HomeMy WebLinkAbout030177 RES - 05/13/2014CITY OF CORPUS CHRISTI, TEXAS
RESOLUTION NO. 030177
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS, AUTHORIZING THE MAYOR TO APPROVE THE ISSUANCE OF NEW
HOPE CULTURAL EDUCATION FACILITIES FINANCE CORPORATION STUDENT
HOUSING REVENUE BONDS (CHF — COLLEGIATE HOUSING CORPUS CHRISTI I,
L.L.C. - TEXAS A&M UNIVERSITY— CORPUS CHRISTI PROJECT) SERIES 2014A
AND TO APPROVE THE PROJECT TO BE ACQUIRED WITH THE PROCEEDS OF
SUCH BONDS
WHEREAS, the New Hope Cultural Education Facilities Finance Corporation (the
"Issuer") was created pursuant to the Cultural Education Facilities Finance Corporation Act,
Article 1528m, Vernon's Revised Civil Statutes, as amended (the "Act "), and has the power,
authority and rights to issue revenue bonds for the purpose of aiding any accredited institutions
of higher education, secondary schools, and primary schools, and authorized charter schools in
financing or refinancing educational facilities and housing facilities and facilities that are
incidental, subordinate, or related thereto or appropriate in connection therewith;
WHEREAS, CHF — Collegiate Housing Corpus Christi I, L.L.G., a single member
Alabama limited liability company (the "Borrower"), has requested that the Issuer issue, and the
Issuer proposes to approve the issuance of, its Student Housing Revenue Bonds (CHF —
Collegiate Housing Corpus Christi I, L.L.C. — Texas A&M University — Corpus Christi Project)
Series 2014A (the "Bonds "), pursuant to the Act and pursuant to a Trust Indenture between the
Issuer and Regions Bank, as trustee (the "Indenture "), and to loan the proceeds of the Bonds to
the Borrower, pursuant to a Loan Agreement between the Issuer and the Borrower (the "Loan
Agreement ") for the purpose of providing funds to finance the cost of acquisition, development,
financing, construction, furnishing and equipping of an approximately 482 -bed student housing
facility including the buildings and related facilities on the property, along with associated site
development and various related amenities and improvements to be located on the campus of
Texas A&M University — Corpus Christi, to fund interest on the Bonds during the period of
construction and up to six months thereafter, to fund a debt service reserve fund for the Bonds,
and to pay the costs of issuing the Bonds (collectively, the "Project");
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the
"Code "), requires that the Bonds and the Project be approved by the "applicable elected
representative" of the governmental unit in which the Project is located after a public hearing
following reasonable public notice; and
WHEREAS, the Mayor of the City of Corpus Christi, Texas (the "City ") has been
requested to approve, as the applicable elected representative of the City, the issuance of the
Bonds and the Project in accordance with the requirements of the Code, and will be fumished
with an affidavit of publication of notice of such hearing which shall be published in a
newspaper of general circulation available to residents within the boundaries of the City and
minutes of the public hearing to be conducted in connection therewith once such hearing has
been held; and
(_'30177
INDEXED
WHEREAS, the City Council desires to hereby authorize the Mayor to approve the
issuance of the Bonds and the Project; and
WHEREAS, the actions of the Issuer with respect to the Project and the Bonds
(including the issuance of the Bonds and the execution and delivery of the indenture and Loan
Agreement) and the action of the Mayor and the City Council with respect to the matters
described herein will create no liability for the City and the City Council desires to authorize the
Mayor to execute the required approval in connection with the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF CORPUS CHRISTI, TEXAS, THAT:
SECTION 1
The Mayor of the City of Corpus Christi, Texas, is hereby authorized to approve the
issuance of the Bonds and the Project, for the limited purposes stated herein, and to execute and
deliver such approval as requested.
SECTION 2
The authorization to approve the Bonds and the Project is made for the sole purpose of
satisfying the requirements of Section 147(f) of the Code, and for no other purpose and shall not
be construed as a representation, warranty or other undertaking of any kind by the Mayor, the
City or the City Council in respect of the Bonds or the Project. The Bonds shall not constitute
obligations of the City or a pledge of its faith and credit, and the City shall not be obligated to
pay the Bonds or the interest thereon or otherwise incur any liability in respect thereof.
SECTION 3
The Mayor and City Secretary of the City and other officers of the City are hereby
authorized to execute and deliver such instruments, certificates or documents necessary or
advisable to carry out the intent and purpose of this resolution.
SECTION 4
This Resolution shall take effect immediately upon its passage and shall continue in force
and effect from the date hereof.
2
PASSED AND APPROVED, this the l3 -.11f--day of
ATTEST:
Rebecca Huerta
City Secretary
Corpus Christi, Texas
'3 of
, 2014
, 2014.
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NLsktalotartiner 'u.cLj e7a,rrze�
Mayor 0/1) e i
The above resolution was passed by the following vote:
Kelley Allen
Rudy Garza
Priscilla Leal
David Loeb
Nelda Martinez
Chad Magill
Colleen McIntyre
Lillian Riojas
Mark Scott
Ct,tf
(JoAeA4
030177
EXHIBIT A
CERTIFICATE OF PUBLIC HEARING OFFICER REGARDING PUBLIC HEARING
Re: New Hope Cultural Education Facilities Finance Corporation Student Housing Revenue
Bonds (CHF — Collegiate Housing Corpus Christi 1, L.L.C. — Texas A &M University —
Corpus Christi Project) Series 2014A
The undersigned, Kathryn Funk - Baxter, designated Hearing Officer of New Hope
Cultural Education Facilities Finance Corporation (the "Issuer "), the Issuer of the above -
referenced bonds (the "Bonds "), called the Public Hearing of the Issuer held in Room 127 of the
Harte Research Institute, 6300 Ocean Drive, Corpus Christi, Texas 78412, on April 28, 2014 to
order at 1:00 p.m.
I declared that a Public Hearing required under Section 147(0 of the Internal Revenue
Code of 1986 was open for purposes of discussing the Bonds and the projects to be financed,
refinanced or constructed with the proceeds of the Bonds (the "Projects ") by CHF — Collegiate
Housing Corpus Christi I, L.L.C., an Alabama limited liability company.
I declared that the required notice of the Public Hearing for the Projects was published in
the Corpus Christi Caller- Times, being a newspaper of general circulation in the City of Corpus
Christi, Texas, as evidenced by an Affidavit of Publication attached hereto as Schedule I.
I proceeded to hold the Public Hearing. No member of the public attended the Public
Hearing and thus no comments were made or discussed about the Projects or the Bonds.
After sufficient time was given for any member of the public to make their comments
with respect to the Bonds and the Projects, I declared the Public Hearing closed at 1:15 p.m.
DATED: April 28, 2014.
Kat ryn F - : axter, Hearing Officer
New Hope Cultural Education Facilities
Finance Corporation