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Home My WebLink About26-6339 - City Council - ResolutionA Resolution NO.RES 26-6339 RESOLUTION APPROVING, FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, THE NEWARK CULTURAL EDUCATION FACILITIES FINANCE CORPORATION ISSUANCE OF REVENUE REFUNDING BONDS (KIMBELL ART FOUNDATION PROJECT), SERIES 2026; AND RELATED MATTERS WHEREAS, the Newark Cultural Education Facilities Finance Corporation (the "Issuer") is empowered pursuant to Section 337 of the Texas Local Government Code (the "Act"), for the purpose, among other things, of developing new and expanded cultural and community facilities by (i) acquiring, constructing, providing, improving, financing and refinancing "cultural facilities" (as defined in the Act) to accomplish the public purposes stated in the Act; and (ii) issuing and executing bonds, notes or other obligations to loan or otherwise provide funds to borrowers to enable such borrowers to finance, refinance, acquire, construct, enlarge, remodel, renovate, improve, furnish, equip, or otherwise improve facilities in accordance with the Act, or to acquire land to be used for those purposes, and to pay issuance costs related to the bonds, notes or other obligations; and WHEREAS, Kimbell Art Foundation (the "Borrower") has requested that the Issuer issue bonds in an amount not to exceed $48,000,000.00 (the "Bonds") and loan the proceeds thereof to the Borrower for the purpose of refunding the Newark Cultural Education Facilities Finance Corporation Revenue Refunding Bonds (Kimbell Art Foundation Project) Series 2016, originally issued in the aggregate principal amount of $53,995,000, the proceeds of which were used to finance or refinance all or a portion of the cost of acquisition, construction, improvement, renovation and/or equipment of a cultural facility, to wit, the Piano Pavilion at the Kimbell Art Museum located at 3333 Camp Bowie Boulevard, Fort Worth, Texas 76107-2792 (the "Financed Facilities") and paying the costs of issuing the Bonds; and WHEREAS, pursuant to the provisions of section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), approval of the City Council of the City of Fort Worth, after a public hearing following reasonable notice (the "TEFRA Hearing"), is required for the issuance of the Bonds; and WHEREAS, the TEFRA Hearing for this purpose was conducted via teleconference accessible to the public at the following toll -free telephone number: 1-877-211-3621, conference ID: 886739# on May 20, 2026 by a designated hearing officer of the Issuer, with documentation of such hearing attached hereto as Attachment A. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS THAT: 1. The City Council, solely for the purposes of section 147(f) of the Code, as the elected legislative body having jurisdiction over the area in which the facilities refinanced with the proceeds of the Bonds are located, hereby approves the issuance of the Bonds 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 Bonds 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 Bonds. 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. Adopted this June 23, 2026. ,a-a�nn��n ATTEST: OG O�O�T By: f`o ��A Jannette S. Goodall, City Secretary 0000 o =d �a 00 000 *�� aaaa r�zas�ap Exhibit A — TEFRA Hearing Notice and Minutes MINUTES OF PUBLIC HEARING Newark Cultural Education Facilities Finance Corporation Re: Newark Cultural Education Facilities Finance Corporation Revenue Refunding Bonds (Kimbell Art Foundation Project), Series 2026 I, Amanda Stephens, hearing officer for Newark Cultural Education Facilities Finance Corporation (the "Issuer"), the issuer of the above referenced bonds (the 'Bonds"), called to order the Public Hearing of the Issuer held on May 20, 2026 at 12:00 p.m. 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 issuance of the Bonds for the Kimbell Art Foundation. I declared that the required notice of the Public Hearing for the reissuance of the Bonds 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. Comments and discussions with respect to the reissuance of the Bonds are summarized in Exhibit B, attached hereto. After sufficient time was given for all present to make their comments with respect to the reissuance of the Bonds, I declared the Public Hearing closed. Dated: May 20, 2026 C ry nu l y you r3, Amanda Steo.ens 4143-7047-8953.1 EXHIBIT A AFFIDAVIT OF PUBLICATION (Attached Hereto) 4143-7047-8953.1 McClatchy Account # Order Number IPLO339247 ATTENTION: Christine Buddner 609 MAIN ST, 40th Floor HOUSTON, TX 77002-3167 cbuddner@orrick.com ----EWAkk Cl1LTG-E---p-p-y----j-G------- HEARING NUAIL EDUCA- TION FACILITIES FINANCE CORPORATION REVENUE REFUNDING BONDS (KIMBELL ART FOUNDATION PROJECT), SERIES 2026 Notice is hereby given of a public hear- ing to be held on behalf of the Newark Cultural Education Facilities Finance Corporation on May 20, 2026, at 12,00 p.m., via teleconference accessible to the public at the following toll -free telephone number: 1-877-211-3621, conference ID: 886739#, with respect to the captioned Bonds to be issued as qualified 501(c)(3) bonds, as de- fined in Section 145 of the Internal Revenue Code of 1986 (the "Code"), in an aggregate principal amount not to exceed $48,000,000 by the Newark Cultural Education Facilities Finance Corporation. The proceeds of the Bonds will be loaned to Kimbell Art Foundation, a Texas nonprofit corpo- ration and organization described in 501(c)(3) of the Code (the 'Borrow- er"), for the following purposes: (a) refunding the Newark Cultural Edu- cation Facilities Finance Corporation Revenue Refunding Bonds (Kimbell Art Foundation Project) Series 2016, originally issued in the aggregate prin- cipal amount of $53,995,000, the pro- ceeds of which were used to finance or refinance all or a portion of the cost of acquisition, construction, improve- ment, renovation and/or equipment of the Piano Pavilion at the Kimbell Art Museum located at 3333 Camp Bowie Boulevard, Fort Worth, Texas 76107- 2792 (the 'Project') and (b) paying a portion of the costs of issuance of the Bonds. The Project will be owned and operated by the Borrower. The Bonds are not payable out of taxes and are secured by and payable solely from funds provided by the Borrower. The public hearing will be conducted by Amanda Stephens or her designee (the "Hearing Officer"). All interested persons are invited to attend such public hearing to express their views with respect to the above -described project and the Bonds. Any interested persons unable to attend the hearing may submit their views in writing to the President of the Board of Directors of the Corporation c/o Orrick, Her- rington & Sutcliffe LLP, Attn: Amanda Stephens, 200 W. 6th St., Ste. 2250, Austin, Texas 78701, prior to the date scheduled for the hearing. This notice is published, and the hearing is held in satisfaction of the requirements of Section 147(f) of the Internal Rev- enue Code of 1986, as amended. IPLO339247 May 13 2026 The Beaufort Gazette The Belleville News -Democrat Bellingham Herald Centre Daily Times Sun Herald Idaho Statesman Bradenton Herald The Charlotte Observer The State Ledger -Enquirer Durham I The Herald -Sun Fort Worth Star -Telegram The Fresno Bee The Island Packet The Kansas City Star Lexington Herald -Leader The Telegraph - Macon Merced Sun -Star Miami Herald El Nuevo Herald AFFIDAVIT OF PUBLICATION Identification Legal Ad - IPLO339247 Order PO THE STATE OF TEXAS COUNTY OF TARRANT The Modesto Bee The Sun News - Myrtle Beach Raleigh News & Observer Rock Hill I The Herald The Sacramento Bee San Luis Obispo Tribune Tacoma I The News Tribune Tri-City Herald The Wichita Eagle The Olympian Cols Depth iRe�i9111 Before me, a Notary Public in and for said County and State, this day personally appeared the undersigned, 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. The Fort Worth Star -Telegram is generally circulated in Tarrant County. 1.0 insertion(s) published on: 05/13/26 Print Print Tearsheet Link MarketDlace Link Sworn to and subscribed before me on NDTICE QpUBUC HEARING NEWARK CULTURAL EDUCA- TION FACILITIES FINANCE CORPORATION REVENUE REFUNDING BONDS (KIMBELL ART FOUNDATION PROJECT), SERIES 2026 Notice is hereby given of a public hear- ing to be held on behalf of the Newark Cultural Education Facilities Finance Corporation on May 20, 2026, at 12:00 p.m., via teleconference accessible to the public at the following toll -free telephone number: 1-877-211-3621, conference ID: 886739#, with respect to the captioned Bonds to be issued as qualified 501(c)(3) bonds, as de- fined in Section 145 of the Internal Revenue Code of 1986 (the "Code"), in an aggregate principal amount not to exceed $48,000,000 by the Newark Cultural Education Facilities Finance Corporation. The proceeds of the Bonds will be loaned to Kimbell Art Foundation, a Texas nonprofit corpo- ration and organization described in 501(c)(3) of the Code (the "Borrow- er"), for the following purposes: (a) refunding the Newark Cultural Edu- cation Facilities Finance Corporation Revenue Refunding Bonds (Kimbell Art Foundation Project) Series 2016, originally issued in the aggregate prin- cipal amount of $53,995,000, the pro- ceeds of which were used to finance or refinance all or a portion of the cost of acquisition, construction, improve- ment, renovation and/or equipment of the Piano Pavilion at the Kimbell Art Museum located at 3333 Camp Bowie Boulevard, Fort Worth, Texas 76107- 2792 (the "Project') and (b) paying a portion of the costs of issuance of the Bonds. The Project will be owned and operated by the Borrower. The Bonds are not payable out of taxes and are secured by and payable solely from funds provided by the Borrower. The public hearing will be conducted by Amanda Stephens or her designee (the "Hearing Officer"). All interested persons are invited to attend such public hearing to express their views with respect to the above -described project and the Bonds. Any interested persons unable to attend the hearing may submit their views in writing to the President of the Board of Directors of the Corporation c/o Orrick, Her- rington & Sutcliffe LLP, Attn: Amanda Stephens, 200 W. 6th St., Ste. 2250, Austin, Texas 78701, prior to the date scheduled for the hearing. This notice is published, and the hearing is held in satisfaction of the requirements of Section 147(f) of the Internal Rev- enue Code of 1986, as amended. IPL0339247 May 13 2026 EXHIBIT B No member of the public attended the Public Hearing, and thus no comments were made or discussion had about the Bonds. 4143-7047-8953.1