HomeMy WebLinkAboutRES 08 247 RESOLUTION NO. 08-247
RESOLUTION APPROVING THE ISSUANCE OF A TAX EXEMPT
LOAN BY THE MART CULTURAL EDUCATION FACILITIES
CORPORATION FOR THE YOUNG MEN'S CHRISTIAN ASSOCIATION
OF BEAUMONT, TEXAS
WHEREAS, The Young Men's Christian Association of Beaumont, Texas (the
"YMCA"), being an institution dedicated to the promotion of and education about health
and physical fitness, and improving the public health of the citizens within the
community, and located partially within the City of Beaumont, Texas (the "City"), desires
to borrow a tax exempt loan from the Mart Cultural Education Facilities Corporation for
the purpose of constructing a new YMCA in Beaumont including offices, childcare and
fitness facilities, an aerobics studio, locker room, outdoor pool and youth center and
meeting rooms, all located on the south side of Dishman Road, approximately 100
yards east of the intersection of Dishman Road and Keith Road in Beaumont, Texas
(hereinafter, the "Project"); and
WHEREAS, the YMCA desires to finance the Project in part through the
execution and delivery of a tax exempt note and a related Loan Agreement to be
entered into by the Mart Cultural Education Facilities Corporation (the "Issuer") the
YMCA, and Wells Fargo Brokerage Services, LLC, evidencing a loan (the "Loan") in the
maximum principal amount of$2,100,000; and
WHEREAS, the YMCA has requested the City to give its approval with regard to
the issuance of the Loan solely for the purpose of satisfying the provisions of Section
147(f) of the Internal Revenue Code of 1986, as amended and the requirements of
Article 1528m, Tex. Rev. Civ. Stat., and for no other purposes whatsoever; and
WHEREAS, Mr. Wyatt Snider, designated hearing officer of the Issuer, held a
public hearing in Beaumont on September 9, 2008, regarding the Loan and the Project;
and
WHEREAS, the City is willing to consider the YMCA's request in order that the
Loan may be executed and delivered; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF BEAUMONT, TEXAS:
1. Solely for the purpose of satisfying the provisions of Section 147(f) of the
Internal Revenue Code of 1986, as amended, and of Article 1528m, Tex. Rev. Civ.
Stat., the City hereby approves the Project and issuance of the Loan. The project
financed with the Loan is defined in the recitals to this Resolution. The maximum
principal amount of the Loan is $2,100,000. The sole user of the Project will be the
YMCA.
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2. This Resolution is passed based on the express understanding and
representation by the YMCA and the Issuer that the Loan does not and will not
constitute in any way a liability or obligation of the City in any manner whatsoever.
3. The City does not by this Resolution waive any requirement of the City
relating to the construction of the YMCA's Project (including but not limited to any
requirement for a building permit or compliance with other city code or other legal
requirements).
4. That it is officially found and determined that the meeting at which this
Resolution is passed is open to the public as required by law and that notice of the time,
place and subject matter of this meeting has been given in the manner required by law.
PASSED AND APPROVED this 9th day of September, 2008.
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City of Be Vrmnont, Texas
ATTEST:
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City Secretary
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CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS
COUNTY OF JEFFERSON
CITY OF BEAUMONT, TEXAS
I, the undersigned City Secretary of the CITY OF BEAUMONT, TEXAS (the
"City"), hereby certify as follows:
1. The City Council (the "City Council") of the City convened in REGULAR
MEETING ON THE 9th DAY OF SEPTEMBER, 2008, at its regular meeting place in the
Beaumont City Hall (the "Meeting"), and the roll was called of the duly constituted
officers and members of the City Council.
All members of the City Council were present, except the following: W.L. Pate Jr.,
thus constituting a quorum, whereupon among other business, the following was
transacted at the Meeting, a written:
RESOLUTION APPROVING THE ISSUANCE OF A TAX EXEMPT LOAN
BY THE MART CULTURAL EDUCATION FACILITIES CORPORATION
FOR THE YOUNG MEN'S CHRISTIAN ASSOCIATION OF BEAUMONT,
TEXAS
(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: 6 NOES: 0 ABSTENTIONS: 0
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.
(00603864.DOC i z} - 1 - RESOLUTION OF BEAUMONT
SIGNED AND SEALED THIS 9th DAY OF SEPTEMBER, 2008.
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i y Secretary, City of Beaumont, Texas
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