HomeMy WebLinkAboutRES 102814-N - Finance New Hope Wesleyan1► ouvmoo ocig
RESOLUTION APPROVING THE FINANCING BY THE
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OF HEALTH FACILITIES LOCATED WITHIN
THE CITY • GEORGETOWN, TEXAS
FOR WESLEYAN HOMES, INC.
WHEREAS, the Cultural Education Facilities Finance Corporation Act, 1528m, V.A.T.C.S., (the
"Act"), authorizes and empowers NewHope Cultural Education Facilities Finance Corporation (the "Issuer")
to issue revenue bonds on behalf of the Town of New Hope, Texas (the "Issuing Unit") to finance and
refinance the costs of health facilities found by the Board of Directors of the Issuer to be required, necessary
or convenient for health care, research and education, any one or more, within the State of Texas and in
furtherance of the public purposes of the Act; and
WHEREAS, Section 147(f) ofthe Internal Revenue Code of 1986, as amended (the "Code") requires
that the bonds and the facilities financed with the bonds be approved by the governmental unit or the highest
elected official of the governmental unit having jurisdiction over the area in which the facilities will be
located after the holding of a public hearing relating to the bonds and the facilities; and
WHEREAS, Wesleyan Homes, Inc. ("Wesleyan"), aTexas nonprofit corporation, proposes to obtain
financing and refinancing from the Issuer from the proceeds of one or more of the Issuer's bondsin a
maximum principal amount of $65,000,000 for the costs of certain health facilities at Wesleyan at Estrella
at 139 Estrella Crossing, Georgetown, Texas (the "Project"). The Project will consist of refinancing the cost
of 124 existing independent living units, 40 assisted living units, 20 memory care units and related common
areas; financing the cost of approximately 118 new independent living units, 22 assisted living units and 4
independent living duplex cottages; and financing certain other capital expenditures at the Project; and
WHEREAS, the Project will be located within the City of Georgetown, Texas (the "City") and
outside the limits of the Issuing Unit;
Section 1. The City hereby approves the bonds and the Project for the purposes of Section 147(f)
of the Internal Revenue Code of 1986; provided that the City shall have no liability in connection with the
financing of 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,
PASSED AND APPROVED, this the day of= F 014.
Mayor
STATE OF TEXAS §
CITY OF GEORGETOWN §
1, Jessica Brettle, City Secretary of City of Georgetown, Texas, have legal custody of the written
instrument(s) of record referred to herein, which are available for inspection, and I do hereby certify that the
copy of such written instrument(s) of record attached to this Certificate is a true and correct copy of the
original as same appears in the records of this office. This written instrument(s) or record(s) referred to
herein and attached to this Certificate as described as follows:
Resolution No. 10 al Iq — 0 , approved by City Council of City of Georgetown on
In testimony whereof, I subscribed my name hereto officially under the corporate seal of City of
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Georgetown, Texas, on this the Day of Z, 2014.
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CiS� retary
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(SEAL)
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