city of San Antonio


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File #: 18-6461   
Type: Resolution
In control: City Council A Session
On agenda: 12/13/2018
Posting Language: Resolution approving the issuance by the Capital Area Cultural Education Facilities Finance Corporation of its Revenue Note, Series 2018 (Texas Organ Sharing Alliance Project) for purposes of Section 147(f) of the Internal Revenue Code. An admistrative fee of $2,500.00, payble by TOSA, will be deposited into the General Fund in accordance with the FY 2019 Adopted Budget. [Ben Gorzell, Chief Financial Officer; Troy Elliott, Deputy Chief Financial Officer]
Attachments: 1. Exhibit A - Minutes of Public Hearing, 2. Exhibit B - Affidavit of Public Hearing, 3. Draft Ordinance, 4. Ordinance 2018-12-13-0054R
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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 Capital Area Cultural Education Facilities Finance Corporation of its Revenue Note, Series 2018 (Texas Organ Sharing Alliance Project) (the "Note") 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 (including the Note referred to above) must 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 the issuance of the Note by the Capital Area Cultural Education Facilities Finance Corporation for the benefit of Texas Organ Sharing Alliance ("TOSA"), a Texas nonprofit corporation and 501(c)(3) organization. TOSA will be financing through the Capital Area Cultural Education Facilities Finance Corporation the cost of acquiring, constructing, improving and equipping facilities for TOSA's organ transplant work (with TOSA working to connect organ donors and organ recipients). TOSA is constructing a new headquarters and administrative facility at 5051 Hamilton Wolfe Road, San Antonio, Texas 78229.

A public hearing with respect to this project and the issuance of the Note was held on December 10th at 10:00 a.m. at the offices of Texas Organ Sharing Alliance, 8122 Datapoint Drive, Suite 200, San Antonio, Texas 78229 in compliance with Section 147(f) of the Code.


ISSUE:

To meet the requirements of the Code, TOSA has requested that the City Council adopt a resolution confirming public approval of this financing and the issuance of the tax exempt Note by the Corporation up to a maximum principal amount of $5,500,000 to finance TOSA's San Antoni...

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