HomeMy WebLinkAboutResolution - 2011-R0527 - Approve And Consent To Financing For Project - 11/16/2011Resolution No. 2011-RO527
November 16, 2011
Item No. 5.33
A RESOLUTION BY THE CITY OF LUBBOCK, TEXAS,
APPROVING THE FINANCING BY THE RED RIVER HEALTH
FACILITIES DEVELOPMENT CORPORATION OF A
HEALTH FACILITY LOCATED WITHIN THE CITY OF
LUBBOCK, TEXAS
WHEREAS, the Health Facilities Development Act, Chapter 221, Texas Health
and Safety Code (the "Act"), authorizes and empowers Red River Health Facilities
Development Corporation (the "Issuer") to issue obligations on behalf of the City of
Windthorst, Texas (the "Issuing Unit") to finance and refinance the costs of health
facilities found by the Board of Directors of the Issuer to be required, necessary, or
convenient for health care, research, and education, any one or more, within the State of
Texas and in furtherance of the public purposes of the Act; and
WHEREAS, Section 221.030 of the Act provides that the Issuer may provide for
the financing or refinancing of one or more health facilities located outside the limits of
the Issuing Unit with the consent of each city, county, or hospital district within which
such health facility is or is to be located; and
WHEREAS, Sears Plains Retirement Corporation (the "User"), a Texas nonprofit
corporation, proposes to obtain financing and refinancing from the Issuer from a portion
of the proceeds of the Issuer's notes issued pursuant to the Act for the costs of the health
facilities described in Exhibit A, incorporated in this Resolution as if fully set forth
herein and shall be included in the minutes of the Council, (the "Project"); and
WHEREAS, the Project will be located within the jurisdiction of the City of
Lubbock, Texas, (the "City") and outside the limits of the Issuing Unit; NOW,
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK,
TEXAS THAT:
Section 1. The City hereby consents to the financing by the Issuer of the Project
for the purposes of Section 221.030 of the Act and approves the financing for the
purposes of Section 147(f) of the Internal Revenue Code of 1986; provided that the City
shall have no liability in connection with the financing of the Project described in Exhibit
A and shall not be required to take any further action with respect thereto.
Section 2. This Resolution shall take effect immediately from and after its
adoption and it is accordingly so ordered.
Passed by the City Council this 16th day of
November
2011.
TOM MARTIN, MAYOR
ATTEST:
R be a Garza, City Secretar
APPROVED AS TO FORM:
I
y €cL
Laura ratt, Assistant City Attorney
Q:`-.C[TYATT\LAURAV2esolutions'.Resolution - Consent for Health Facility Financing.docx
11.1.2011
Resolution No. 2011-RO527
EXHIBIT A
DESCRIPTION OF THE PROJECT
The Project consists of (a) refinancing certain obligations issued by Red River Health
Facilities Development Corporation for the benefit of Sears Plains Retirement Corporation, the
proceeds of which were originally used to finance and refinance the cost of constructing and
equipping of a 120 unit nursing facility known as the Garrison Geriatric Education and Care
Center located at 3710 Fourth Street, Lubbock, Texas 79415 and (b) finance and refinance the
renovation of, furnishing, and equipping of the Garrison Geriatric Education and Care Center.
The total maximum aggregate principal amount of the notes to be issued by Red River Health
Facilities Development Corporation is $10,000,000.
AFFIDAVIT OF PUBLICATION
THE STATE OF TEXAS
COUNTY OF LUBBOCK
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 Lubbock Avalanche Journal,
which is a newspaper of general circulation in the County of Lubbock, Texas, and that a true and
correct copy of the PUBLIC HEARING NOTICE, a clipping of which is attached to this
affidavit, was published in said Newspaper on October 15, 2011.
Authorizedff' er or Empl yee
SUBSCRIBED AND SWORN TO BEFORE ME on the _L1 day of J06t.,
2011.
[SEAL]
AJ 1)— 12L64"j
Notary P lic
►�•.
* TERRY OSBORN
Notary +'!,Ude,. $talc= aTOXMN
�1y Commis;:;, t{ay 12-152013
CERTIFICATE OF PUBLIC HEARING
I, the undersigned, hereby certify in connection with transactions to be entered into by
Red River Health Facilities Development Corporation (the "Corporation"), Sears Plains
Retirement Corporation ("Borrower") and American State Bank (the "Bank") in the maximum
amount of $10,000,000 (the "Financing") for the benefit of Borrower, as follows:
1. I served as Hearing Officer for the Corporation for the purpose of conducting a
public hearing on the Financing the proceeds of which will be used to finance and refinance the
acquisition, development, construction, furnishing and equipping of health facilities located at
3710 Fourth Street, Lubbock, Texas 79415.
2. Such hearing was conducted on November 2, 2011, commencing at 1:00 p.m. in
the Conference Room at Garrison Geriatric Education and Care Center located at 3710 Fourth
Street, Lubbock, Texas 79415 and was open to the public for purposes of the hearing.
3. At the time for the commencement of the hearing, comments, either orally or in
writing, were publicly requested on the project and the Financing.
4. At the hearing,
[VJ"' no persons presented comments orally or in writing.
[ ] the comments summarized on the attached were made orally by the
persons listed therein.
[ ] the written comments attached hereto were presented.
5. No time limitations were imposed on any public comments.
IN WITNESS WHEREOF, I have hereunto set my hand this November A , 2011.
Hearing Offic
CERTIFICATE OF PUBLIC HEARING
(CITY OF LUBBOCK)