HomeMy WebLinkAboutResolution - 2016-R0216 - New Hope Cultrual Education Facilities For Carillon - 06/23/2016Resolution No.2016-R0216
Item No.5.4
June 23,2016
RESOLUTION GIVING APPROVAL TO THE FINANCING AND REFINANCING BY
NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORPORATION OF A
PROJECT FOR CARILLON.INC.
WHEREAS,the New Hope Cultural Education Facilities Finance Corporation (the
"Issuer") is empowered pursuant to the Cultural Education Facilities Finance Corporation Act,
Art.1528m,V.A.T.C.S.,as amended (the "Act"), to sell and deliver bonds for the purpose of
financing and refinancing the cost of health facilities, as defined in the Health Facilities
Development Act. Chapter 221.Texas Health and Safety Code; and
WHEREAS,Carillon. Inc.. a Texas nonprofit corporation and Section 501(c)(3)
organization (the "Borrower"), has requested the Issuer to issue its bonds (the "Bonds") in a
maximum aggregate principal amount not to exceed $65,000,000 for the purpose of refunding
the outstanding Lubbock Health Facilities Development Corporation Fixed Rate Mortgage
Revenue and Refunding Bonds (Carillon LifeCare Community Project) Series 2005A. the
proceeds of which were used to finance the Borrower's existing Carillon LifeCare Community
senior living retirement community located at 1717B Norfolk Avenue.Lubbock.Texas and to
fund certain renovations and equipment at the community (the "Project*");and
WHEREAS,pursuant to Section 147(f)of the Internal Revenue Code of 1986 (the
"Code"),the Issuer has caused to be published a notice of a public hearing (the "THFRA
Notice**)with respect to the issuance of the Bonds and the financing and refinancing of the
Project,and held such a hearing after reasonable notice on May 20,2016 (the "TEFRA
Hearing");and
WHEREAS,pursuant to the provisions of Section 147(1)of the Code, the City Council of
the City of Lubbock.Texas, after the TEFRA Hearing, must approve issuance of the Bonds by
the Issuer to enable the Bonds to qualify as tax-exempt obligations under the Code;Now
Therefore.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK,TEXAS:
Section 1. The City Council,solely for the purposes of Section 147(f)of the Code,
hereby approves the issuance of the Bonds by the Issuer to finance and refinance the Project for
the benefit of the Borrower.
Section 2. The foregoing approval is given in accordance with the provisions of
Section 147(f)of the Code and for no other purposes and is not to be construed as an undertaking
by the City of Lubbock, Texas. The Bonds shall not constitute a liability,indebtedness,or an
obligation of the City of Lubbock. Texas nor shall any of the assets of the City of Lubbock.
Texas be pledged to the payment of the Bonds.
Section 3.This resolution shall take effect immediately from and after its passage
and it is accordingly resolved.
PASSED AND APPROVED, this June 23, 2016
DANIEL M. POPE, MAYOR
ATTEST:
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Reb cca Garza, City ecret
ccdocs/New Hope Cultural Education Facilities
July 13, 2016