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HomeMy WebLinkAbout04-24-14-2m - Resolution - 04/24/2014• • • CITY OF COLLEGE STATION, TEXAS RESOLUTION NO. 04-24-I4-2rn A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, AUTHORIZING THE MAYOR TO APPROVE THE PLAN OF FINANCE, THE ISSUANCE OF NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORPORATION STUDENT HOUSING REVENUE BONDS AND 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 College Station I, 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 (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 4,088 -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, 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, it is anticipated that the Project will be completed in two phases, the first of which is expected to be a 1,262 bed facility; WHEREAS, Section 147(0 of the Internal Revenue Code of 1986, as amended (the "Code"), requires that the plan of finance, 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 College Station, Texas (the "City") has been requested to approve, as the applicable elected representative of the City, the plan of finance, the issuance of the Bonds and the Project in accordance with the requirements of the Code, and will be furnished 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 • 0 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 plan of finance, 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 COLLEGE STATION, TEXAS, THAT: SECTION 1 The Mayor of the City of College Station, Texas, is hereby authorized to approve the plan of finance, 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 plan of finance, 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 plan of finance, 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. ,/ PASSED, APPROVED, AND ADOPTED THIS21 DAY OF , 2014. NANCY BERRY, Mayor ATT ST: .40 SHERRY MASHBURN, City Secretary APPROVED: liath cediA/m5,7 CARLA A. ROBINSON, City Attorney 0 CERTIFICATE OF THE MAYOR OF THE CITY OF COLLEGE STATION, TEXAS The undersigned Mayor of the City of College Station, 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 (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 March 19, 2014, by the duly appointed hearing officer of the Corporation in accordance with the requirements of Section 147(0 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(0 of the Code, and for no other purposes, in my capacity as Mayor, I hereby approve the plan of finance, 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. a'ait4/‘,cA_Ja1W?e_xs- _ Mayor, Citykif College Station Date: %?P1e /c. A4 , 2014 EXHIBIT A CERTIFICATE OF PUBLIC HEARING OFFICER REGARDING PUBLIC HEARING Re: New Hope Cultural Education Facilities Finance Corporation Student Housing Revenue Bonds The undersigned, Timothy. V. Coffey, 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 Conference Room 208 in the Moore/Connally Building located at 301 Tarrow, College Station, Texas 77840, on March 19, 2014 to order at 10:00 a.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 College Station 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 Bryan -College Station Eagle, being a newspaper of general circulation in the City of College Station, Texas, as evidenced by an Affidavit of Publication attached hereto as Schedule I. I proceeded to hold the Public Hearing. Comments from the public are reflected on Schedule H hereto. 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 10:20 a.m. DATED: March 19, 2014. othy �L� ► ey, Hearing Officer Nes Ho '• ' r Education Facilities Finance Corporation SCHEDULE I At 'DAVIT OF PUBLICATION THE STATE OF TEXAS COUNTY OF BRAZOS CITY OF COLLEGE STATION 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 Bryan -College Station Eagle, which is a newspaper of general circulation in the City of College Station, 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 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 February 26, 2014. eAV Authorized Ot "icer or Employee SUBSCRIBED AND SWORN TO BEFORE ME on theft day of LY ,.1'AVANO 'iia d Teas Iry Commis e n E*us APRIL 21. 2018 , 2014. Notublic NOTICE OF PUBLIC HEARING fir .?? fg�u{t,a�, ��s�l { l•,ti+a{�i tiE i {ypi ;to7t`Cs �a'411 '.iL k I _ rsAyi` SI -2 SCHEDULE II Comments of the Public Mr. Richard Keough attended the hearing. He asked general questions about the location and phasing of the Projects and the participants in the financing. He was neither in favor of nor opposed to the Bonds and the Projects, although he did indicate an interest in being a participant in future financings.