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HomeMy WebLinkAbout031225 RES - 08/22/2017 CITY OF CORPUS CHRISTI, TEXAS RESOLUTION NO. 031225 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,TEXAS, AUTHORIZING THE MAYOR TO APPROVE THE ISSUANCE OF (I) THE NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORPORATION STUDENT HOUSING REVENUE BONDS (CHF — COLLEGIATE HOUSING ISLAND CAMPUS, L.L.C. —TEXAS A&M UNIVERSITY— CORPUS CHRISTI ISLAND. CAMPUS PROJECT) SERIES 2017A 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 (to be codified in the Local Government Code, Chapter 337), 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; and WHEREAS, CHF — Collegiate Housing Island Campus, L.L.C., 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 Island Campus, L.L.C. — Texas A&M University— Corpus Christi Island Campus Project) Series 2017A (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, improvement and equipping of approximately 23 student housing buildings containing approximately 1,228 units(approximately 1,790 beds) and various related amenities and improvements to be located on the campus of Texas A&M University—Corpus Christi, to pay certain start-up and operating expenses, to fund a debt service reserve fund for the Bonds, and to pay the costs of issuing the Bonds (collectively, the "Project"); and 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 furnished with affidavits of publication of notice of such hearings which shall be published in a newspaper of general circulation • available to residents within the boundaries of the•City and minutes of the public hearings to be conducted in connection therewith once such hearings have been held; and Page 1 of 3 031225 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. ATTEST: THE CITY OF CORPUS CHRISTI Re ecca Huerta Joe • omb City Secretary Ma, • Page 2 of 3 031225 Co us C sti, Texas �, of , The above resolution was passed by the following vote: Joe McComb Rudy Garza Paulette Guajardo Michael Hunter 1 • Debbie Lindsey-Opel w11.1[li Ben Molina Lucy Rubio -4/-Greg Smith I I ; I 1 Carolyn Vaughn Page 3 of 3 031225 CERTIFICATE OF THE MAYOR OF THE CITY OF CORPUS CHRISTI, TEXAS The undersigned Mayor of the City of Corpus Christi, Texas, (the"City") hereby certifies with respect to the issuance by the New Hope Cultural Education Facilities Finance Corporation (the "Corporation") of its Student Housing Revenue Bonds (CHF — Collegiate Housing Island Campus, L.L.C.—Texas A&M University—Corpus Christi Island Campus Project) Series 2017A (the"Bonds"),that: 1. This certificate is based upon the CERTIFICATE OF PUBLIC HEARING OFFICER REGARDING PUBLIC HEARING attached hereto as Exhibit A relating to the public hearing conducted on August 1, 2017, by the duly appointed hearing officer of the Corporation in accordance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended(the"Code"); and 2. Solely for purposes of the approval requirements of the aforesaid Section 147(f)of the Code,and for no other purposes,in my capacity as Mayor,I hereby approve the Bonds and the facilities to be financed with the proceeds of the Bonds; provided, however, THAT THIS APPROVAL SHALL NOT BE CONSTRUED AS(1)A REPRESENTATION OR WARRANTY BY THE CITY, THE MAYOR OF 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; (2) A PLEDGE OF FAITH AND CREDIT OF THE CITY OR THE STATE OF TEXAS OR ANY AGENCY, INSTRUMENTALITY OR POLITICAL SUBDIVISION OF THE STATE OF TEXAS OR THE CITY; OR (3)A REPRESENTATION OR WARRANTY BY THE CITY CONCERNING THE VALIDITY OF THE CORPORATE EXISTENCE OF THE CORPORATION OR THE VALIDITY OF THE BONDS. / Mayor E'ty of Corpus Christi Date: A1AyLS1 24 2017 CERTIFICATE OF PUBLIC HEARING OFFICER REGARDING PUBLIC HEARING Re: New Hope Cultural Education Facilities Finance Corporation Student Housing Revenue Bonds(CHF-Collegiate Housing Island Campus,L.L.C.-Texas A&M University-Corpus Christi Project)Series 2017A The undersigned, Rebecca Torres, 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 Bayview Room 320 of the University Center,6300 Ocean Drive,Corpus Christi,Texas 78412,on August 1,2017 to order at 11:00 a.m. I declared that a Public Hearing required under Section 147(f) 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 Island Campus, 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 11:15 a.m. DATED: August 1, 2017. i ebecca Tones, Hearing Officer New Hope Cultural Education Facilities Finance Corporation SCHEDULE I Affidavit Of Publication [attached hereto] AFFIDAVIT OF PUBLICATION THE STATE OF TEXAS § COUNTY OF NUECES § CITY OF CORPUS CHRISTI § BEFORE ME, a notary public in and for the above named County, on this day personally appeared the person whose name is subscribed below, who, having been duly sworn, says upon oath that he or she is a duly authorized officer or employee of the Corpus Christi Caller Times, which is a newspaper of general circulation in the City of Corpus Christi,Texas, devoting not less than 25%of its total column lineage to the carrying of items of general interest,published not less frequently than once each week, entered as second-class postal matter in the county where t published, and having been published regularly and continuously for not less than 12 months prior to the making of any publication; and that a true and correct copy of the NOTICE OF PUBLIC HEARING, a clipping of which is attached to this Affidavit,was published in said Newspaper on 1g , 2017. —4114 . Authorized Officer or Employee • i' SUBSCRIBED AND SWORN TO BEFORE ME on the 100). day of. L( i ..6 2017. SE Nota y Public �tiY fts'�'�•• SYLVIA P PEREZ i.•.�- :•: My Notary ID#126819013 +;;•' fit= Expires February 27,2021 4. NOTICE OF PUBLIC HEARING Caller-Times Tuesday,July 18,2017 9B Lega(s NOTICE OF PUBLIC HEARING The New Hope Cultural Edu- cation Facilities Finance Corporation (the "Issuer") will hold a public hearing at 11:00 a.m. on August 1, 2017 in Bayview Room 320 of the University Center, 6300 Ocean Drive, Corpus Christi,Texas 78412. Among items to be discussed will be a proposal for issuance by the Issuer of its Student Housing Revenue Bonds (the "Bonds"), which will be issued in one or more series in an aggregate prin- cipal amount not to exceed $95,000,000. The Bonds will be issued to provide funds to finance the cost of the acquisition, renova- tion, furnishing and equip- ping of approximately 23 student housing buildings containing approximately 1,228 units and including the related facilities on the property and various relat- ed amenities and improve- ments and other education- al facilities,to fund interest on the Bonds, to fund cer- tain start-up costs, to fund a debt service reserve fund for the Bonds,and to pay the costs of issuing the Bonds (collectively, the "Project"). The Project will be owned by CHF - Collegiate Hous- ing Island Campus, L.L.C., an Alabama limited liability company, the sole member of which is Collegiate Hous- ing Foundation, an organi- zation described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code"), and managed by American Campus Commu- nities, Inc. or a controlled affiliate of American Cam- pus Communities, Inc. The Project is located on the island campus of Texas A&M University-Corpus Christi at or adjacent to 6515 Ocean Drive, Corpus Chris- ti, Texas 78412. Members of the public may attend or submit written comments prior to the hearing regard- ing the Project or the Bonds to the Issuer c/o Joseph E. Eckert, McCall, Parkhurst & Horton L.L.P., 717 North Harwood, Suite 900, Dallas, Texas 75201. This notice is published and the hearing is to be held to satisfy the requirements of Section 147(f)of the Code.