DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Resolution Authorizing the Financing of Certain Educational and Housing Facilities for St. Mary's University
SUMMARY:
Consideration of the following in connection with the Financing of Certain Educational and Housing Facilities for St. Mary's University of San Antonio, Texas (the "University"):
Item to be considered by the Board of Directors of the City of San Antonio, Texas Education Facilities Corporation:
* This Resolution of the Board of Directors of the City of San Antonio, Texas Education Facilities Corporation approving and authorizing the execution of a Loan Agreement by and among the City of San Antonio, Texas Education Facilities Corporation, St. Mary's University of San Antonio, Texas, and Banc of America Public Capital Corp. (an affiliate of Bank of America, N.A.) for the purpose of providing a loan of up to $25,000,000 to finance certain educational facilities and housing facilities for the University; and approving and authorizing the execution of all other instruments and procedures related thereto.
Item to be considered by the City Council of San Antonio:
This Resolution by the City Council of the City of San Antonio, Texas regarding approval, for purposes of Section 147(f) of the Internal Revenue Code, of a tax-exempt Loan Agreement by and among the City of San Antonio, Texas Education Facilities Corporation, St. Mary's University of San Antonio, Texas, and Banc of America Public Capital Corp. (an affiliate of Bank of America, N.A.).
BACKGROUND INFORMATION:
St. Mary's University of San Antonio, Texas (the "University") is a private Catholic university founded in 1852 as "St. Mary's Institute" by the Brothers of the Society of Mary (Marianists). The University currently serves approximately 2,300 undergraduate students and over 800 graduate students on its campus located on the west side of San Antonio.
The City of San Antonio...
Click here for full text