STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: March 25, 2020
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
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SUBJECT
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Adopt a resolution (1) authorizing and approving the creation of a public facility corporation in accordance with the Texas Public Facility Corporation Act, Chapter 303 of the Texas Local Government Code, as amended ("Act"), to be named the Dallas Public Facility Corporation ("Corporation"); and (2) approving the Corporation's proposed Articles of Incorporation and Bylaws - Financing: No cost consideration to the City (This item was deferred on February 26, 2020)
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BACKGROUND
The Act authorizes the City, as a Texas municipality ("Sponsor") to create one or more nonmember, nonprofit, public facility corporations ("PFC") for the specific purposes provided in the Act. In order to create the PFC, the City Council, as the governing body of the Sponsor, must determine that it is in the public interest and to the benefit of its residents and the citizens of Texas that a corporation be created to finance, refinance, or provide the costs of public facilities. Additionally, the City Council must authorize and approve the creation of the PFC on behalf of the sponsor and approve its proposed Articles of Incorporation and Bylaws. The Act authorizes the Sponsor, subject to the limitations set forth therein, to:
(a) create a PFC to:
(1) issue bonds under the Act, including bonds to purchase Sponsor obligations;
(2) finance public facilities on behalf of the Sponsor; or
(3) loan the proceeds of the obligations to other entities to accomplish the purposes of the Sponsor; and
(b) use the public facility corporation to:
(1) acquire, construct, rehabilitate, renovate, repair, equip, furnish, or place in service public facilities; or
(2) issue bonds on the Sponsor's behalf to finance the costs of public faciliti...
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