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AI# 10457
Regular City Council Meeting
7.4.
02/08/2022:
Information
Agenda Item
Resolution - Finance:
Consider a resolution approving the financing by the Hale Center Education Facilities Corporation, of a higher education facility located within the City of Lubbock, Texas.
Item Summary
The City of Hale Center, Texas, a Texas municipality, has requested that the City consent to the Wayland Baptist University Project (the “Project”) located in the City, to be financed by Hale Center Education Facilities Corporation (the "Issuer"). The maximum stated principal amount of the Bonds to be issued for the Project is $7,467,000.
As required by section 147(f) of the Internal Revenue Code, in order to issue the Bonds on a tax-exempt basis, the issuance of the Bonds and the Project financed by the Bonds and located within the City of Lubbock, Texas, must be approved by the applicable elected representatives of the City. The City will have no liability with respect to the proposed bonds.
Fiscal Impact
None
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Resolution
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