HomeMy WebLinkAboutRES 052504-X - Bond Southwestern ProjectRESOLUTION NO. 0.5 .5 ©T '� x RESOLUTION APPOINTING A HEARING 01�1€ICER FOR A JOINT PUBLIC HEARING TO BE HELD WITH RESPECT TO THE ISSUANCE OF CRAWFORD EDUCATION FACILITIFS CORPORATION HIGHER EDUCATION REVENUE REFUNDING BONDS, SERIES 2004A (SOUTHWESTERN UNIVERSITY PROJECT) AND VARIABLE RAIL DEMAND HIGHER EDUCATION REVENUE BONDS SERIES 2004B (SOUTHWES TERN UNIVERSITY PROJECT) AND PROJECT FINANCED THEREBY. WHEREAS, the Crawford Education Facilities Corporation (the "Issuer") was created by the City of Crawford, Texas (the 'City of Crawford") pursuant to the provisions of the Higher Education Authority Act, Chapter 53 of the Texas Education Code, as amended (the "Act"); and WHEREAS, the Act authorizes the Issuer to issue bonds for the purpose of financing or refinancing the cost of certain educational facilities, housing facilities and facilities incidental, subordinate or related thereto, or appropriate in connection therewith under authority of the Act; and WHEREAS, the City of Georgetown Higher Education Finance Corporation has previously issued its Variable Rate Demand Higher Education Revenue Bonds, Series 1984 (Southwestern University Project) and its Higher Education Revenue Bonds Series 1994 (Southwestern University Project) (collectively, the "Prior Bonds"), the proceeds of which were loaned to Southwestern University (the "University') for the purpose of financing the construction and improvement of certain educational facilities, housing facilities and facilities incidental, subordinate or related thereto or appropriate in connection therewith within the meaning of the Act (collectively, the "Prior Project"); and WHEREAS, the University desires to (i) refinance the Prior Project by refunding the Prior Bonds and (ii) obtain funds to finance the costs of renovating the Alma Thomas Fine Arts Center located on the University s campus (the "Fine Arts Center Project"); and WHEREAS, the Issuer desires to issue its Higher Education Revenue Refunding Bonds, Series 2004A (Southwestern University Project) and its Variable Rate Demand Higher Education Revenue Bonds, Series 2004B (Southwestern University Project) (collectively, the "Series 2004 Bonds"), the proceeds of which will be loaned to the University for the purpose of refunding the Prior Bonds, financing the cost of the Fine Arts Center Project and paying the costs of issuance of the Series 2004 Bonds; and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the Issuer and the City of Georgetown, Texas (the `City") will conduct a public hearing with respect to the Series 2004 Bonds and the Fine Arts Center Project (the "Public Hearing") at a location to be determined and following reasonable public notice; and WHEREAS, the City desires to appoint a hearing officer to conduct the Public Hearing as a joint undertaking between the City and the City of Crawford in accordance with Section 5f.103-2(d) of the regulations promulgated under the Code; and WHEREAS, the City Council is the governing body of the City; and WHEREAS, it is deemed necessary and advisable that this Resolution be adopted; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS THAT: Section 1. The governing body specifically approves the appointment of Dan Pleitz as the hearing officer to conduct the Public Hearing to be held pursuant to Section 147(f) of the Code. Section 2. The approval herein given is in accordance with the provisions of Section 147(f) of the Code, and is not to be construed as any undertaking by the City, and the Series 2004 Bonds shall never constitute an indebtedness or pledge of the City, or the State of Texas, within the meaning of any constitutional or statutory provision, and the holder of the Series 2004 Bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other revenues of the City or the State of Texas except those revenues assigned and pledged by the Issuer in a trust. indenture that will be executed and delivered in connection with the issuance of the Series 2004 Bonds. Section 3. The Mayor, City Council members, and City Secretary of the City and the other officers of the City are hereby authorized, jointly and severally, to execute and deliver such endorsements, instruments, certificates, documents, or papers necessary and advisable to carry out the intent and purposes of this Resolution. PASSED AND APPROVED this 25th day of May, 2004. ATTEST: Sandra D. Lee, City Secretary APPROVED AS TO FORM: Vt n Patricia E. Carls, Brown & Carls, LLP City Attorney Resolution No. CITY OF GEORGETOWN, TEXAS B agar G. Nelon, Mayor CERTIFICATE OF RESOLUTION I, the undersigned City Secretary of Georgetown, Texas (the "Unit"), hereby certify as follows: 1. The City Council (the "Governing Body") of the Unit convened in regular session at Georgetown, Texas on May 25, 2004 (the "Meeting' ), at the designated meeting place, and the roll was called of the duly constituted members of the Governing Body, to wit Gary Nelson, Mayor Doug Smith, Mayor Pro Tem Patty Eason Gabe Sansing Jack Noble John Kirby Farley Snell Mark Ramsey All of such persons were present, except the following absentees: aer thus constituting a quorum. Whereupon a written: RESOLUTION APPOINTING A HEARING OFFICER FOR A JOINT PUBLIC HEARING TO BE HELD WITH RESPECT TO THE ISSUANCE OF CRAWFORD EDUCATION FACILITIFS CORPORATION HIGHER EDUCATION REVENUE REFUNDING BONDS, SERIES 2004A (SOUTHWESTERN UNIVERSITY PROJECT) AND VARIABLE RA It DEMAND HIGHER EDUCATION REVENUE BONDS SERIES 2004B (SOUTHWES TERN UNIVERSITY PROJECT) AND PROJECT FINANCED THEREBY (the "Resolution") was duly moved and seconded and, after due discussion, said motion, carrying with it the adoption of the Resolution, prevailed and carried by the following votes: AYES: '7 NAYS: 0 ABSTENTIONS: 0 2. A true, full, and correct copy of the Resolution is attached to andfollows this Certificate; the Resolution has been duly recorded in the minutes of the Meeting; the above and foregoing paragraph is a true, full, and correct excerpt from the minutes of the Meeting pertaining to the adoption of the Resolution; the persons named in the above and foregoing paragraph are the duly elected, qualified, and acting members of the Governing Body; each of such members was duly and sufficiently notifiedofficially 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 of such members consented in advance, to the holding of the Meeting for such purpose; and the Meeting was open to the public, and public notice of the time, place, and purpose of the Meeting was given, all as required by Chapter 551 of the Texas Government Code, as amended SIGNED AND SEALED this day of May, 2004. City Secretary By: (SEAL) 445586.1