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
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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