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Home My WebLink About18-1136S:\legal\our documents\resoluYions\18\tefra documents twu A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS, AUTHORIZING THE MAYOR TO APPROVE THE ISSUANCE OF NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CO O TI(7N CAPITAL IMPROVEMENT REVENUE BONDS (CHF — COLLEGIATE HOUSING DENTON, L.L.C. — TEXAS WOMAN'S UNIVERSITY DINING PROJECT} SERIES 2018 B 1N AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $100,000,000� RECOGNIZING THAT THE CITY OF DENTON IS NOT RESPONSIBLE FOR ISSUING REVENUE BONDS AND HAS NO FINANCIAL OBLIGATION TO PAY ANY PRINCIPAL OF OR 1NTEREST ON THE REVENUE BONDS; MAKING CERTAIN FINDINGS IN CO ECTION THE WITH; AND TO APPROVE THE PROJECTS TO BE ACQUIRED WITH THE PROCEEDS OF SUCH BONDS; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the New Hope Cultural Education Facilities Finance Corparation (the "Issuer") was created pursuant to the Cultural Education Facilities Finance Corporation Act, Texas Local Government Code, Chapter 337, as amended (the "Act"), and has the power, authority and right to issue revenue bonds for the purpose of aiding any accredited institutions af higher education, secondary schools, and primary schools, and authorized charter schools in financing or refinancing educational facilities and hausing facilities and facilities that are incidental, subordinate, or related thereto or appropriate in connection therewith; and WHEREAS, CHF — Collegiate Housing Denton, L.L.C., a single member Alabama limited liability company (the `6Borrower"}, requested that the Issuer issue, and the Issuer agreed to issue, its Capital Improvement Revenue Bonds, Series 2018 (the "Series 2018 Bonds"), pursuant to the Act and pursuant to a Trust Indenture, as amended and supplemented, between the Issuer and Wilmington Trust, National Association, as trustee (the "Indenture"), and to loan the proceeds of the Series 2018 Bonds to the Borrower, pursuant to a Loan Agreement, as amended and supplemented, between the Issuer and the Borrower (the 66Loan Agreement") for the purpose of providing funds to finance the cost of development, financing, construction, furnishing and equipping af an approximately 900-bed student housing facility and an approximately 32,000 square foat dining facility, along with associated site development and various related amenities and improvements to be located on the campus of Texas Woman's University (the "University"}, to fund a debt service reserve fund, to fund interest on the Bonds during the period of construction and up to six months thereafter and to pay the costs of issuing the Series 2018 Bonds (collectively, Ldlei 661 ��jeCG.�'s)y L�ni.d WHEREAS, Section 147(f} of the Internal Revenue Cade of 1986, as amended (the 66Code"), requires that the Series 201$ Bands and the Prajects be appraved by the "applicable elected representative" of the governmental unit in which the Projects are located after a public hearing following reasanable public notice; WHEREAS, pursuant to Resolution 018-001, the City of Denton, Texas (the "City") authorized the Mayor of the City, as the applicable elected representative of the City, to apprave the issuance of the Series 2018 Bonds in an amount not to exceed $100,000,000 and the Projects in accordance with the requirements of the Code; S;\legal\our documents\resolutions\18\tefra documents twu WHEREAS, in arder to finance the student housing facility along with associated site develapment and various related amenities and improvements, the Issuer issued its Capital Impravement Revenue Bonds (CHF- Collegiate Hausing Dentan, L.L.C. — Texas Waman's University Housing Project), Series 2018A in the aggregate principal amaunt of $71,530,000 (the "Series 2018A Bonds") and the Mayor approved the Series 2018A Bonds in accardance with the requirements af the Code and in accordance with Resalution R2018-001; and WHEREA5, the Borrower has requested that the Issuer issue its Capital Improvement Revenue Bonds (CHF- Callegiate Housing Denton, L.L.C. — Texas Waman's University Dining Project), Series 2018B (the 66Series 2018B Bands), which will be issued in an amount not to exceed $28,470,000 pursuant to the Indenture, and to loan the proceeds af the Series 2018B Bonds to the Borrower, pursuant to the Loan Agreement far the purpose af praviding funds ta finance the cost of development, financing, construction, furnishing and equipping of the dining facility (referenced above) and a parking facility, alang with assaciated site development and variaus related amenities and improvements to be lacated on the campus the University, ta fund a debt service reserve fund, ta fund interest an the Series 2018B Bonds during the period of construction and up to six months thereafter and to pay the casts of issuing the Series 2018B Bonds; and WHEREAS, because the scope of the Projects has changed ta include a parking facility ta be owned by the University, it has been determined that, in order to meet the requirements of the Cade; the publication requirements, the public hearing requirements and the governmental approval requirements should be repeated to include the dining facility and the parking facility; and WHEREAS, on July 2, 2018, the Issuer held the required public hearing at 304 Administration Drive in the Administrative Conference Tower, Raom 301 in Denton, TX 76204; and WHEREAS, the Mayar af the City has been requested to approve, as the applicable elected representative of the City, the issuance of the Series 201$B Bands and the Projects (including the parking facility) in accordance with the requirements of the Cade, and has been furnished with an affidavit of publication of notice af such hearing which was published in a newspaper af general circulation available to residents within the boundaries of the City and minutes af the public hearing in connection therewith; and WHEREAS, the City Council desires to hereby authorize the Mayor to approve the issuance of the Series 2018B Bands and the Projects; and WHEREAS, the actions of the Issuer with respect to the Projects and the Series 2018B Bonds (including the issuance of the Bonds and the execution and delivery of the Indenture and Loan Agreement) and the action of the Mayor and the City Council with respect to the matters described herein will create no liability for the City and the City Council desires to authorize the Mayor ta execute the required approval in cannection with the issuance of the Series 2018B Bonds; NOW THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES: CTION 1. The Mayor af the City of Denton, Texas, is hereby authorized to approve the S.E..... issuance of the Series 2018B Bands and the Projects, for the limited purposes stated herein, and to S:\legal\our documents\resolutions\18\tefra documents twu execute and deliver such approval as requested. SECTIONm2. The authorization to approve the Series 2018B Bonds and the Projects is made for the sole purpose of satisfying the requirements of Section 147(� of the Code, and for no other purpose and shall not be construed as a representation, warranty or other undertaking of any kind by the Mayor, the City, or the City Council in respect of the Series 2018B Bonds or the Projects. The Series 2018B Bonds shall not constitute obligations of the City or a pledge of its faith and credit, and the City shall not be obligated to pay the Series 2018B Bonds or the interest thereon or otherwise incur any liability in respect thereof. SECTION 3. The Mayor and City Secretary of the City and other officers of the City are hereby authorized to execute and deliver such instruments, certificates or documents necessary or advisable to carry out the intent and purpose of this resolution. SECTION 4. This Resolution shall take effect immediately upon its passage and shall continue in force and effect from the date hereof. - �- ,at ebRes 1 tion�.was�a�ssed�m�� m� m and seconded The motion to approve this Resolution �� m �� Y..... g...�. ��m �� .��:�"��. ... �., p and approved by the b �, �" followin vote �� Chris Watts, Mayor: Gerard Hudspeth, District 1: Keely G. Briggs, District 2: Don Duff, District 3: John Ryan, District 4: Deb Armintor, At Large Place 5: Paul Meltzer, At Large Place 6: A�e N�a � Abstain � �,, �� Absent � ��, PASSED AND APPROVED this the �� "' da of �� , 2018. � . � a y �",� � , �v W.�r� � ��° � `" �, � J �I � � ` � � �� m�"�� ... �`� �."°I'�� MA,� � ��„��-_ CHRIS "�OR S:\legal\our documents\resolutions\18\tefra documents twu ATTEST: JENNIFER WALTERS, CITY SECRETARY BY: .m.�.�� ..�;:....�,� ��. ��..m�.�.��'��.µ��,.��" APPROVED AS TO LEGAL FORM: AARON LEAL, CITY ATTORNEY ��,�-� ..�� ' `�� °'�r,, BY: �".._ ��--� � �...,,�� ..�, ��m .................m�......._.......................................................................................................................................................................�