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File #: 19-5662   
Type: Miscellaneous Item
In control: City Council A Session
On agenda: 8/15/2019
Posting Language: Resolution approving the issuance by the Woodloch Cultural Education Facilities Finance Corporation of bonds, loans and/or other obligations for purposes of Section 147(f) of the Internal Revenue Code [Ben Gorzell, Chief Financial Officer; Troy Elliott, Deputy Chief Financial Officer].
Attachments: 1. Draft Resolution, 2. Certificate of Resolution, 3. Exhibit A - Publisher's Affidavit, 4. Exhibit B - Certificate of Hearing Officer, 5. Resolution 2019-08-15-0052R
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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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 Woodloch Cultural Education Facilities Finance Corporation of bonds, loans and/or other obligations 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 by the Woodloch Cultural Education Facilities Finance Corporation (the "Corporation") for the benefit of the El Centro Del Barrio dba CentroMed (the "Borrower"), a Texas nonprofit corporation and 501(c)(3) organization so that the Corporation may issue bonds, loans and/or other obligations (the "Obligations") in the maximum aggregate principal amount of $17,000,000, whereby the proceeds of the Obligations will be loaned to Borrower for the purpose of

(a) refinancing the cost of the acquisition, construction, renovation and equipping of the CentroMed Southside Medical Clinic located at 3750 and 3800 Commercial Avenue, San Antonio, Texas 78221 (approximately $11,500,000 of proceeds),

(b) refinancing the cost of the acquisition, construction, renovation and equipping of the CentroMed South Park Medical Clinic located at 6315 South Zarzamora Street, San Antonio, Texas 78211 (approximately $500,000 of proceeds),

(c) refinancing the cost of the acquisition, construction, renovation and equipping of the CentroMed South Park Dental Clinic located at 910 Wagner Avenue, San Antonio, Texas 78211 (approximately $500,000 of proceeds);

(d) financing the costs of acquisition, construction, renovation and equipping an approximately 20,500 square foot faci...

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