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HomeMy WebLinkAboutRES 080806-Q - Bond Southwestern UniRESOLUTION NO. ©crom _ 4 RESOLUTION APPROVING THE ISSUANCE OF A TAX EXEMPT LOAN BY THE RIESEL EDUCATION FACILITIES CORPORATION FOR SOUTHWESTERN UNIVERSITY WHEREAS, Southwestern University (the "University"), being an institution of higher education accredited by the Southern Association of Colleges and Schools, and located within the City of Georgetown, Texas (the "City"), desires to construct and equip a residential apartment complex for students consisting of 32 two -bedroom suites in three residential buildings, as well as an apartment for a residential assistant and related recreational facilities, community facilities and parking (the "Project"), located at 1105 East 8th Street, Buildings 1, 2 and 3, Georgetown, Texas on the campus of Southwestern University (hereinafter, the "Project"); and WHEREAS, the University desires to finance the Project in part through the execution and delivery of a tax exempt note and a related Loan Agreement to be entered into by the Riesel Education Facilities Corporation (the "Issuer") the University, and Wachovia Bank, National Association, evidencing a loan (the "Loan") in the aggregate principal amount of $5,000,000; and WHEREAS, the University has requested the City to give its approval with regard to the issuance of the Loan solely for the purpose of satisfying the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended and for no other purposes whatsoever; and WHEREAS, Mr Gary Logan, designated hearing representative of the Issuer held a public hearing on August 1, 2006, regarding the Loan and the Project, at which Mr. Logan was the sole person present, and WHEREAS, the City is willing to consider the University's request in order that the Loan may be executed and delivered; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS: 1. Solely for the purpose of satisfying the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended, the City hereby approves the issuance of the Loan. The project financed with the Loan is defined in the recitals to this Resolution. The maximum principal amount of the Loan is 55,000,000. The sole user of the Project will be the University. 2. This Resolution is passed based on the express understanding and representation by the University and the Issuer that the Loan does not and will not constitute in any way a liability or obligation of the City in any manner whatsoever. Res. 010ro - 0 {00274082.DOC / 2} 3 - RESOLUTION OF GEORGETOWN 3. The City does not by this Resolution waive any requirement of the City relating to the construction of the University's Project (including but not limited to any requirement for a building permit). 4. That it is officially found and determined that the meeting at which this Resolution is passed is open to the public as required by law and that notice of the time, place and subject matter of this meeting has been given in the manner required by law. PASSED AND APPROVED this 8th day of August, 2006. Iviayor City of Georgetown, Texas ATTEST: City Secretary City of Georgetown, Texas g0. orol -Q 100274082.DOC / 2} - 4 RESOLUTION OF GEORGETOWN CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS COUNTY OF WILLIAMSON CITY OF GEORGETOWN, TEXAS I the undersigned City Secretary of the CITY OF GEORGETOWN, TEXAS (the "City"), hereby certify as follows: 1. The City Council (the "City Council") of the City convened in REGULAR MEETING ON THE 81.11 DAY OF AUGUST, 2006, at its regular meeting place in the Georgetown City Hall (the "Meeting"), and the roll was called of the duly constituted officers and members of the City Council. All members of the City Council were present, except the following: ZJ///ses,'. , thus constituting a quorum, whereupon among other business, the following was transacted at the Meeting, a written: RESOLUTION APPROVING THE ISSUANCE OF A TAX EXEMPT LOAN BY THE RIESEL EDUCATION FACILITIES CORPORATION FOR SOUTHWESTERN UNIVERSITY (the "Resolution") was duly introduced for the consideration of the City Council. It was then duly moved and seconded that the Resolution be adopted and, after due discussion, such motion, carrying with it the adoption of the Resolution prevailed and carried by the following votes: AYES* ( NOES' 0 ABSTENTIONS: ° 2 A true, full, and correct copy of the Resolution adopted at the meeting described in the above and foregoing paragraph is attached to and follows this Certificate; the Resolution has been recorded in the City Council's minutes of the Meeting pertaining to the adoption of the Resolution the persons named in the above and foregoing paragraph are duly chosen, qualified, and acting officers and members of the City Council's and duly and sufficiently notified officially and personally, in advance, of the time, place, and purpose of the Meeting, and that the Resolution would be introduced and considered for adoption at the Meeting and each such officers and members consented, in advance, to the holding of the Meeting for such purpose; and the Meeting was open to the public, and public notice was given, all as required by Chapter 551, Texas Government Code. Res. ototo6 - q {00274082.DOC / 2} 1 RESOLUTIO " OF GEORGETOWN SIGNED AND SEALED THIS 8TH DAY OF AUGUST, 2006, City Secretary, City of Georgetown, Texas (00274082.DOC / 2) 2 RESOLUTION OF GEORGETOWN