11-024 OFFICIAL RECORD
RESOLUTION NO. 2011 - 24
RESOLUTION APPROVING THE ISSUANCE OF AN ISSUER
NOTE BY THE ITALY HIGHER EDUCATION FACILITIES
CORPORATION FOR THE CLARIDEN SCHOOL
WHEREAS, the City of Italy, Texas, pursuant to the provisions of Chapter 53,
Texas Education Code, as amended (now including Chapters 53 and 53A of the Texas
Education Code, with Chapter 53A being 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 or other obligations 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 of Italy; and
WHEREAS, the City has been informed by the School that the School is
requesting the Corporation to issue a new tax exempt Note (the "Issuer Note ") for the
benefit of the School; and
WHEREAS, the Issuer Note shall be issued by the Italy Higher Education
Facilities Corporation in an amount not to exceed $2,500,000. The proceeds of the
Note will be loaned to the School (i) to refinance the outstanding balance due on the
Italy Higher Education Facilities Corporation Education Revenue Bonds (Clariden
School Project) Series 2002; (ii) to refinance the outstanding balance due on a Note
dated May 15, 2008, from the School to Citizens National Bank of Texas, (iii) to acquire
certain new technology equipment for the School, and (iv) to pay costs of issuance of
the new Note. All of these items relate to the financing or refinancing of the School
campus, consisting of buildings for administration, a lower school, an upper school, a
fine arts building and a gymnasium /auditorium, and providing a security system and
technology equipment for the School (the "Project "), all to be located at the School
campus at 100 Clariden Ranch Road, Southlake, Texas; and
WHEREAS, the Issuer Note 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 Issuer Note, and the City of
Southlake, Texas, will have no responsibility in any manner for the payment of the debt
service requirements of the Issuer Note; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended,
requires the City Council of the City of Southlake (as the "applicable elected
{01476020.DOCx \ } - RESOLUTION OF CITY OF SOUTHLAKE
ORIGiNAL DOCUMENT
CITY OF SOUTFILAKE
uncil Action: N Ord. /Res. No. 9OiI'a4
Date Approved 1/17, x011
CERTIFICATE FOR RESOLUTION 0
THE STATE OF TEXAS
COUNTY OF TARRANT
CITY OF SOUTHLAKE, TEXAS
I, the undersigned City Secretary of the CITY OF SOUTHLAKE, TEXAS (the
"City "), hereby certify as follows:
1. The City Council (the "City Council ") of the City convened in REGULAR
MEETING ON THE 171-h DAY OF (Thu. , 2011, at its regular meeting
place in the Italy City Hall (the "Meeting "), and the roll was called of the duly constituted
officers and members of the City Council to wit. All members of the City Council were
present, except the following: &inn ? IPdsoc) , thus constituting a
quorum, whereupon among other business, the following was transacted at the
Meeting, a written:
RESOLUTION APPROVING THE ISSUANCE OF AN ISSUER
NOTE BY THE ITALY HIGHER EDUCATION FACILITIES
CORPORATION 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: (D NOES: 0 ABSTENTIONS:
2. A true, full, and correct copy of the Resolution adopted at the meeting
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 Council's and duly and sufficiently notified officially and personally, in advance,
of the time, place, 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, 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 Government Code.
{01476020.DOCx \ 1 -1- RESOLUTION OF CITY OF SOUTHLAKE
SIGNED AND SEALED THIS fl
DAY OF , 2011.
•'%PVTH e r ( 'K � di
• o : N c pity Secretary, City of Southlake, Texas
• o :cn_
• s °
'•e...•' ,
{01476020.DOCx \ } -2- RESOLUTION OF CITY OF SOUTHLAKE
INVOICE
Star - Telegram Customer ID: CIT57
400 W. 7TH STREET Invoice Number: 315623881
FORT WORTH, TX 76102
(817) 390 -7761 RECEIVED Invoice Date: 5/3/2011
Federal Tax ID 26- 2674582 Terms: Net due in 21 days
Due Date: 5/31/2011
Bill To: -1- �' PO Number: 21100072
CITY OF SOUTHLAKE
1400 MAIN ST Order Number: - 1 - 1562388 --
STE 440 OFFICE OF Ci Y SECRETARY Sales Rep: 073
SOUTHLAKE, TX 76092-7604 Description: PUBLIC HEARING
Attn: Attn: ACCOUNTS PAYABLE Publication Date: 5/3/2011
f ? ' < :"'l 01 De Linage Mu Rate A mount
are ;,
'
P i is hereby given to ail Inter- - 1 60 60 LINE $17 $1,038.20
ested persons that the City Council Ail o these I t ems relate to the
of the City of Southlake, Texas, financing or refinancing of the
Sales D will hold a public hearing on School campus, consisting of ($945.60)
Tuesday, May 17, 2011, at 5 :30 p.m. buildings for administration, a
or o Council following In the City fine building and upper ymnasium/
Misc E Chambers r a t Session In the Council Main auditorium, and providing a security $10.00
Street, F S se t City Hall, Texas. Main system and technology equipment
The u oto T
th ex. for the School, all to be located at
co purpose of this hearing is to the school campus at,100 Clariden
consider:
Resolution No. 11-024, the issuance Ranch Road, a tax exempt "Issuer Note" (the THE OBLIGATION TO R Texas.
REPAY THE
"Note ") by the Italy Higher Edu- NOTE IS SOLELY THAT OF THE Net Amount:
cation Facilities Corporation in an CLARIDEN SCHOOL' AND NEITHER `,,tiltili}0j
amount not to exceed $2,500,000. THE CITY OF SOUTHLAKE NOR ��� L. / 11 /
loaned The Clariden School proceeds of the Note will be ANY OTHER MUNICIPAL CORPO- �.$ � • . 'J .,,,, � G��
RATION OR POLITICAL SUBDIVI- \ 'Y
l " ane (the S ION OF THE STATE OF TEXAS IS 4 • RY PU •'•, i
outstanding balance due on the LIABLE FOR THE REPAYMENT OF . � •,
Italy Higher Education Facilities THE NOTE. e U , r • p ! 2 /I O t O •
Corporation Education Revenue All interested persons are invited to .I.:•*: : - :: *
Bonds (Clariden School ) attend this hearing. Persons de- ., ■ Series 2002; (11) to refina �ng to It comments prior to Q
outstanding balance due on. a Note the �t the same ' -It, OF •
dated May 15 2008, from t Aikia ..
Fk PIRE � . '
' to costs "7 111f1Ui4llil'i%
THE S of Issuance : the new Note.
County of Tarrant
Before me, a Notary Public in and for said County and State, this day personally appeared Deborah Baylor Norwood, Bid and Legal Coordinator for
the Star - Telegram, published by the Star - Telegram, Inc. at Fort Worth, in Tarrant County, Texas; and who, after being duly sworn, did depose and say
that the attached clipping of an advertisement was published in the above named paper on the listed dates: BIDS & EGAL DEPT. STAR TELEGRAM
(817) 215 -2323 \ �
Signed lt
SUBSCRIBED AND SWORN TO BEFORE ME, THIS Thursday, M y ► /P I 11.
Notary Public / Ibrilib4C)
Thank You For Your Payment ■S �.As
,----- Remit To: Star - Telegram CIT57
P.O. BOX 901051 CITY OF SOUTHLAKE
FORT WORTH, TX 76101 -2051 _..voice Number: 315623881
Invoice Amount: $102.60
PO Number: 21100072
Amount Enclosed:
Vi m._ -� e -e _,_ _ ._