HomeMy WebLinkAboutResolution - 2022-R0063 - Hale Center Education Facilities Revenue Refunding BondsResolution No. 2022- R0063
Item No. 7.4
February 8 , 2022
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK;
WHEREAS, the City of Hale Center, Texas has caused to be created the Hale Center Education
Facilities Corporation (the "Issuer"); and
WHEREAS, the Issuer intends to issue its Hale Center Education Facilities Corporation
Revenue Improvement and Revenue Refunding Bonds (Wayland Baptist University Project)
Series 2022 in a maximum principal amount not to exceed $36,497,605 (the "Bonds"); and
WHEREAS, the Bonds are being issued for the benefit of Wayland Baptist University
(the "University"); and
WHEREAS, the Bonds are to be issued to finance or refinance multiple projects
including the following items:
Refinance a 45,000 square foot primary campus building for the Lubbock campus of the
University, including classrooms and administrative offices, generally located at 801 North
Quaker Avenue, Lubbock, Texas 79416. The maximum stated principal amount of the Bonds
to be issued to refinance this Project is $7,467,000 (with such item being referred to herein as
the "Project"); and
WHEREAS, in order to issue the Bonds on a tax exempt basis the issuance of the Bonds
and the Project financed by the Bonds and located within the City of Lubbock, Texas (the
"City") must be approved by the applicable elected representatives of the City as required by
Section 147(f) of the Internal Revenue Code, as amended; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF LUBBOCK, TEXAS AS FOLLOWS:
That the above recitals are true and correct.
2. That solely for the purposes of satisfying the requirements of Section 147(f) of
the Internal Revenue Code, and for no other purposes whatsoever, the City hereby approves the
Bonds and the Project.
3. That it is officially understood that the City shall have no liability
whatsoever in regard to the payment of the Bonds or in regard to the Project.
4. This approval is limited solely to the limited purposes set forth in Section 2
above and does not constitute any further approval for any other purpose.
WAYLAND Bond - Resolution of Lubbock
Adopted this 8th day of February T,, 2022.
CITY OF LUBB CK, TEXAS
BY:
DANIEL M. POPE, MAYOR
ATTEST:
Rebe ca Garza, City Secre
APPROVED AS TO CONTENT:
bLA4;=2
Blu Kostel'ch, Chief Financial Officer
APPROVED AS TO LEGALITY
elli Leisure, Assistant City Attorney
WAYLAND Bond - Resolution of Lubbock