HomeMy WebLinkAboutFWRILGC-2026-05 - Research & Innovation Local Government Corporation (RILGC) - ResolutionRESOLUTION NO. FWRILGC-2026-05
RESOLUTION AUTHORIZING REDEMPTION OF
CONTRACT REVENUE BOND
WHEREAS, the Texas Transportation Corporation Act, Chapter 431 of the Texas
Transportation Code ("Act"), and Chapter 394 of the Texas Local Government Code ("Chapter
394") authorize the creation of a local government corporation to aid and act on behalf of local
governments to accomplish a governmental purpose of the local governments; and
WHEREAS, the Texas A&M University System ("TAMUS") plans to develop certain
parcels of land in downtown Fort Worth that will house the Texas A&M University School of Law
and other TAMUS functions alongside private firms in a manner that encourages innovation and
entrepreneurship within an urban research campus environment ("Project"); and
WHEREAS, in 2023, recognizing the benefits of the Project to downtown Fort Worth, the
City of Fort Worth created the Research and Innovation Local Government Corporation (the
"Corporation") to facilitate financing of the Project; and
WHEREAS, in 2024, the Corporation authorized issuance of Contract Revenue Bond,
Series 2024 (Resolution NO. FWRILGC-2024-07), in the principal amount of $17,435,000.00,
which includes debt issuance and other related costs, to pay for certain costs related to the Project;
and
WHEREAS, the Corporation has outstanding the obligation described in Exhibit A
attached hereto (the "Redeemable Obligation"); and
WHEREAS, the laws of the State of Texas permit the Corporation as issuer to effect a
redemption of the Redeemable Obligation prior to its scheduled maturity; and
WHEREAS, Corporation staff has determined and recommended effecting the redemption
of all or a portion of the Redeemable Obligation in the manner described below as being beneficial.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CORPORATION THAT:
Section 1. The Corporation hereby authorizes the use of available funds for the obligation
described in Exhibit A attached hereto for the purpose of effecting the redemption of all or a
portion of such obligation (the "Redeemed Obligation").
Section 2. The staff of the Corporation is hereby directed to fund the redemption of the
Redeemed Obligation from available other funds in an amount equal to the principal amount of
the Redeemed Obligation to be redeemed, plus accrued interest on the Redeemed Obligation to the
date fixed for redemption, as determined by the staff.
Section 3. Corporation staff and the Corporation's Secretary are hereby authorized and
directed to take such actions and to execute, attest, seal and deliver such documents, orders and
RESOLUTION NO. FWRILGC-2026-05
PAGE 2
receipts as necessary or appropriate to consummate the transactions authorized by this Resolution
and to redeem the Redeemed Obligation in accordance with the provisions and requirements of
the resolution approving the Redeemed Obligation.
Section 4. The Board of the Corporation officially finds and determines that the meeting
at which this Resolution is adopted was open to the public, and that public notice of the time, place,
and purpose of such meeting was given, all as required by Chapter 551, Texas Government Code.
PASSED AND APPROVED the 23d day of June, 2026.
By.
President
Attest:
Jannette S. Goodall
Corporate Secretary
Signature Page — Resolnlion Authorizing Redemption of Obligations
RESOLUTION NO. FWRILGC-2026-05
PAGE 3
EXHIBIT A
Redeemed Obligation
Research and Innovation Local Government Corporation Contract Revenue Bond, Series 2024
Maturitv Date Interest Rate Par Amount
May 15, 2027 3.21 % $17,43 5,000
The Redeemed Obligation shall be redeemed at par plus accrued interest on August 14, 2026.