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Home My WebLink AboutRES 2015-042RESOLUTION NO. 2015-042 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, RELATING TO A PUBLIC HEARING HELD BY THE NEWARK CULTURAL EDUCATION FACILITIES FINANCE CORPORATION AND APPROVING REFINANCING BY THE NEWARK CULTURAL EDUCATION FACILITIES FINANCE CORPORATION FOR THE BENEFIT OF FAITH CHRISTIAN SCHOOL AND PROVIDING AN EFFECTIVE DATE WHEREAS, the Newark Education Facilities Finance Corporation ("Corporation") created by the City of Crawford, Texas, will make a loan in an amount not to exceed $11,000,000 (the "Loan") pursuant to a construction loan agreement among the Corporation, Compass Mortgage Corporation, an affiliate of Compass Bank (the "Lender") and Faith Christian School Inc. (the "Borrower") as provided under Chapter 53A, Texas Education Code, as amended, for the purpose of refinancing the cost of acquiring, constructing, renovating, and equipping educational facilities and facilities incidental, subordinate, or related thereto or appropriate in connection therewith, including (A) the construction of (i) an approximate 98,393 square foot two-story Upper School building containing classrooms, labs and offices; and (ii) an approximate 28,000 square foot two story athletic facility containing gymnasium and locker rooms; all located at 729 East Dallas Road, Grapevine, Texas 76051; and (B) the acquisition of (i) 10.4418 acres of land for the Upper School; (ii) the existing school building, an approximate 101,758 square foot one-story building containing classrooms, labs and offices and (iii) the field house, an approximate 4,392 square foot one-story building containing athletic facilities; all located at 730 East Worth Avenue, Grapevine, Texas 76051 ((A) and (B) are collectively, the "Project"). A portion of the proceeds of the Loan will be used to pay certain expenses in connection with the issuance of the Loan; and WHEREAS, section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") requires that the issuance of any qualified 501(c)(3) obligations be approved by either the governing body of the City or the chief elected executive officer of the City after a public hearing following reasonable public notice; WHEREAS, attached hereto as Exhibit "A" is a Notice of Public Hearing (the "Public Notice") which was published in a newspaper of general circulation in the City as required by section 147(f) of the Code which public hearing was conducted by the Corporation. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1. That all matters stated in the above preamble are true and correct and are incorporated herein as if copied in their entirety. Section 2. That the City hereby specifically approves the Loan and the Project solely for the purpose of satisfying the requirements of section 147(f) of the Code and for no other purpose and is not to be construed as an undertaking by the City. The Loan shall not constitute a liability, an indebtedness or obligation of the City nor shall any of the assets of the City be pledged to the payment of the Loans. Section 3. That this resolution shall take effect from and after the date of its passage. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 21st day of July, 2015. ATTEST: I ILI �--' Tara Brooks City Secretary , *JkTJQP]L �,M k1 49 John F. Boyle, J r. City Attorney RES. NO. 2015-042 2 EXHIBIT "A" TO RES. NO. 2015-042 Page 1 of 1 Notice is hereby given that the Newark Cultural Education Facilities Finance Corporation (the "Corporation"), a nonprofit corporation created by the City of Newark, Texas pursuant to Article 1528m, Vernon's Texas Civil Statutes, will hold a public hearing on July 8, 2015, commencing at 10:00a.m., Drama Room, Faith Christian School, 730 E. Worth Avenue, Grapevine, Texas 76051, to provide an opportunity for all interested persons to be heard with respect to a proposed loan from Compass Mortgage Corporation (the "Lender") to the Corporation in the maximum amount of $11,000,000, and a proposed loan from the Corporation to Faith Christian School Inc. (the "Borrower") in the same amount (collectively, the "Loans"); all pursuant to a Loan Agreement by and among the Corporation, the Lender and the Borrower. The Loans are being made for the purpose of refinancing the cost of acquiring, constructing, renovating, and equipping educational facilities and facilities incidental, subordinate, or related thereto or appropriate in connection therewith, including (A) the construction of (i) an approximate 98,393 square foot two-story Upper School building containing classrooms, labs and offices; and (ii) an approximate 28,000 square foot two-story athletic facility containing gymnasium and locker rooms; all located at 729 E. Dallas Road, Grapevine, Texas 76051; and (B) the acquisition of (i) 10.4418 acres of land for the Upper School; (ii) the existing school building, an approximate 101,758 square foot one-story building containing classrooms, labs and offices and (iii) the field house, an approximate 4,392 square foot one-story building containing athletic facilities; all located at 730 E. Worth Avenue, Grapevine, Texas 76051 ((A) and (B) are collectively, the "Project"). A portion of the proceeds of the Loans will be used to pay certain expenses in connection with the issuance of the Loans. The Project is, or will be, owned by the Borrower. The Loans are not payable out of taxes and are secured by and payable solely from funds provided by the Borrower. All interested persons are invited to attend the hearing to express their views, both orally and in writing, with respect to the Loans and the Project. Any interested persons unable to attend the hearing may submit their views in writing to McGuireWoods LLP, Attn: Hoang Vu, 600 Travis Street, Suite 7500, Houston, Texas 77002, prior to the date scheduled for the hearing. Kok I [SIZI We, the undersigned City Council Members of the City of Grapevine, Texas (the "City'), hereby certify as follows: 1. The City Council of the City of Grapevine convened in a regular meeting on July 21, 2015 (the "Meeting"), at the designated meeting place, and the roll was called of the duly constituted officers and members of said City Council, to wit: William D. Tate Mayor C. Shane Wilbanks Place 1 Sharron Spencer Place 2 Mike Lease Place 3 Darlene Freed Place 4 Chris Coy Place 5 Duff O'Dell Place 6 and all of said persons were present, except the following: Darlene Freed -, thus constituting a quorum. Whereupon, among other business, the following was transacted at said Meeting: a written RESOLUTION RELATING TO A PUBLIC HEARING AND APPROVING A FINANCING BY THE NEWARK CULTURAL EDUCATION FACILITIES FINANCE CORPORATION FOR THE BENEFIT OF FAITH CHRISTIAN SCHOOL (the "Resolution") was duly introduced for the consideration of said City Council. 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 a 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; 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. 3. That the City Council has approved and hereby approves the aforesaid Resolution; that the Mayor and the City Secretary of the City have duly signed said Resolution; and that the Mayor and the City Secretary hereby declare that their signing of this Certificate shall constitute the signing of the attached and following copy of said Resolution for all purposes. City Secretary (SEAL) City Attorney Mayor