Res 2024-198 approving the reissuance of revenue bonds in a principal amount not to exceed $25,550,000 by the New Hope Cultural Education Facilities Finance Corporation for a residential senior living project

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RESOLUTION NO. 2024-198R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS APPROVING THE REISSUANCE OF REVENUE BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $25,550,000.00 BY NEW HOPE CULTURAL EDUCATION FACILITIES FINANCE CORPORATION FOR A RESIDENTIAL SENIOR LIVING PROJECT KNOWN AS THE VILLAS DEL SAN XAVIER SENIOR RESIDENCES AND LOCATED AT 2621 SOUTH I-35 IN SAN MARCOS; AND DECLARING AN EFFECTIVE DATE. RECITALS: WHEREAS, the New Hope Cultural Education Facilities Finance Corporation (the "Issuer") is empowered to issue and reissue bonds to finance or refinance 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 refinance the acquisition, construction and equipping of a qualified residential rental housing project known as the Villas Del San Xavier Senior Residences located at 2621 South I-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 reissue qualified residential rental housing revenue bonds or notes (the "Bonds") to refinance such acquisition, construction and equipping, in one or more series, at one or more times, in an aggregate principal amount not to exceed $25,550,000 (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 the reissuance of bonds by the Issuer to enable the Bonds to qualify as tax-exempt obligations under the Code; WHEREAS, the TEFRA Hearing for the reissuance of the Bonds pursuant to the Plan of Finance was conducted by toll free telephone on September 30, 2024 by a hearing officer designated by the City Council of the City; WHEREAS,a copy of the Minutes 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 September 22, 2024 in the San Marcos Daily Record is attached to this Resolution as Exhibit A. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: 2027303 80.2/1001032496