DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Resolution Authorizing the Financing and Refinancing of Certain Educational and Housing Facilities for Our Lady of the Lake University
SUMMARY:
1) A Resolution by the Board of Directors of the City of San Antonio, Texas Education Facilities Corporation approving and authorizing the execution of a loan agreement between City of San Antonio, Texas Education Facilities Corporation, Our Lady of the Lake University, and Capital One Municipal Funding, Inc., for the purpose of financing and refinancing certain educational and housing facilities previously financed for the University; and approving and authorizing the execution of all other instruments and procedures related thereto; and
2) A Resolution of the City Council approving the loan agreement, as required by the Internal Revenue Code because the educational and housing facilities of the University are located in the City of San Antonio.
BACKGROUND INFORMATION:
Our Lady of the Lake University (the "University") is a private Catholic university founded in 1895 by the Sisters of the Congregation of Divine Providence. In 1923, the University became the first San Antonio institution of higher education to receive regional accreditation. The University, which currently serves over 3,100 students (most of which at its main campus in San Antonio), is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools to award bachelor's, master's and doctoral degrees.
The City of San Antonio, Texas Higher Education Authority was created by the City of San Antonio in 1984 for the purpose of aiding educational institutions of higher education with tax-exempt bond financing options to improve their facilities. On May 31, 2001, the City Council approved amendments to the Corporation's Articles of Incorporation to change its name to the City of San Antonio, Tex...
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