4. A. 6.
Commissioners Court - Regular
Resolution Approving Financing (refunding of Series 2004 Bonds) of Bokencamp Health Facility
Tyner Little, Commissioners Court Admin
Commissioners Court Admin
Discuss and consider adoption of a resolution approving the financing/refinancing of revenue bonds solely for purposes of Section 147(f) of the Internal Revenue Code, related to Revenue Bonds (Lutheran Social Services of the South Obligated Group Project), Series 2012 for the costs of certain health facilities consisting of Bokenkamp Children’s Treatment Center, located at 5517 South Alameda, Corpus Christi, Texas 78412.
The purpose of this action item is to request the approval by Nueces County of a tax exempt bond financing for Lutheran Social Services of the South, Inc. (“Lutheran Social Services” or the “Borrower”) for its Bokencamp Children’s Treatment Center in Corpus Christi.
The bonds are proposed to be issued by HFDC of Central Texas, Inc. (the “Issuer”) to refinance facilities of Lutheran Social Services in 7 locations around Texas (the other locations are Austin, Brenham, Corpus Christi, Denton, Katy and Victoria). The bonds will not constitute a liability of Nueces County or Corpus Christi and neither the County or the City are responsible for any expenses related to the bond issue, but an approval is required under the Internal Revenue Code for the transaction to go forward. Nueces County approved the original bond issuance in 2004 and a copy of that resolution is attached.
While not required by state law for this financing as there will be no new construction for the facilities in Nueces County, they are also asking that the financing be approved pursuant to the Health Facilities Development Act.
The bonds will have no effect on Nueces County. The bonds are not a liability of the County but only of Lutheran Social Services and, to a limited extent, the Issuer. The documents prepared in connection with the issuance of the bonds make that expressly clear.
Information about available funds
Funds NOT Available:
Account Code(s) for Available Funds
Bokencamp - Cover Memo
Bokencamp Resolution - final
2004 Resolution - Bokencamp
Public Notice - Bokencamp
Public Posting - Bokencamp
Affidavit of Publication - Bokencamp
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