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HomeMy WebLinkAboutResolution - 2003-R0116 - Approval Of Financing By The Abilene Health Facilities Development Corporation - 03/27/2003Resolution No. 2003—RO116 March 27, 2003 Item No. 17 RESOLUTION APPROVING THE FINANCING BY THE ABILENE 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 Abilene Health Facilities Development Corporation (the "Issuer") to issue revenue bonds on behalf of the City of Abilene, 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 Methodist Retirement System, Inc. and Sears Plains Retirement Corporation (collectively, the "User"), nonprofit Texas corporations, propose to obtain financing and refinancing from the Issuer from a portion of the proceeds of the Issuer's bonds issued pursuant to the Act for the costs of the health facility described in Exhibit A hereto (the "Project"); and WHEREAS, the Project will be located within 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 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 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 AND APPROVED, this the 27th GAL, MAYOR ATTEST: Reb ca Garza, City Secretary Resolution No. 2003-R0116 EXHIBIT A DESCRIPTION OF THE PROJECT The Project consists of the construction and equipping of a skilled nursing facility to be known as the Garrison Geriatric Education and Care Center to be located at 3710 Fourth Street, Lubbock, Texas 79415. The Project consist of (a) 60 chronic care nursing beds, (b) 60 Alzheimer's care nursing beds and (c) attendant common areas. The total maximum aggregate principal amount of Bonds to be issued by Abilene Health Facilities Development Corporation is $52 million, of which no more than $3.5 million will be used on the Project.