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HomeMy WebLinkAboutResolution - 2013-R0089 - Approve Financing - Sears Project - 03/14/2013 (2)Resolution No. 2013-R0089 March,14,.2013 Item No. 5.4 RESOLUTION 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 revenue bonds 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 Methodist Retirement System, Inc. ("Sears"), a nonprofit Texas corporation, proposes to obtain financing and refinancing from the Issuer from the proceeds of one or more series of the Issuer's bonds and notes in a maximum principal amount of $100,000,000, a portion of which will be used to finance and refinance the costs of the health facility described in Exhibit A hereto (the "Project"); and WHEREAS, the Project is 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 14th day of March , 2013. CITY OF LUBBOCK, EXAS GLEN C. ROBERTSON, MAYOR A'FFEST: Rrbccc i Maria, City Secretary APPROVED AS TO CONTENT: Pamela Moon, Exceptive Director of Finance APPROVED AS TO FORM: r /-, - Jerry V. V le. Jr.. Bond Counsel Resolution No. 2013—R0089 March;14n2013 Item No. 5.4 RESOLUTION 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 revenue bonds 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 Methodist Retirement System, Inc. ("Sears"), a nonprofit Texas corporation, proposes to obtain financing and refinancing from the Issuer from the proceeds of one or more series of the Issuer's bonds and notes in a maximum principal amount of $100,000,000, a portion of which will be used to finance and refinance the costs of the health facility described in Exhibit A hereto (the "Project"); and WHEREAS, the Project is 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 14th day of March , 2013. CITY OF LUBBOCK, EXAS GLLN C. ROBERTSON, MAYOR ATTEST: k/—\ I ----\ - ) . 10. e" - & Rebecc Garza, City Secretary APPROVED AS TO CONTENT: 1 �1A Pamela Moon, Executive Director of Finance APPROVED AS TO FORM: Jerry V. le, Jr., Bond Counsel CERTIFICATE OF CITY SECRETARY STATE OF TEXAS § COUNTY OF LUBBOCK § The undersigned, City Secretary of City of Lubbock, Texas, has legal custody of the written instrument(s) of record referred to herein, which are available for inspection, and I do hereby certify that the copy of such written instrument(s) of record attached to this Certificate is a true and correct copy of the original as same appears in the records of this office. This written instrument(s) or record(s) referred to herein and attached to this Certificate as described as follows: Resolution 2013—R0089 , approved by the City Council of City of Lubbock on March 14 , 2013. In testimony whereof, I subscribed my name hereto officially under the corporate seal of City of Lubbock, Texas, on this the 14th; _day of March , 2013. City ecretary City o Lubbock, Texas (SEAL)