HomeMy WebLinkAboutRES 16-221RESOLUTION NO. 16-221
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BEAUMONT,
TEXAS APPROVING A TAX EXEMPT BOND FINANCING TO BE
UNDERTAKEN BY OGLESBY CULTURAL FACILITIES CORPORATION
FOR THE BENEFIT OF GOODWILL INDUSTRIES OF SOUTHEAST TEXAS.
WHEREAS, Goodwill Industries of Southeast Texas ("Goodwill") is a Texas
nonprofit corporation which desires to undertake the following:
(i) Refinancing a loan used to purchase and remodel a Goodwill facility
located at 1180 S. 11th Street, Beaumont, Texas, which is now being used by Goodwill
as a retail store, warehouse, and job training facility;
(ii) Financing and/or refinancing the purchase of land located at 6180
Delaware Street, Beaumont, Texas, and construction and equipping of a new Goodwill
retail store and donation center at such site;
(iii) Refinancing a loan used to finance property located at 3445 Phelan
Boulevard, Beaumont, Texas, which is used by Goodwill as its corporate headquarters;
(iv) Refinancing the purchase of the site and an existing building, and the cost
of rehabilitation and remodeling of a Goodwill donation center, located at 4715 Calder
Avenue, Beaumont, Texas (with all such facilities being the "Project"); and,
WHEREAS, the sole owner, user and manager of the Project will be Goodwill
Industries of Southeast Texas, a Texas nonprofit corporation; and,
WHEREAS, Goodwill has requested the assistance of the Oglesby Cultural
Facilities Corporation (the "Issuer") in financing or refinancing the Project; and,
WHEREAS, Goodwill has requested the Issuer to issue its Oglesby Cultural
Facilities Corporation Cultural Facilities Revenue Bonds (Goodwill Industries of
Southeast Texas Project) Series 2016 (the "Bonds"), in an aggregate principal amount
not to exceed $5,500,000, to finance or refinance the Project; and,
WHEREAS, under the provisions of Texas state law (Article 1528m, Tex. Rev.
Civ. Stat., and Section 221.030 of the Texas Health and Safety Code) the City of
Beaumont's (the "City") consent is required for the Issuer to use its powers to issue the
Bonds and finance or refinance the Project located within the boundaries of the City;
and,
WHEREAS, the City Council of the City now desires to approve the financing, the
issuance of the Bonds, and the Project, but solely to satisfy the requirements of the
state laws referred to herein;
NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the statements and findings set out in the preamble to this resolution are
hereby, in all things, approved and adopted; and,
Section 1.
The City Council of the City of Beaumont hereby approves the Issuer's use of its
powers in the City, the financing described above, the issuance of the Bonds by the
Issuer in an amount not to exceed $5,500,000, and the Project. It is the intent of the
City Council of the City of Beaumont that this Resolution constitute approval of the
financing, the issuance of the Bonds, and the Project, but solely to comply with the
requirements of Article 1528m, Tex. Rev. Stat. and Section 221.030 of the Texas Health
and Safety Code. The Bonds shall be issued to finance or refinance the Project, and
the sole user of the Project shall be Goodwill Industries of Southeast Texas.
Section 2.
This Resolution is limited solely for providing that approval required by Article
1528, Tex. Rev. Civ. Stat. and Section 221.030 of the Texas Health and Safety Code.
This Resolution is not approval of the Project for any other purpose, including zoning,
the grant of building permits or any other legal requirements of the City whatsoever.
Section 3.
Nothing in this resolution shall be construed to create any obligation of the City of
Beaumont with respect to the repayment of the bonds or with regard to the construction
ownership or operation of the project. The bonds shall never constitute an indebtedness
or pledge of the City of Beaumont 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 of any other revenues of the City of Beaumont.
Section 4.
This Resolution shall take effect immediately upon its passage.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 8th day of
November, 2016
AT EST:
City Secretary
I
- Mayor Bec y Ames -