CC Resolution No. 1590 37
RESOLUTION NO. 1590
A RESOLUTION O F THE C ITY C OUNCIL O F T HE C ITY O F BAYTOWN,
TEXAS, APPROVING THE ISSUANCE OF EDUCATION REVENUE BONDS
BY THE MILFORD HIGHER EDUCATION FACILITIES CORPORATION
FOR BAYTOWN CHRISTIAN ACADEMY, INC., AND PROVIDING FOR
THE EFFECTIVE DATE THEREOF
WHEREAS, the Baytown Christian Academy, Inc. (the "School"), being an accredited
primary or secondary school, and located within the City of Baytown, Texas (the "City"), desires
to construct a school campus consisting of five buildings, including classrooms, library,
computer lab, cafetorium, administrative facilities, parking facilities and a gymnasium, to be
located at the new school campus, 5555 North Main, Baytown, Texas 77521 (hereinafter, the
"Project") (the Project being more fully described in Exhibit "A" to the Loan Agreement related
to the Bonds); and
WHEREAS, the school desires to finance the Project in part through the issuance of tax
exempt bonds to be issued by the Milford Higher Education Facilities Corporation (the "Issuer"),
said bonds being styled the "Milford Higher Education Facilities Corporation Education
Revenue Bonds (Baytown Christian Academy, Inc. Project), Series 2003" (the "Bonds") in the
aggregate principal amount of$2,500,000; and
WHEREAS, the school has requested the City to give its approval with regard to the
issuance of the Bonds solely for the purpose of satisfying the provisions of Section 147(f) of the
Internal Revenue Code of 1986 as amended and for no other purposes whatsoever; and
WHEREAS, the City is willing to consider the school's request in order that the Bonds
may be issued; and
WHEREAS, a public hearing has been held by this City Council with regard to the
issuance of the Bonds and the proposed project to be financed by the school in the manner
required by law;NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN,
TEXAS:
Section 1: Solely for the purpose of satisfying the provisions of Section 147(f) of the
Internal Revenue Code of 1986 as amended, the City hereby approves the issuance of the Bonds.
The project financed with the Bonds is the construction and equipping of a school campus
consisting of five buildings, including classrooms, library, computer lab, cafetorium,
administrative facilities, parking facilities and a gymnasium, to be located at the new school
campus, 5555 North Main, Baytown, Texas 77521. The maximum principal amount of the
Bonds is $2,500,000. The sole user of the Project will be the School.
Section 2: This Resolution is passed based on the express understanding and
representation by the school and the Issuer that the Bonds do not and will not constitute in any
38
way a liability or obligation of the City in any manner whatsoever, and do not and will not count
against the City's bonding authority in any way whatsoever. The school shall indemnify the City
from all liabilities regarding the bonds in a manner and form acceptable to the City Attorney.
Section 3: The City does not by this Resolution waive any requirement of the City
relating to the construction or acquisition of the School's Project, including, but not limited to,
any requirement for a building permit or certificate of occupancy.
Section 4: This resolution shall take effect immediately from and after its passage by
the City Council of the City of Baytown.
INTRODUCED, READ and PASSED, by the affirmative vote of the City Council of the
City of Baytown this the 26th day of June, 2003.
,,& ( Gc �I'�
PETE C. ALFARO, ayor
ATTEST:
GAMY Vv. S i . , City Clerk
APPROVED AS TO FORM:
A/
NACIO RAMIREZ, SU City Attorney
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