DEPARTMENT: Finance
DEPARTMENT HEAD: Troy Elliott
COUNCIL DISTRICTS IMPACTED: City-wide
SUBJECT:
Issuance of Certificates of Obligation, execution of Loan Funding Agreement, and Amendment No. 9 to the Lease with Operating Standards Agreement with the Witte Museum
SUMMARY:
These ordinances authorize the following items related to the Witte Museum located in Brackenridge Park in Council District 2.
A. This Ordinance authorizes the issuance of up to $16,100,000 "City of San Antonio, Texas Combination Tax and Revenue Certificates of Obligation, Taxable Series 2021", provides for the payment of the certificates by the levy of an ad valorem tax upon all taxable property within the City and further securing the certificates by a lien on and pledge of the pledged revenues; provides the terms and conditions of the certificates and resolves other matters incident and relating to the issuance, payment, security, sale, and delivery of the certificates; authorizes the execution of a Paying Agent/Registrar Agreement and a Purchase and Investment Letter; complies with the provisions of the Depository Trust Company's letter of representations; and provides an effective date.
B. This Ordinance authorizes a Loan Funding Agreement to provide funding for the Witte to pay off its existing loan with Frost Bank plus any deferred interest by providing consideration to the Witte for its return to the City previously transferred real property and outlining terms for the repayment by the Witte of the City issued debt and other related matters.
C. This Ordinance authorizes Amendment No. 9 to the Lease with Operating Standards Agreement with the Witte for its return to the City of previously transferred real property including the Mays Family Center, the Feik Family Pavilion, the Admissions Building, and the parking lots associated to those buildings.
BACKGROUND INFORMATION:
The Witte Museum ("the Witte") is a non-profit organization whose mission is to promote lifelong ...
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