HomeMy WebLinkAboutRES 980414-MRESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, ESTABLISHING THE CITY'S INTENT TO
SUPPORT THE USE OF PROCEEDS OF REVENUE BONDS ISSUED BY
THE TARRANT COUNTY HEALTH FACILITIES DEVELOPMENT
CORPORATION TO FINANCE CERTAIN COSTS, AND TO REFINANCE
CERTAIN OUTSTANDING OBLIGATIONS RELATING TO HEALTH
FACILITIES LOCATED IN THE CITY OF GEORGETOWN, TEXAS.
WHEREAS, the Tarrant County Health Facilities Development Corporation (the "Issuer")
was created by Tarrant County, Texas, pursuant to the provisions of the Health Facilities
Development Act, Chapter 221, Texas Health and Safety Code (the "Act"); and
WHEREAS, it has been proposed that the Issuer issue its limited obligation revenue bonds
(the "Bonds") and loan a portion of the proceeds thereof to Georgetown Healthcare System, Inc.,a
Texas non-profit corporation (the "Borrower"), to finance the cost of acquiring, improving,
remodeling, and equipping a health facility now known as Georgetown Healthcare System, which
is located at 2000 Scenic Drive, Georgetown, Texas, within the territorial limits of the city of
Georgetown, Texas (the "City"), which health care facility is and will be used as a general acute
health care facility, to reimburse the Borrower for the cost of acquiring, improving, remodeling, and
equipping such health care facility, and to refinance certain outstanding obligations of the Borrower
relating to such health care facility; and
WHEREAS, the City is a "sponsoring entity" within the meaning of the Act; and
WHEREAS, under the Act, use of the proceeds of the Bonds to finance costs, to reimburse
costs, and to refinance outstanding obligations relating to a health facility located outside the limits
of Tarrant County, Texas, and within the limits of the City requires the consent of the City Council
of the City (the "City Council"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended
(the "Code"), the Issuer intends to conduct a public hearing (the "Hearing") in the City following
reasonable public notice with respect to the Bonds and the captioned project and intends to present
to the City Council or the Mayor a summary of the proceedings from the Hearing; and
WHEREAS, in order to satisfy the requirements of Section 147(f) of the Code, it is necessary
for the City Council or the Mayor, as the chief elected executive officer of the City, to approve the
Bonds after the Hearing has been held; and
WHEREAS, the Bonds are payable from revenues to be paid by the Borrower and are not
payable from taxes by any jurisdiction, including Tarrant County, Texas or the City; and
WHEREAS, it is deemed necessary and advisable that this Resolution be adopted;
Healthcare Bonds Resolution No. /O 0
Page 1 of 3 Pages
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GEORGETOWN, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this resolution are
hereby found and declared to be true and correct, and are incorporated by reference herein and
expressly made a part hereof, as if copied verbatim. The City Council hereby finds that this
resolution implements the following policy or policies of the Century Plan - Policy Plan Element:
Governmental Affairs Policy End 6.0, which states: "A high level of
cooperation and involvement exists among Georgetown's citizens and
governmental organizations." and
2. Finance Policy End 5.0, which states: "All municipal operations are conducted in an
efficient business -like manner and sufficient financial resources for both short-term
and long-term needs are provided."
SECTION 2. This Resolution is adopted for the purpose of satisfying the conditions and
requirements of Section 221.030 of the Act and Section 147(f) of the Code and the regulations
promulgated thereunder.
SECTION 3. The City, acting by and through its City Council, consents to the issuance by
the Issuer of its limited obligation revenue bonds and the loan of the proceeds thereof to the
Borrower generally for the financing and refinancing relating to a health facility known as the
Georgetown Healthcare System, located at 2000 Scenic Drive, Georgetown, Texas.
SECTION 4. The City, acting by and through its City Council, hereby consents to the
issuance of the Bonds by the Issuer, upon such terms as the Issuer deems appropriate and approves.
SECTION 5. The Mayor of the City is authorized to receive the summary of the proceedings
from the Hearing and to approve the Bonds, which are to be issued:
A. in the maximum aggregate principal amount not to exceed $385,000,000; and
B. to, among other things, finance the cost of acquiring, improving, remodeling, and
equipping a health care facility known as the Georgetown Healthcare system located at 2000
Scenic Drive, Georgetown, Texas, which health care facility is owned and operated by the
Borrower and will be used as a general acute health care facility; to reimburse the Borrower
for the cost of acquiring, improving, remodeling, and equipping such health care facility; and
to refinance certain outstanding obligations of the Borrower relating to the cost of acquiring,
improving, remodeling, and equipping such health care facility;
pursuant to Section 147(f) of the Code.
SECTION 6. The approval of the Mayor, when given, will be in accordance with the
provisions of Section 147(f) of
the
/Code, and is not to be construed as an undertaking by the city,
Healthcare Bonds Resolution No.
Page 2 of 3 Pages
and the Bonds shall never constitute an indebtedness or pledge of the City within the meaning of any
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.
SECTION 7. The Mayor is hereby authorized to execute and deliver such endorsements,
instruments, certificates, documents, or papers necessary or advisable to carry out the intent and
purposes of this Resolution.
SECTION 8. This Resolution shall take effect immediately from and after its adoption.
PASSED AND APPROVED this 14th day of April, 1998.
Approved:
Leo Wood
Mayor
/Attest:
Sandra D. Lee
City Secretary
Approved as to form:
Marianne Landers Banks
City Attorney
Healthcare Bonds Resolution No. ! O o / V— M
Page 3 of 3 Pages