HomeMy WebLinkAboutRES 062204-M - Public Hearing BondsResolwho wt. 0® OU2104
RESOLUTION APPROVING A PUBLIC HEARING HELD WITH RESPECT TO
THE ISSUANCE AND SALE BY CRAWFORD EDUCATION FACILITIES
CORPORATION OF HIGHER EDUCATION REVENUE REFUNDING BONDS,
SERIES 2004A (SOUTHWESTERN UNIVERSITY PROJECT) AND VARIABLE
RATE DEMAND HIGHER EDUCATION REVENUE BONDS, SERIES 2004B
(SOUTHWESTERN UNIVERSITY PROJECT)
WHEREAS, the Crawford Education Facilities Corporation (the "Issuer") was created by the
City Council of the City of Crawford, Texas (the "City of Crawford") pursuant to the provisions of the
Higher Education Authority Act, as amended, Chapter 53, Texas Education Code (the "Act"), and
WHEREAS, the Act authorizes the Issuer to issue revenue bonds on behalf of the City of
Crawford and loan the proceeds thereof to an institution of higher education to finance or refinance the
cost of educational facilities, housing facilities and facilities incidental, subordinate or related thereto or
appropriate in connection therewith within the meaning 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, on June 22, 2004, the Board of Directors of the Issuer adopted a resolution
authorizing the issuance of its Higher Education Revenue Refunding Bonds, Series 2004A (Southwestern
University Project) in an aggregate principal amount not to exceed $12,000,000 and its Variable Rate
Demand Higher Education Revenue Bonds, Series 2004B (Southwestern Umversity Project) in an
aggregate principal amount not to exceed $23,000,000 (collectively, the "Bonds") and approving
transaction documents related thereto; and
WHEREAS, the proceeds of the Bonds will be loaned to the University for the purpose of
refunding the Prior Bonds, financing the Fine Arts Center Project and paying costs of issuance of the
Bonds; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"),
requires that the Bonds be approved by the ' applicable elected representative" (the `Representative")
after a public hearing following reasonable public notice; and
WHEREAS, with respect to the Bonds, the Representative shall be the City Council of the City of
Georgetown (the "City") and
WHEREAS, notice of a public hearing with respect to the Prior Project and the Fine Arts Center
Project which was held by the Issuer on June 9, 2004, was published no less than 14 days before said
date, in a newspaper of general circulation available to residents within the City; and
WHEREAS, the Issuer has held such public hearing, as a joint undertaking with the City of
Crawford, on the date and at the time and place set out in such published notice, and conducted such
hearing in a manner that provided a reasonable opportunity for persons with differing views on the
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issuance of the Bonds, the Prior Project and on the location and nature of the Fine Arts Center Project to
be heard; and
WHEREAS the City Council desires to express its approval of the Bonds and the Fine Arts
Center Project in order to satisfy the requirements of Section 147(f) of the Code;
NOW, THEREFORE, BE IT RESOLVED THAT:
Section 1. Approval of Bonds and Hearing. The City Council, acting solely in its capacity
as Representative for purposes of the approval requirements of Section 147(f) of the Code, is authorized
to approve, and does hereby approve, the Bonds, as described in the Notice of Public Hearing attached
hereto as Exhibit A. Such approval is not to be construed as (i) a representation or warranty by the City
Council or the City, the State of Texas, or any other agency, instrumentality, or political subdivision of
the State of Texas that the Bonds will be paid or that any obligations assumed by any of the parties under
the instruments delivered in connection with the Bonds will in fact be performed, (ii) a pledge of faith and
credit of or by the City or the State of Texas or any agency, instrumentality or political subdivision of the
State of Texas or the City, or (iii) a representation or warranty by the City concerning the validity of the
corporate existence of the Issuer or the validity of the Bonds.
Section 2. Open Meeting. It is hereby found, determined and declaredthat a sufficient
written notice of the date, hour, place and subject of the meeting of the City Council at which this
Resolution was adopted was posted at a place convenient and readily accessible at all times to the general
public at the City Hall of the City for the time required by law preceding this meeting, as required by the
Open Meetings Act, Chapter 551, Texas Government Code, as amended, and that this meeting has been
open to the public as required by law at all times during which this Resolution and the subject matter
thereof have been discussed, considered and formally acted upon. The City Council further ratifies,
approves and confirms such written notice and the contents and posting thereof.
Section 3. Other Actions. The Mayor and the City Secretary of the City and the other
appropriate 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.
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[Signature page follows.]
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Section 4. Effective Date. This Resolution shall take effect immediately upon its passage
and approval by the Mayor.
PASSED this _ day of June, 2004.
APPROVED this ay of June, 2004.
Mayor o �,`'e City of Georgetown
ATTEST:
Secretary of the City of Georgetown
[Signature Page to Resolution of City of Georgetown]
Pie.
EXHIBIT A
NOTICE OF PUBLIC HEARING
CRAWFORD EDUCATION FACILITIES CORPORATION
HIGHER EDUCATION REVENUE REFUNDING BONDS, SERIES 2004A AND
VARIABLE RATE DEMAND HIGHER EDUCATION REVENUE BONDS, SERIES 2004B
(SOUTHWESTERN UNIVERSITY PROJECT)
NOTICE IS HEREBY GIVEN of a public hearing to be held by the Crawford Education
Facilities Corporation (the "Issuer"), on Wednesday June 9, 2004, at 10:00 a.m., at the offices of Naman,
Howell, Smith & Lee, L.L.P., 900 Washington Avenue, 8th Floor Conference Room, Waco, Texas 76703
with respect to two series of higher education revenue bonds (the "Series 2004 Bonds") to be issued by
the Issuer in an aggregate principal amount of not more than $35,000,000. Proceeds of the Series 2004
Bonds will be loaned to Southwestern University, a Texas non-profit corporation (the "University"), for
the following purposes: (i) paying the costs of issuing the Series 2004 Bonds, (ii) refunding the City of
Georgetown Higher Education Finance Corporation's 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 "Refunded Bonds"), a portion of the proceeds
of which were loaned to the University to finance the construction of various education facilities located
on the University's campus in Georgetown, Texas (the "Project"), and (iii) financing the costs of
renovating the University's Alma Thomas Fine Arts Center (the "Fine Arts Center Project") located on
the University's campus at 1001 E. University Avenue, Georgetown, Texas 78627
All interested persons are invited to attend the public hearing to express their views with respect
to the Project, the Fine Arts Center Project and the issuance of the Senes 2004 Bonds. Questions or
requests for additional information may be directed to Mr. Dan Pleitz at Naman, Howell, Smith & Lee,
L.L P., 900 Washington Avenue, Waco, Texas 76703; phone: (254) 755-4100; email:
pleitz@namanhowell.com.
Persons who intend to appear at the hearing and express their views are invited to contact Dan
Pleitz either in writing or by telephone in advance of the hearing. Any interested persons unable to attend
the hearing may submit their views in writing to Dan Pleitz prior to the date scheduled for the hearing.
This notice is published and the above -described hearing is to be held in satisfaction of the
requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, regarding the public
approval prerequisite to the exemption from federal income taxation of the interest on the Series 2004
Bonds.
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 June 22, 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 Nelon, Mayor
Doug Smith, Mayor Pro Tem
Patty Eason
Gabe Sansing
Henry Carr
John Kirby
Farley Snell
Ben Oliver
All of such persons were present, except the following absentees: 717. it
thus constituting a quorum Whereupon a written:
RESOLUTION APPROVING A PUBLIC HEARING HELD WITH RESPECT TO THE
ISSUANCE AND SALE BY CRAWFORD EDUCATION FACILITIES CORPORATION OF
HIGHER EDUCATION REVENUE REFUNDING BONDS, SERIES 2004A
(SOUTHWESTERN UNIVERSITY PROJECT) AND VARIABLE RATE DEMAND HIGHER
EDUCATION REVENUE BONDS, SERIES 2004B (SOUTHWESTERN UNIVERSITY
PROJECT)
(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 Resolutionis attached to and follows 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 notified officially and personally, in advance, of the time, place, andpurpose 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 thepublic,
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 June, 2004.
By
(SEAL)
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City Secretary