HomeMy WebLinkAboutResolution - 3512 - Use Of Proceeds Ofrevenue Bonds - Issued By GCHFDC - Finance Health Facilities - 12_13_1990Resolution # 3512
December 13, 1990
Item #27
RESOLUTION CONCERNING THE USE OF THE
PROCEEDS OF REVENUE BONDS ISSUED
BY THE GALVESTON COUNTY HEALTH FACILITIES
DEVELOPMENT CORPORATION TO FINANCE HEALTH
FACILITIES LOCATED WITHIN THE BOUNDARIES OF
THE CITY OF LUBBOCK, TEXAS
WHEREAS, the Galveston County Health Facilities
Development Corporation (the "Issuer") was created by Galveston
County, Texas pursuant to the provisions of the Health
Facilities Development Act, Article 1528j, Vernon's Texas Civil
Statutes, as amended and now codified at Chapter 221 of Subtitle
A of Title 4 of the Texas Health and Safety Code (the "Act"); and
WHEREAS, it has been proposed that the Issuer issue
its First Mortgage Revenue Bonds (Seven Oaks Foundation, Inc.
Project) Series 1990 in a maximum aggregate principal amount of
$2,090,000 (the "Bonds") and loan the proceeds thereof to Seven
Oaks Foundation, Inc., a Texas non-profit corporation (the
"Borrower"), to finance the costs of acquiring health
facilities, one of which is located within the territorial
limits of the City of Lubbock, Texas (the "City"); and
WHEREAS, the City is a "sponsoring entity" within the
meaning of the Act; and
WHEREAS, under the Act, the use of the proceeds of the
Bonds by the Issuer to finance a health facility located outside
the limits of Galveston County and within the limits of the City
requires the consent of the City; and
WHEREAS, it is deemed necessary and advisable that
this Resolution be adopted;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF LUBBOCK, TEXAS THAT:
1. This Resolution is adopted for the purpose of
satisfying the conditions and requirements of Section 221.030 of
the Act.
2. The City of Lubbock, Texas, acting by and through
this City Council, hereby consents, within the meaning of
Section 221.030 of the Act, to the use by the Issuer of a
portion of the proceeds of the Bonds to finance a health
facility located within the limits of the City through the loan
of such proceeds to the Borrower to finance the acquisition by
the Borrower of an existing 61-bed skilled and intermediate care
nursing home facility known as "Parkway Manor Care Center"
located at 114 Cherry Avenue in Lubbock, Texas, and all related
property both real and personal.
3. The Mayor and City Secretary of the City are
hereby authorized, jointly and severally, to execute and deliver
such endorsements, instruments, certificates, documents, or
papers necessary and advisable to carry out the intent and
purposes of this Resolution.
4. This Resolution shall take effect immediately from
and after its adoption.
(SEAL)
ST•
Cit Secretary
APPROVED AS TO FO M:
CS� #tyAttorney a
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893ERT-2079.03
CITY COUNCIL,
CITY OF LUBBOCK, TEXAS
By
Mayor
J
Resolution # 3512
December 13, 1990
Item #27
CERTIFICATE
We, the undersigned Mayor and City Secretary of the
City of Lubbock, Texas (the "City"), hereby certify as follows:
1. The City Council (the "Governing Body") of the
City convened in regular session in Lubbock, Texas
on December 13 , 1990 (the "Meeting") , at its designated
meeting place, and the roll was called of the duly constituted
members of the Governing Body, to -wit:
Mayor B. C. McMinn
Mayor Pro Tem Joan Baker
Councilman T. J. Patterson
Councilman Gary Phillips
Councilman Bill Maloy
Councilman M. J. Aderton
Councilwoman Maggie Trejo
All of such persons were present, except the following
absentees: Anne
thus constituting a quorum.
2. Whereupon a written:
RESOLUTION CONCERNING THE USE OF THE PROCEEDS OF
REVENUE BONDS ISSUED BY THE GALVESTON COUNTY
HEALTH FACILITIES DEVELOPMENT CORPORATION TO
FINANCE HEALTH FACILITIES LOCATED WITHIN THE
BOUNDARIES OF THE CITY OF LUBBOCK, TEXAS
(the "Resolution") was duly moved and seconded and, after due
discussion, said motion, carrying with it the adoption of the
Resolution, prevailed and carried by the following votes:
AYES: 7 NAYES: 0 ABSTENTIONS: 0
3. A true, full, and correct copy of the Resolution
is attached to and follows this Certificate. The Resolution has
been duly recorded in the minutes of the Meeting, and the above
and foregoing paragraph 2 is a true, full, and correct excerpt
from the minutes of the Meeting pertaining to the adoption of
the Resolution. The persons named in the above and foregoing
paragraph 1 are the duly elected, qualified, and acting members
of the Governing Body, and each of such members was duly and
sufficiently notified officially and personally, in advance, of
the time, place, and purpose of the Meeting and that the
Resolution would be introduced and considered for adoption at
the Meeting, and each of such members consented, in advance, to
the holding of the Meeting for such purpose. The Meeting was
open to the public, and public notice of the time, place, and
purpose of the Meeting was given, all as required by Article
6252-17, Vernon's Texas Civil Statutes, as amended.
SIGNED AND SEALED this 13th day of December , 1990.
CITY COUNCIL,
CITY OF LUBBOCK, TEXAS
a
(SEAL) 44ayor
EST:
City Secretary
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