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Home My WebLink AboutResolution 4402-02-2015 I I A Resolution NO. 4402-02-2015 i RESOLUTION APPROVING, FOR PURPOSES OF SECTION 147(f) OF THE ' INTERNAL REVENUE CODE, THE EDUCATION REVENUE REFUNDING j BONDS (TEXAS CHRISTIAN UNIVERSITY PROJECT) ISSUED BY THE RED RIVER EDUCATION FINANCE CORPORATION WHEREAS, the Red River Education Finance Corporation (the "Issuer") is empowered pursuant to Chapter 53A, Texas Education Code, to enter into contractual obligations in order to assist educational institutions in financing or refinancing the acquisition, purchase, or lease, or the construction, renovation or other improvement of, education facilities or housing facilities and facilities incidental, subordinate or related thereto or appropriate in connection therewith, and the purchase of land in connection with such purposes; and WHEREAS, Texas Christian University (the 'Borrower") is seeking to refinance bonds issued to finance improvements to the campus of the Borrower, which is located at 2800 S. University Blvd., Fort Worth, Texas; and i I WHEREAS, the Borrower has requested that the Issuer issue bonds or other obligations to refinance the outstanding Red River Education Finance Corporation Higher Education Revenue Bonds (Texas Christian University Project) Series 2005 and Red River Education Finance Corporation Higher Education Revenue Bonds (Texas Christian University Project) Series 2006 (collectively, the "Refunded Bonds"), in one or more series in an aggregate principal amount not to exceed $54,000,000 (the "Refunding Bonds"); and 4 WHEREAS,pursuant to the provisions of section 147(f) of Internal Revenue Code of 1986, as amended (the "Code"), the City Council of the City of Fort Worth, after a public hearing following reasonable notice (the "TEFRA Hearing"), must approve issuance of bonds or other obligations by the Issuer to enable the Refunding Bonds to qualify as tax-exempt obligations under the Code; I NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1. That 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 proposed to be financed are located, hereby approves the proposed issuance of the Refunding Bonds by the Issuer to refinance the Refunded Bonds for the benefit of the Borrower, in an amount not to exceed $54,000,000. I I I I I . .ORT WORT i Resolution No.4402-02-2015 SECTION 2. That the foregoing approval is given in accordance with the provisions of section r 1470 of the Code and for no other purposes and is not to be construed as an undertaking by the City of Fort Worth. The Refunding 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 Refunding Bonds. I SECTION 3. That 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 February 3, 2015. i I B rice, ayor i i i APPROVED AS TO FORM AND LEGALITY: f By: �arah J. Fullenwider, Attorney � I ATTEST: By: 8� Mary J. Kayser, i S cret oar i I i i ORT WORT i I V i I APPROVAL OF HIGHEST ELECTED OFFICIAL I WHEREAS, a public hearing was held on January 30, 2015 in the City of Fort Worth, Texas by the Red River Education Finance Corporation (the "Issuer") with respect to the proposed issuance of one i or more series of bonds to be issued by Red River Education Finance Corporation, in an aggregate i principal amount not to exceed $54,000,000 (the 'Bonds"), to refinance bonds issued to finance improvements to the campus of Texas Christian University(the "University"), which is located at 2800 S. University Blvd.,Fort Worth,Texas, 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 Bonds and the Project to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended(the "Code"); I WHEREAS, on February 3, 2015, the City Council of the City of Fort Worth, Texas adopted a resolution authorizing the highest elected official of the City of Fort Worth, Texas, to approve the Bonds to satisfy the requirements of section 147(f) of the Internal Revenue Code of 1986, as amended (the s "Code"); I NOW, THEREFORE, the undersigned Mayor of the City of Fort Worth, Texas, hereby approves the issuance of bonds in an aggregate principal amount not to exceed $54,000,000 to refinance bonds issued to finance improvements to the campus of the University, including specifically the issuance of Red River Education Finance Corporation Higher Education Revenue Refunding Bonds (Texas Christian University Project) Series 2015 and Red River Education Finance Corporation Higher Education Revenue Refunding Bonds (Texas Christian University Project) Series 2016, and such approval shall be solely for the purposes of section 147(f) of the Code, and the City of Fort Worth, Texas shall have no liabilities for the payment of the Bonds nor shall any of its assets be pledged to the payment of the Bonds. In Witness Whereof,I have set my hand this February 3, 2015. ity of Fort ort exas j B : j ayor 1 i a i I� 4 1 i I , , [Signature Page—Approval of Highest Elected Official] I , i i i i MINUTES OF PUBLIC HEARING Red River Education Finance Corporation 4 Re: Red River Education Finance Corporation Education Revenue Refunding Bonds (Texas Christian University Project) Series 2015 and Series 2016—Loan Agreement Financings , I, Brian Gutierrez, hearing officer for Red River Education Finance Corporation (the "Issuer"), the issuer of the above referenced obligations (the 'Refunding Obligations"), called to y order the Public Hearing of the Issuer held on January 30,2015 at 8:30 a.m. I 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 Refunding Obligations and the outstanding obligations issued by Red River Education Finance Corporation to refinance the obligations issued to finance projects at Texas Christian University. I declared that the required notice of the Public Hearing for the Refunding Obligations 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 Refunding Obligations and the Projects are summarized in Exhibit B, attached hereto. After sufficient time was given for all present to make their comments with respect to the Refunding Obligations, I declared the Public Hearing closed. , Dated: January 30, 2015 f Hearing Officer, R ducation Finance a Corporation ! i I A , i i , I I I EXHIBIT A I AFFIDAVIT OF PUBLICATION i i I I i I I I I i I I i J i fI I I I Ii I ' E i I I I I I I I I I� o�c�af the Vtoe��c►!anIc°i Sadlerr C STATE OF TEXAS Am20�O5,un3oerslty. l .j,_ ' to T� COUNTY OF TARRANT n to l ttre.itstn ba:.dis- d tHc_TnOM0 of .' Flnatico,for- � n Men= j sorxts:, n ®I . ..... �t�e 2 on I to Education SP S d'M O an Red EdircatlotY:FtriSRce Cdip°ra- Befo(tITMIZ d f r said County and State,this day enuA e�nnndtl k RueO.Jorsta _ 2 (ttre"Series onall a eared U(� ,Advertising jSj d p01Ais were ante P� Y PP g nalb iss�ued ba fit�nc0'or refinance for the Star-Telegram,published b the Star-Telegram,Inc.at Fort Worth,in Tarrant Count bon u "l" ls�° - w tar +P Y awutsitiott,:. iori to.tlie distributed in other surrounding Counties;and who,after being duly sworn,did dispose and coot�nt'afents win of Texas risttah um- following clipping of an advertisement was published in the above named paper on the folio Vera. :tinted�aneral,%-at•2@00 S: Uri iersity Blvd„-F°rt,WO Texas, to-wtt: COnstiucti0% im- jj Pro Yentes and rein on of Various_ of ai tics on-thr' s, C b i lassrod►n ittl dlmg improvementnvnts. utintteS 1 pr°vementsi acquts ica- of camitter and'tgleCommuttiw- tlons e4u pafelM1t,c0eytrui ttbn of a Pa Ira aga,and�dl°n o 09.tt9ar= aagg � O:.D� I:amgllt�t of the ta;be� -t° pr r�,��' e' e5'Z005�s is �rtdppaxed" mat to exceed $1$ODOia40; attd 1.0 maximum _p yregata;:�d�ndcsipaaU 1sMstltto -[ nan• " Series 20015 Bonds is an Cl not- ti! exceed $3(,A 0,000.Ali,tirterested parsons are tlnriiad to °'submit Written 4 commeptstd;the:lssuer Drkr to .the.time set,.for...the pU C haartn9 .or t6'attend•he7pubit°hearit�an0d an comments they. may iI a8 gyro ed Bonds. .FftD'+ Signed G Subscribed and sworn to before me,this the._ILLagy of up-(,��R t �_�5 r� � Notary Public W Tarrant County,Texas I j f I I p� I 1 EXHIBIT B No member of the public attended the Public Hearing, and thus no comments were made or discussion had about the Refunding Obligations. 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