HomeMy WebLinkAbout2019-R-14 - TSU Unspent Bond Proceeds RESOLUTION NO. 2019-R-14
RESOLUTION APPROVING THE USE OF UNSPENT BOND PROCEEDS FOR STUDENT HOUSING RELATED
FACILITIES LOCATED AT TARLETON STATE UNIVERSITY
WHEREAS, the Cultural Education Facilities Finance Corporation Act, Chapter 337, Texas Local
Government Code, authorizes and empowers New Hope Cultural Education Facilities Finance
Corporation (the "Issuer") to issue revenue bonds on behalf of the Town of New Hope, Texas (the
"Issuing Unit") to facilitate the development, financing, construction, enlargement, extension, repair,
renovation, or other improvement of a student housing facility, or any facility incidental, subordinate, or
related to or appropriate in connection therewith; and
WHEREAS,the Issuer previously issued its Student Housing Revenue Bonds(CHF-Stephenville,
L.L.C. - Tarleton State University Project) Series 2013A (the "Bonds") on behalf of CHF - Stephenville,
L.L.C., an Alabama limited liability company (the "Borrower"), to provide funds to finance the cost of the
development, financing, construction, furnishing and equipping of an approximately 514-bed student
housing facility{the "Original Project") at Tarleton State University(the "University"); and
WHEREAS, the University and the Borrower intend to approve the use of the unspent proceeds
of the Bonds in an amount not greater than $1, 100,000 for the demolition of existing structures and the
construction of parking located at the University, for use by faculty, staff and students (the "Project");
and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended, requires that the
use of the unspent proceeds of the Bonds for the Project be approved by the governmental unit or the
highest elected official of the governmental unit having jurisdiction over the area in which the Project
will be located after the holding of a public hearing; and
WHEREAS, a public hearing relating to the use of the unspent proceeds of the Bonds for the
Project was held on March 25, 2019, as evidenced by the Certificate of Public Hearing Officer Regarding
Public Hearing attached hereto as Exhibit A; and
WHEREAS, the Project is located within the City of Stephenville, Texas (the "City") and outside
the limits of the Issuing Unit;
NOW,THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE,TEXAS THAT:
Section I.
The City hereby approves the use of the unspent proceeds of the Bonds for the Project for the purposes
of Section 1 47(t) of the Internal Revenue Code of 1986; provided that the City shall have no liability in
connection with 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.
Resolution No.2019-R-14 Approving the Use of Unspent Bond Proceeds Page 1 of 2
PASSED AND APPROVED this the 23rd day of April, 2019.
`,,, ,,I I, ,,,/
_I ' g) ..„ ......
••
„. cs ..
' � • .
�, � DougS - -• , Mayor
I ` r
ATTEST: *,' r /\ *,
�O
� , .
%, CiRpORP ,,,''
Staci L. Ki ,City Secretary
Allen Barnes&79,04:(1...
Administrator
Reviewed
(< /3C- __
Randy Thomas, City Attorney
Approved as to form and legality
Resolution No.2019-R-14 Approving the Use of Unspent Bond Proceeds Page 2 of 2