HEARING Red River Education Finance Corporation Re: Red River Education Finance Corporation Higher Education Revenue Refunding and Improvement Bonds (Texas Christian University Project), Series 2024 The undersigned, Abraham Benavides, designated Hearing Officer of Red River Education Finance Corporation (the "Issuer"), the Issuer of the above referenced bonds (the "Obligations"), called the Public Hearing of the Issuer held on Friday, April 26, 2024, to order at 8:00 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 and refinanced 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 8:15 a.m. Dated: April 26, 2024 Abraham Benavides, Hearing Officer Red River Education Finance Corporation EXHIBIT A AFFIDAVIT OF PUBLICATION CERTIFICATE OF MAYOR OF CITY OF FORT WORTH, TEXAS REGARDING ISSUANCE OF OBLIGATIONS OF RED RIVER EDUCATION FINANCE CORPORATION (TEXAS CHRISTIAN UNIVERSITY PROJECT) WHEREAS, a public hearing was held on April 26, 2024, by the Red River 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 $230,000,000 (the "Obligations"), to finance and refinance the acquisition, construction and equipment of improvements to the campus of the Borrower, located generally at 2800 S. University Blvd., Fort Worth, Texas (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 May 21, 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 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 $230,000,000 to finance and refinance the Project, and such approval shall be solely for the purposes of section 147(t) of the Code, 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 2024. A V k n By: I I I ftAAAL I vY WV — Mayo , City of Fort Worth, Texas