2002-060I
City of Southlake, Texas , '
RESOLUTION NO. 02-060
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTHLAKE,
TEXAS, APPROVING THE ISSUANCE OF EDUCATION REVENUE BONDS
BY THE ITALY HIGHER EDUCATION FACILITIES CORPORATION FOR
THE CLARIDEN SCHOOL; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Italy, Texas (the "City"), pursuant to the provisions of Chapter 53,
Texas Education Code, as amended (the "Act"), approved and created the Italy Higher Education
Facilities Corporation (the "Corporation") as a nonprofit corporation to exercise the powers
enumerated and provided in the Act for and on behalf of the City; and
WHEREAS, the Corporation may issue revenue bonds to provide funds for any of its purposes
including financing or refinancing costs to acquire, construct, enlarge, extend, repair, renovate, or
otherwise improve "educational facilities" or "housing facilities" for certain educational institutions
permitted under the Act, including the Clariden School, a Texas nonprofit corporation created under
the laws of the State of Texas (the "School"), and regardless if such facilities are located within or
without the city limits of the City; and
WHEREAS, the City and the City of Southlakc have been informed by representatives of the
Corporation that the Corporation is intending to issue the following series of its education revenue
bonds for the benefit of the School:
ITALY HIGHER EDUCATION FACILITIES CORPORATION EDUCATION
REVENUE BONDS (THE CLARIDEN SCHOOL PROJECT), SERIES 2002A, IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $4,800,000; AND
ITALY HIGHER EDUCATION FACILITIES CORPORATION SUBORDINATE LIEN
EDUCATION REVENUE BONDS (THE CLARIDEN SCHOOL PROJECT) SERIES
2002E IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $1,500,000
with both the Series 2002A Bonds and the Series 2002B Bonds being referred to together as
the `Bonds"); and
WHEREAS, the Bonds will be payable solely from revenues derived by the Corporation from
the School pursuant to provisions of a Loan Agreement between the Corporation and the School and
other applicable documents being entered into by the Corporation in connection with the issuance of
the Bonds, and the City of Italy and the City of Southlake will have no responsibility in any manner for
the payment of the debt service requirements of the Bonds; and
Resolution No.' 02-060
Page 2 of 3
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended, requires the
City Council of the City of Southlake, Texas (as the "applicable elected representative" of the
Government unit" where the School facilities, are located) to approve the issuance of the Bonds; and
WHEREAS, on the same date as the date this Resolution was adopted, a public hearing was
held by this City Council, with respect to the aforementioned subject matter and notice of such public
hearing was published in a newspaper of general circulation in the City prior to such public hearing;
and
WHEREAS, the documents authorizing issuance of the Bonds shall contain wording stating
that the Bonds impose no liability on the City of Southlake, its officials, officers, or employees; and
WHEREAS, it is hereby deemed necessary and advisable that this resolution be adopted.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SOUTHLAKE,TEXAS:
SECTION 1.
That all of the recitals and preambles hereinabove stated are found to be true and correct and
are incorporated herein and made a part of this resolution.
SECTION 2.
That solely in order to satisfy the requirements of Section 147(f) of the Internal Revenue Code
of 1986, as amended, the City hereby approves the issuance of the Bonds described above in an
aggregate principal amount not to exceed $6,300,000 in order to obtain funds for the School to finance
the cost of constructing, acquiring, and equipping education and housing facilities, including:
construction, and equipping of the following: a new campus consisting of buildings for administration,
a lower school, an upper school, a fine arts building, and a gymnatorium, all to be located at the school
campus at 100 Clariden Ranch Road (at the intersection of White Chapel Boulevard and Clariden
Ranch Road), Southlake, Texas. Proceeds of the Bonds may also be used for paying certain expenses
in connection with the issuance of the Bonds, all pursuant to the requirements of the Act and other
applicable laws.
SECTION 3.
That this resolution shall become effective immediately upon its adoption.
Resolution No.' 02-060
Page 3 of 3
SECTION 4.
That this approval does not otherwise approve the facilities of the School, except for purposes
of Section 147(f) of the Code, it being understood that all other legal requirements of the City of
Southlake (including but not limited to obtaining building permits and certificates of occupancy) must
be met by the School.
SECTION 5
That this approval in no event shall make the City liable in any manner whatsoever with regard
to the Bonds or with regard to the Project to be financed with the proceeds of the Bonds.
SECTION 6
That it is hereby officially found and determined that the meeting at which this resolution is
passed is open to the public as required by law, and that public notice of the time, place and purpose of
said meeting was given as required by law.
PASSED AND APPROVED BY THE/CIJY COUNCIL OF THE CITY OF
SOUTHLAKE ON THIS /!
y"'
DAY OF 2002.
i
ATTEST: C0•.......• $
S cJ D
co
m ush
Acti g City Secretary
CMayotacy
HUb. 2'.'L100c' 11: -IbH.M N H 5 ! n[j. LLa
CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS '
COUNTY OF TARRANT
CITY OF SOUTHLAKE, TEXAS
I, the undersigned City Secretary of the CITY OF SOUTHLAKE, TEXAS (the "CPYI
hereby certify as follows:
1. The CityC, auncil (the "City Council's of the City convened in REGULAR
MEETING ON THE J -"'DAY OF SEPTEMBER, 2002, at its regular meeting place in the
Southlake City Hall (the "Meeting"), and the roll was called of the duly constituted offRcers
and members of the City Council to wit:
All members of the City Council were present, except the following: — Pi o n e —
thus constituting a quorum, whereupon anhong
other business, the following was transacted at the Meeting, a written:
RESOLUTION APPROVING THE ISSUP&NCL OF EDUCATION REVENUE
BONDS BYTHE ITALY HIGHER EDUCATION FACILITIES CORPORATION i
FOR THE CLARIDEN SCHOOL '
the "Resolution") was duly introduced for the consideration of the City Council. It was then
duly moved and seconded that the Resolution be adopted; and, after due discussion, such
motion, carrying with it the adoption of the Resolution prevailed and carried by the following
votes:
AYES: 7 NOES: D ABSTENTIONS:
2; A true, full, and correct copy of the Resolution adopted at the sleeting
described in the above and foregoing paragraph is attached to and follows this Certificate;
the Resolution has been recorded in the City Council's minutes of the Meeting pertaining
to the adoption of the Resolution; the persons named in the above and foregoing
paragraph are duly chosen, qualified, and acting officers and members of the City Cou cil's
and duly and sufficiently notified officially and personally, in advance, of the time, pace,
and purpose of the Meeting, and that the Resolution would be introduced and considered
for adoption at the Meeting and each such officers and members consented, in advance,
1020241I149.2 -1-
RUG. 2-2.2WE 11: 4`;HM. N H b L i-pJ. cc4 Y. bey
to the holding of the Meeting for such purpose; and the Meeting was open to the public,
and public notice was given, all as required by Chapter 551, Texas Govemment Code.
rd- OG o
SIGNED AND SEALED THIS T DAY QF , 2002.
VTHL,q/r .
O
i i :City Secretary, City of Southlake, Texasif'• •tn_
40
102024U 149.2 -2-
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RESOLUTION 410. 2002 -
RESOLUTION APPROVING THE ISSUANCE OF EDUCA ON REVENUE
BONDS BY THE ITALY HIGHER EDUCATI FACILITIES
CORPORATION FOR THE CLARIDEN SCHOOL
WHEREAS, the City of Italy, Texas (the "City"), rsuant to the provisions of
Chapter 53, Texas Education Code, as amended (the "t"), approved and created the
Italy Higher Education Facilities Corporation (the "Corpofation"} as a nonprofit corporqition
to exercise the powers enumerated and provided in7 Act for and on behalf of the City;
and
WHEREAS, the Corporation may issue rev nue bonds to provide funds for any of
its purposes including financing or refinancing co s to acquire, construct, enlarge, extend,
repair, renovate, or otherwise improve "educ ional facilities" or "housing facilities" for
certain educational institutions permitted and the Act, including The Clariden School, a
Texas nonprofit corporation created under t e laws of the State of Texas (the "School"),
and r ardless if such facilities are located ithin or without the city limits of the City; and
W EREAS, the City and the City of Southlake have been informed by
repre atives of the Corporation that he Corporation is intending to issue the following
serie o its education revenue bond or the benefit of the School:
ITALY HIGHER EDU ATION FACILITIES CORPORATION
EDUCATION REVS UE BONDS (THE CLARIDEN SCHOOL
PROJECT), SERI 2002A. IN AN AGGREGATE PRINCIPAL
AMOUNT NOT T EXCEED $4,800,000; AND
ITALY HIGHE EDUCATION FACILITIES CORPORATION
SUBORDINAT LIEN EDUCATION REVENUE BONDS (THE
CLARIDEN CHOOL PROJECT) SERIES 20028 IN AN
AGGREGA PRINCIPAL AMOUNT NOT TO EXCEED
1,500,00
with both the S ries 2002A Bonds and the Series 20028 Bonds being referred to
together as the "SondA').
WHEREAS, he Bonds will be payable solely from revenues derived by the
Corporation from t e School pursuant to provisions of a Loan Agreement between the
Corporation and 106 School and other applicable documents being entered into by the
Corporation in conection with the issuance of the Bonds, and the City of Italy and the City
of Southlake wilyhave no responsibility in any manner for the payment of the debt service
requirements 9f the Bonds; and
02024%1149.2 -3,
F U6. elJOZ I! : 4`_JH!"! N H 5 L
WHEREAS, Section 147(f) of the Internal Revenue Cade of 1986, as amen0ed,
requires the City Council of the City of Southlake, Texas (as the "applicable elected
representative" of the "Government unit" where the School facilities,are located) to approve
the issuance of the Bonds; and
WHEREAS, on the same date as the date this Resolution was adopted, a public
hearing was held by this City Council, with respect to the aforementioned subject mptter
and notice of such public hearing was published in a newspaper of general circulation in
the City prior to such public hearing; and
WHEREAS, the documents authorizing issuance of the Bonds shall contain wording
stating that the Bonds impose no liability on the City of Southlake, its officials, officerr4, or
employees; and
WHEREAS, it is hereby deemed necessary and advisable that this resolution be
adopted.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL_ OF THE C17Y
OF SOUTHL.AKE, TEXAS:
1. That all of the recitals and preambles hereinabove stated are found to be true
and correct and are incorporated herein and made a part of this resolution,
2. Solely in order to satisfy the requirements of Section 147(f) of the Intprnal
Revenue Code of 1986, as amended, the City hereby approves the issuance of the Bonds
described above in an aggregate principal amount not to exceed $6,300,000 in order to
obtain funds for the School to finance the cost of constructing, acquiring, and equipping
education and housing facilities, including: construction, and equipping of the following: a
new campus consisting of buildings for administration, a lower school, an upper school, a
fine arts building, and a gymnatorium, all to be located at the school campus at 100
Clariden Ranch Road (at the intersection of White Chapel Boulevard and Clariden Ranch
Road), Southlake, Texas. Proceeds of the Bonds may also be used for paying certain
expenses in connection with the issuance of the Bonds, all pursuant to the requirements
of the Act and other applicable laws.
3. That this resolution shall become effective immediately upon its adoption.
4. That this approval does not otherwise approve the facilities of the School,
except -for purposes of Section 147(f) of the Code, it being understood that all other legal
requirements of the City of Southlake (including but not limited to obtaining building permits
and certificates of occupancy) must be met by the School,
5. That this approval in no event shall make the City liable in any manner
whatsoever with regard to the Bonds or with regard to the Project to be financed with the
proceeds of the Bonds.
I02024k1149.2 -4-
RUG. 2002 11: 49AM N H b L NU . Z-4 F
6. That it is hereby officiallyfound and determined thatthe meeting at which this
resolution is passed is open to the public as required by law, and that public notice of the
time, place and purpose of said meeting was given as required by law.
PASSED AND APPROVED this day of SEPTEMBER, 2002.
ATTEST:
City Secretary
City of Southlake, Texas
LT*46PZIIIE- A) 5-1
Mayor
City of Southlake, Texas