HomeMy WebLinkAbout026503 RES - 10/11/2005
RESOLUTION
RESOLUTION OF THE CITY COUNCIL OF CORPUS CHRISTI, TEXAS
APPROVING THE USE OF BOND PROCEEDS BY WARM SPRINGS
REHABILITATION FOUNDATION, INC. AS REQUIRED BY SECTION
147(t) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED;
AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the Bexar County Health Facilities Development Corporation (the
'"HFDC") issued its Hospital Revenue Bonds Healthcare System Revenue Bonds Warm
Sprmgs Rehabilitation Foundation Project Series 1997 (the "Bonds") and loaned the
proceeds thereof to Warm Springs Rehabilitation Foundation, Inc. (the "Foundation");
and
WHEREAS, the Warm Springs Rehabilitation Foundation, Inc. used a portion of
the proceeds of the Bonds to tlnance improvements to its healthcare facility located in
()Hine, Gonzales County, Texas (the "Gonzales Facility"); and
WHEREAS, the Foundation is in the process of selling the Gonzales Facility and
desires to use a portion of the proceeds from the sale of the Gonzales Facility to finance
nnprovements to its facility in Corpus Christi; and
WHEREAS, Section l47(f) of the Internal Revenue Code of 1986, as amended (the
'Code"), requires that the use of the proceeds from the sale of the Gonzales Facility for
Jmprovements to the Foundation's Corpus Christi facility be approved by the "applicable elected
representative" (the "AER") after a public hearing following reasonable public notice; and
WHEREAS, with respect to the Foundation's Corpus Christi facility, the Mayor of the
(lty is the AER; and
WHEREAS, the approval of the use of the sale proceeds, as described herein, does not
create any obligation on the part of the City with respect to the Foundation's Corpus Christi
;~icil1ty or the Bonds; and
WHEREAS, the City Council desires to authorize and direct the Mayor of the City to
execute and deliver a certificate of approval (the "Certitlcate of Approval") approving the use of
the sale proceeds, or a portion thereof, for improvements to the Foundation's Corpus Christi
tacility for the purpose of complying with the public approval requirements of the Code, and for
no other purpose;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS;
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SECTION ), AER Aooroval. The City Council, pursuant to the requirements of
'>ecnon 147(f) of the Code, hereby authorizes and directs the Mayor of the City to execute and
deliver the Certificate of Approval in the form presented at this meeting following confirmation
"f the holding ofthe public hearing hereinabove described. The approval authorized and granted
hereby IS not to be construed as (i) a representation or warranty by the City, the Governing Body
d the City, any of the officers of the City or any other agency, instrumentality or political
,ubdlvlsion of the State of Texas that the Bonds will be paid or that any obligations assumed by
,my {)f the parties under the instruments delivered in connection with the Bonds will in fact be
perf()m1ed: (ii) a pledge of faith and credit of or by the City: or (iii) a representation or warranty
,'onceming the validity of the Bonds.
SECTION 2. Providinl! an Effective Date. This resolution shall be in full force and
etfect from and after its passage, and it is accordingly so resolved.
ATTEST:
ITV OF CORPUS CHRISTI
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-\rmando Chapa
City Secretary
\PPROVED: October
/
.2005.
, ; (et L:. . l' (,..'
Mary Ka;;kischerl
City Atto~ey 'I
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Resolution 4 ~'ann springs_DOClla
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fhe above resolution was passed by the following vote:
Henry Garrett
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Brent Chesney
Melody Cooper
.Ierrv Garcia
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Bill Kelly
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Rex A. Kmnison
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John E, Marez
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Jesse Noyola
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Mark Scott
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