Res 2019-239/approving the issuance of revenue bonds in a principal amount not to exceed $25,000,000 to be issued by New Hope Cultural Education Facilities Finance Corporation for a residential senior living project, to be known as the Villas Del San Xav

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RESOLUTION NO. 2019-239R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS APPROVING THE ISSUANCE OF REVENUE BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $25,000,000 TO BE ISSUED BY NEW HOPE CULTURAL. EDUCATION FACILITIES FINANCE CORPORATION FOR A RESIDENTIAL SENIOR LIVING PROJECT, TO BE KNOWN AS THE VILLAS DEL SAN XAVIER SENIOR RESIDENCES AND LOCATED AT 2301 SOUTH IH -35 IN SAN MARCOS, TEXAS; AND; AND DECLARING AN EFFECTIVE DATE. RECITALS: WHEREAS, the New Hope Cultural Education Facilities Finance Corporation (the "Issuer") is empowered to issue bonds to finance the acquisition, construction and equipping of qualified residential rental housing units for seniors; and WHEREAS, San Germaine, LP (the "Borrower"), a Texas limited partnership, is seeking to borrow funds from the Issuer to finance the acquisition, construction and equipping of a qualified residential rental housing project to be known as the Villas Del San Xavier Senior Residences to be located at 2301 South IH -35, San Marcos, Texas 78666 (the "Project"); and WHEREAS, the City of San Marcos, Texas (the "City") is the governmental unit having jurisdiction over the area of the Project; and WHEREAS, the Borrower has requested that the Issuer issue qualified residential rental housing revenue bonds (the "Bonds") to finance such acquisition, construction and equipping, in one or more series, at one or more times, in an aggregate principal amount not to exceed $25,000,000 (the "Plan of Finance"); and WHEREAS, pursuant to the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the City of San Marcos, Texas, after the required public hearing (the "TEFRA Hearing"), following reasonable notice, as the governmental unit having jurisdiction over the area of the Project, must approve issuance of bonds by the Issuer to enable the Bonds to qualify as tax-exempt obligations under the Code; and WHEREAS, the TEFRA Hearing for the issuance of the Bonds pursuant to the Plan of Finance was conducted at the San Marcos Activity Center, 501 E. Hopkins, San Marcos, Texas, on November 7, 2019 by a hearing officer designated by the Issuer; and WHEREAS, a copy of the Certificate of Public Hearing containing the minutes of the hearing with a copy of the affidavit of publication and a copy of the notice as published on October 20, 2019 in the San Marcos Daily Record is attached to this Resolution as Exhibit A.