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HomeMy WebLinkAboutResolution - 2002-R0061 - Resolution Concerning The Use Of The Proceeds Of Revenue Bonds Issued - 02_14_2002Resolution No. 2002-R0061 February 14, 2002 Item No. 19 RESOLUTION CONCERNING THE USE OF THE PROCEEDS OF REVENUE BONDS TO BE ISSUED BY THE LUBBOCK HEALTH FACILITIES DEVELOPMENT CORPORATION TO FINANCE CERTAIN COSTS RELATING TO HEALTH FACILITIES WHEREAS, the Lubbock Health Facilities Development Corporation (the "Issuer') was created by the City of Lubbock, Texas ("City of Lubbock") pursuant to the provisions of the Health Facilities Development Act, Chapter 221, Texas Health and Safety Code (the "Act"). WHEREAS, it has been proposed that the Issuer issue its limited obligation revenue bonds (the "Bonds") and loan the proceeds thereof to Lubbock Lutheran Retirement Corporation ("Lubbock Lutheran"), a Texas nonprofit corporation organized and existing under the laws of the State of Texas, to provide funds to pay a portion of the cost of acquiring an assisted living facility known as Wedgewood South located at 9812 Vinton Avenue in Lubbock, Texas (the "Project"). WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the Issuer has conducted a public hearing (the "Hearing") in the City of Lubbock following reasonable public notice with respect to the Bonds and the Project and has presented to the City of Lubbock (the "Governing Body") a summary of the proceedings from the Hearing; WHEREAS, in order to satisfy the requirements of Section 147(f) of the Code, it is necessary for the Governing Body or the Mayor, as the chief executive officer of the City of Lubbock, to approve the Bonds after the Public Hearing has been held; WHEREAS, it is deemed necessary and advisable that this Resolution be adopted; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS THAT: SECTION 1. This Resolution is adopted for the purpose of satisfying the requirements of the Issuer's articles of incorporation and by-laws and the conditions and requirements of Section 147(f) of the Code, the regulations promulgated thereunder, and any other applicable requirements. SECTION 2. The Governing Body hereby receives and accepts the summary of the proceedings from the Hearing. SECTION 3. The Bonds, which may be issued in one or more series, are hereby approved pursuant to Section 147(f) of the Code, the Issuer's articles of incorporation and bylaws and other applicable laws, such Bonds to be issued in the maximum aggregate face amount of $4,500,000 to provide funds to pay a portion of the cost of acquiring the Project. SECTION 4. This approval is not to be construed as a financial undertaking by the City of Lubbock, and the Bonds shall never constitute an indebtedness or pledge of the City of Lubbock within the meaning of a constitutional or statutory provision, and the owners of the Bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other revenues of the City of Lubbock. The City of Lubbock shall have no responsibility to furnish any person any continuing disclosure information with respect to the Bonds. SECTION 5. The Mayor and the City Secretary of the City of Lubbock and each council member of the City of Lubbock 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. SECTION 6. This Resolution shall take effect immediately from and after its adoption. PASSED by the City Council this 14th day of February, 2002. f WINDY SIT N, MAYO ATTEST: Rebecca Garza., City Secretary APPROVED AS TO C ly Hodg0)Managing4rector of Finance APPROVED AS TO Anita Burgess, City Attorney AB/ke/t/ccdocs/LubbockLut.Res Resolution No. 2002-R0061 CERTIFICATE FOR RESOLUTION CONCERNING THE USE OF THE PROCEEDS OF REVENUE BONDS TO BE ISSUED BY THE LUBBOCK HEALTH FACILITIES DEVELOPMENT CORPORATION TO FINANCE CERTAIN COSTS RELATING TO HEALTH FACILITIES THE STATE OF TEXAS CITY OF LUBBOCK We, the undersigned officers of the City Council of Lubbock, Texas, hereby certify as follows: 1. The City Council of Lubbock, Texas convened in REGULAR MEETING ON THE 14TH DAY OF FEBRUARY, 2002, at the designated meeting place, and the roll was called of the duly constituted officers and members of said City Council of Lubbock, Texas, to wit: Windy Sitton, Mayor T. J. Patterson Victor Hernandez Marc McDougal Frank W. Morrison J. David Nelson Alex "TY" Cooke and all of said persons were present, except the following absentees: Frank W. Morrison , thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written RESOLUTION CONCERNING THE USE OF THE PROCEEDS OF REVENUE BONDS TO BE ISSUED BY THE LUBBOCK HEALTH FACILITIES DEVELOPMENT CORPORATION TO FINANCE CERTAIN COSTS RELATING TO HEALTH FACILITIES was introduced for the consideration of said City Council and read in Rill. It was then duly moved and seconded that said Resolution be adopted; and, after due discussion, said motion, carrying with it the adoption of said Resolution, prevailed and carried by the following vote: AYES: 6 NOES: 0 ABSTENTIONS: 0 2. That a true, full, and correct copy of the aforesaid Resolution adopted at the Meeting described in the above and foregoing paragraph is attached to and follows this Certificate; that said Resolution has been duly recorded in said City Council's minutes of said Meeting; that the above and foregoing paragraph is true, full, and correct excerpt from said City Council's minutes of said meeting pertaining to the adoption of said Resolution; that the persons named in the above and foregoing paragraph are the duly chosen, qualified, and acting officers and members of said City Council as indicated therein; and that each of the officers and members of said City Council was duly and sufficiently notified officially and personally, in advance, of the time, place, and purpose of the aforesaid Meeting, and that said Resolution would be introduced and considered for adoption at said Meeting, and each of said officers and members consented, in advance, to the holding of said Meeting for such purpose; and that said Meeting was open to the public, and public notice of the time, place, and purpose of said Meeting was given, all as required by Chapter 551, Texas Government Code. SIGNED AND SEALED the 9. day of February. 2002. City Secretary (SEAL) 4ay r RESOLUTION CONCERNING THE USE OF THE PROCEEDS OF REVENUE BONDS TO BE ISSUED BY THE LUBBOCK HEALTH FACILITIES DEVELOPMENT CORPORATION TO FINANCE CERTAIN COSTS RELATING TO HEALTH FACILITIES WHEREAS, the Lubbock Health Facilities Development Corporation (the "Issuer') was created by the City of Lubbock, Texas ("City of Lubbock") pursuant to the provisions of the Health Facilities Development Act, Chapter 221, Texas Health and Safety Code (the "Act"). WHEREAS, it has been proposed that the Issuer issue its limited obligation revenue bonds (the "Bonds") and loan the proceeds thereofto Lubbock Lutheran Retirement Corporation ("Lubbock Lutheran"), a Texas nonprofit corporation organized and existing under the laws of the State of Texas, to provide funds to pay a portion of the cost of acquiring an assisted living facility known as Wedgewood South located at 9812 Vinton Avenue in Lubbock, Texas (the "Project"). WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the Issuer has conducted a public hearing (the "Hearing") in the City of Lubbock following reasonable public notice with respect to the Bonds and the Project and has presented to the City of Lubbock (the "Governing Body") a summary of the proceedings from the Hearing; WHEREAS, in order to satisfy the requirements of Section 147(f) of the Code, it is necessary for the Governing Body or the Mayor, as the chief executive officer of the City of Lubbock, to approve the Bonds after the Public Hearing has been held; WHEREAS, it is deemed necessary and advisable that this Resolution be adopted; THEREFORE. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS THAT: SECTION 1. This Resolution is adopted for the purpose of satisfying the requirements of the Issuer's articles of incorporation and by-laws and the conditions and requirements of Section 147(f) of the Code, the regulations promulgated thereunder, and any other applicable requirements. SECTION 2. The Governing Body hereby receives and accepts the summary of the proceedings from the Hearing. SECTION 3. The Bonds, which may be issued in one or more series, are hereby approved pursuant to Section 147(f) of the Code, the Issuer's articles of incorporation and bylaws and other applicable laws, such Bonds to be issued in the maximum aggregate face amount of $4,500,000 to provide funds to pay a portion of the cost of acquiring the Project. SECTION 4. This approval is not to be construed as a financial undertaking by the City of Lubbock, and the Bonds shall never constitute an indebtedness or pledge of the City of Lubbock within the meaning of an constitutional or statutory provision, and the owners of the Bonds shall never be paid in whole or in part out of any funds raised or to be raised by taxation or any other revenues of the City of Lubbock. The City of Lubbock shall have no responsibility to furnish any person any continuing disclosure information with respect to the Bonds. SECTION 5. The Mayor and the City Secretary of the City of Lubbock and each council member of the City of Lubbock 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. SECTION 6. This Resolution shall take effect immediately form and after its adoption. PASSED by the City Council on the 14th day of February, 2002. _i WINDY St . N, AYO ATTEST: Rebecca Garza, City Secretary APPROVED AS TO Anita Burgess, City Resolution No. 2002-R0061 CERTIFICATE OF CITY OF LUBBOCK, TEXAS I, the undersigned, City Secretary of the City of Lubbock, Texas, (the "Unit"), make this certification for the benefit of all persons interested in the issuance by the Lubbock Health Facilities Development Corporation (the "Issuer") of its Revenue Bonds (GNMA Collateralized - Lubbock Lutheran Retirement Corporation Project) Series 2002 (the 'Bonds"). I hereby certify that: 1. The Issuer was created and authorized to act on behalf of the Unit, and the Articles of Incorporation and Bylaws of the Issuer and all amendments thereto have been approved by the City Council (the "Governing Body") of the Unit. 2. On January 21, 2002, and at all times since that date the following named persons have been duly appointed by the Governing Body of the Unit as members of the Board of Directors of the Issuer: Directors Joe H. Mayes Neriman Guven James Morris Louis Murfee, Jr. Walker Metcalf Michael Ward Thomas Termer, Jr. 3. A Notice of Intention to issue the Bonds is attached hereto and was received by the Governing Body on January 25, 2002, a copy of which is attached hereto as Exhibit A. 4. No action has been. taken by the Unit pursuant to Section 221.035 of the Texas Health and Safety Code, as amended, or otherwise to limit the effectiveness of the resolution of the Issuer authorizing the issuance of the Bonds or otherwise to affect the bond transaction. No litigation is pending against the Unit or, to the best of my knowledge, threatened against the Unit: (i) to restrain or enjoin the issuance or delivery of the Bonds; or (ii) in any way contesting (a) the right and power of the Unit in connection with any action taken by it towards the creation of the Issuer or the issuance of the Bonds or (b) the titles of the current commissioners of the Unit to their respective offices. 5. The Attorney General of the State of Texas is hereby authorized to date this Certificate as of the date of approval of the Bonds and is entitled to rely upon the accuracy of the information contained herein unless notified by telephone or telecopy to the contrary. �'g—e Rebecca Garza, City Secretary (SEAL) ri NOTICE OF INTENTION January 21, 2002 Mayor and City Council Members City of Lubbock Lubbock, Texas 79401 Re: Lubbock Health Facilities Development Corporation Revenue Bonds (GNMA Collateralized - Lubbock Lutheran Retirement Corporation Project) Series 2002 Dear Mayor and City Council Members: Pursuant to Section 221.062 of the Health Facilities Development Act, Chapter 221, Texas Health and Safety Code, as amended (the "Act"), the Act under which the City of Lubbock, Texas created the Lubbock Health Facilities Development Corporation (the "Issuer"), notice is hereby given that the Issuer intends to issue its above -captioned bonds (the 'Bonds") for the purpose of providing financing the cost of health facilities (as such term is defined in the Act) (the "Project") for Lubbock Lutheran Retirement Corporation, under the laws of the State of Texas (the 'Borrower"). The maximum anticipated size of the proposed bond issue is approximately $5,000,000 plus any original issue discount. The Project is generally described in Schedule A attached hereto. The necessity for such Project is to assist the maintenance of public health and to provide health facilities for the promotion and development of health care, all for the public purpose of promoting the health and welfare of the citizens of the State of Texas and the Project is needed for the purpose of improving the adequacy, cost and accessibility of health care, research and education within this State. {/ The proposed Bonds shall be issued not earlier than the fifteenth (15th) day following the date of filing of this letter. Filed, this W-'% day of January, 2002. •"� Sincerely, Lubbock Health Facilities Development Corporation Schedule A The Project consists ofthe acquisition of a 68 bed assisted living facility known as Wedgewood South. The Project was constructed in 1998 and is located at 9812 Vinton Avenue, Lubbock, Texas 79424. The Project is currently 100% occupied. Estimated Uses of Funds Acquisition Cost $5,000,000 All other costs will be paid by the Borrower from its own funds.