HomeMy WebLinkAbout024092 RES - 07/18/2000RESOLUTION
APPROVING THE ISSUANCE OF $5,000,000 IN AGGREGATE
PRINCIPAL AMOUNT OF CITY OF SAN ANTONIO, TEXAS, HIGHER
EDUCATION AUTHORITY, INC. EDUCATION REVENUE BONDS (DR.
MARIA LUISA GARZA ACADEMY OF TRANSITIONAL STUDIES
CHARTER SCHOOL PROJECT), SERIES 2000 BY THE CITY OF SAN
ANTONIO, TEXAS, HIGHER EDUCATION AUTHORITY, INC. FOR THE
DR. MARIA LUISA GARZA ACADEMY OF TRANSITIONAL STUDIES
CHARTER SCHOOL LOCATED IN THE CITY OF CORPUS CHRISTI,
TEXAS
WHEREAS, the Higher Education Authority Act, Chapter 53, Texas Education Code, as
amended (the "Act"), authorizes and empowers The City of San Antonio, Texas Higher Education
Authority, Inc. (the "Issuer") on behalf of the City of San Antonio, Texas (the "Issuing Unit"),
to acquire, by purchase, purchase contract, or lease, construct, or enlarge. extend, repair,
renovate, or otherwise improve educational facilities or housing facilities, or acquire land for those
purposes, furnish and equip the facilities, and provide by contract, lease, or otherwise for the
operation and maintenance of the facilities, and issue revenue bonds to provide funds for any of
its purposes; and
WHEREAS, Section 53.48 of the Act provides that the Issuer may provide for the
financing and refinancing of one or more such educational facilities or housing facilities to be used
by an accredited primary or secondary school or by an authorized charter school: and
WHEREAS, Section 53.33 of the Act further provides that the facilities need not be
located within the city limits of the Issuing Unit; and
WHEREAS, the Issuer proposes to issue its City of San Antonio, Texas, Higher Education
Authority, Inc. Education Revenue Bonds (Dr. Maria Luisa Garza Academy of Transitional
Studies Charter School Project), Series 2000, dated August 1, 2000, in the aggregate principal
amount of $5,000,000 (the "Bonds"), for the purpose of financing certain educational facilities for
the Dr. Maria Luisa Garza Academy of Transitional Studies Charter School (the "Project"), the
proceeds of which will be loaned by the Issuer to the Gulf Coast Council of La Raza, Inc., a Texas
nonprofit corporation (the "Corporation"), for the purpose of financing the Project, which consists
of the construction and equipping of educational facilities located at The Dr. Maria Luisa Garza
Academy of Transitional Studies Charter School owned and operated by the Corporation. and
includes, a new school to be built on 8.12 acres of land owned by the Corporation and located on
the corner of Greenwood Drive and Horne Road in Corpus Christi, Texas, which school will
include, without limitation, construction of administration and classroom building, library,
technology center, gymnasium, cafetorium, preschool facility, parking area, landscape and site
improvements; and
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024092
WHEREAS. the Project is located within the City of Corpus Christi, Texas (the "City")
and outside the limits of the Issuing Unit;
WHEREAS, Section 147(I) of the Internal Revenue Code requires that the issuance of the
Bonds be approved. after a public hearing following reasonable notice thereof, by the City Council
of the City of Corpus Christi. Texas. as the governmental unit having jurisdiction over the area
in which the Project is located; and
WHEREAS, notice of the public hearing was published in the Corpus Christi Caller Times
on July 2, 2000; and
WHEREAS, the public hearing was held on July 17. 2000, 5:00 p.m. in the
Administrative Offices of the Gulf Coast Council of La Raza, Inc., 2203 Baldwin Boulevard,
Corpus C~isti, Texas 78405, to provide an opportunity for all interested persons to be he~d with
respect to the proposed issuance and sale by the Issuer of the Bonds;
WHEREAS. it is now necessary and proper for the City Council of the City to consider
and approve the issuance of the Bonds by the Issuer as required by Section 147(1) of the Internal
Revenue Code; and
WHEREAS, it is hereby officially found and determined that the meeting at which this
Resolution was passed was open to the public, and public notice of the time, place, and purpose
of said meeting was given, all as required by Chapter 551, Texas Government Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS, THAT:
SECTION 1. APPROVAL OF THE ISSUANCE OF THE BONDS. The City hereby
consents to and, as required by Section 147(f) of the Internal Revenue Code of 1986, approves of
the issuance by The City of San Antonio, Texas, Higher Education Authority, Inc. of its "City
of San Antonio, Texas, Higher Education Authority, Inc. Educational Revenue Bonds (Dr. Maria
Luisa Garza Academy of Transitional Studies Charter School Project), Series 2000" (the "Bonds "),
dated August 1, 2000, in aggregate principal amount of $5,000,000, the proceeds of which are to
be loaned to the Gulf Coast Council of La Raza (the "Corporation") for the financing of certain
educational facilities for the Dr. Maria Luisa Garza Academy of Transitional Studies Charter
School located in the City of Corpus Christi. Texas (the "Project") owned and operated by the
Corporation; provided that the City shall have no Liability in connection with the financing,
acquisition, ownership, maintenance, or operation of the Project or the payment or security for
the Bonds, and shall not be required to take any further action with respect thereto.
SECTION 2. INCORPORATION OF RECITALS. The City hereby finds that the
statements set forth in the recitals of this Resolution are true and correct, and the City hereby
incorporates such recitals as a part of this Resolution.
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PASSED AND APPROVED, by of the City Council of the City of Corpus Christi, Texas,
at a Regular Meeting held this the 18th day of July, 2000.
ATTEST:
City Secretary
Mayor, The City of Corpus Christi
APPROVED THIS THE I ) DAY OF
James R. Bray, Jr., City Attorney
,,7" ( '( ,2000:
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Corpus Christi, Texas
] ~3 -t~y of ~,~,2000
The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Javier D. Colmenero
Melody Cooper
Henry Garrett
Dr. Arnold Gonzales
Rex A. Kirmison
Betty Jean Longoria
John Longoria
Mark Scott
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