DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Approval of financing for purposes of the Internal Revenue Code
SUMMARY:
This Resolution approves the issuance by the Tarrant County Cultural Education Facilities Finance Corporation of its Revenue and Refunding Bonds (CHRISTUS Health) Series 2018 in one or more series for purposes of Section 147(f) of the Internal Revenue Code.
BACKGROUND INFORMATION:
Section 147(f) of the Internal Revenue Code (the "Code") requires that the issuance of any qualified 501(c)(3) obligations be approved by the applicable elected representative of the governmental unit in which the project is located after a public hearing following reasonable public notice.
The City was contacted regarding a financing by the Tarrant County Cultural Education Facilities Finance Corporation (the "Corporation" or the "Issuer") for the benefit of the CHRISTUS Health, a Texas non-profit corporation, and/or any one or more of its affiliates (the "Borrower"). The plan of finance includes one or more issues in one or more series or subseries of revenue bonds (the "Bonds") to be issued by the Issuer in an aggregate principal amount not to exceed $600,000,000 for any one or more of the following purposes: (i) pay the costs of issuance of the Bonds, (ii) fund one or more of the debt service reserve funds for the Bonds, (iii) pay interest rate swap termination payments relating to bonds issued for the benefit of the Borrower; and/or (iv) finance and/or refinance the acquisition, construction, reconstruction, renovation, rehabilitation and/or equipping of health facilities, including any one or more of the following locations in San Antonio:
* CHRISTUS Santa Rosa Hospital and related facilities and/or The Children's Hospital of San Antonio and related facilities located at:
o 15900 La Cantera Pkwy, San Antonio, TX 78256
o 315 North San Saba, San Antonio, TX 78207
o 1434 & 1435 Sonterra Blvd, Sa...
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