R-1984-02 - Laserfiche WebLink

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iO. . . SECTION 3. The public purposes of the City, which the Issuer may further on behalf of the City, are the promotion and development of new, expanded o~ improved health facilities to assist the maintenance of the public health and the public welfare. SECTION 4. The Issuer is hereby designated as the duly constituted authority and instrumentality of the City (within the meaning of those terms in the regulations of the Treasury and the rulings of the Internal Revenue Service prescribed and promulgated pursuant to Section 103 of the Internal Revenue Code of 1954, as amended) and shall be authorized to act on behalf of the City for the specific public purpose of the promotion and development of new, expanded or improved health facilities to assist the maintenance of the public health and the public welfare; but the Issuer is not intended to be and shall not be a political subdivision or a political corporation within the meaning of the Constitution and the laws of the State of Texas, including without limitation, Article III, Section 52, of the State Constitution, and the City does not delegate to the Issuer any of its attributes of sovereignty, including the power to tax, the power of eminent domain and the police power. SECTION 5. The Issuer may, under the conditions set forth in this Resolution, issue obligations on behalf of the City, acquire, lease, sell or convey certain properties and make loans for the promotion and development of new, expanded or improved health facilities to assist the maintenance of the public health and the public welfare. The City shall not lend its credit or grant any public money or thing of value in aid of the Issuer. Furthermore, obligations issued by the Issuer with the approval of the City shall not con- stitute obligations of the State of Texas, the City, or any other political subdivision or agency of the State of Texas or a pledge of the faith and credit of any of them; and the Issuer is not authorized to incur financial obligations unless payable solely from the proceeds of bonds, revenues derived from the lease or sale of a health facility or realized from a loan made by the Issuer to finance or refinance in whole or in pan a health facility, revenues derived from operating a health facility, or any other revenues as may be provided by a user of a health facility anyone or more; and any such health facility shall have been found by the board of directors of the Issuer to be required, necessary or convenient for health care, research and educa- tion, anyone or more. SECTION 6. At least 14 days prior to the issuance of bonds by the Issuer, the Issuer will file with the Governing Body a full and complete description of any health facility the cost of which is to be paid in whole or in part from the proceeds of bonds of the Issuer proposed to be issued, in- cluding an explanatipn of the projected costs of and the necessity for such proposed health facility and the name of the proposed user of such health facility. SECTION 7. Upon dissolution of the Issuer the City shall accept title to or other interest in any real or personal property owned by the Issuer at such time. -2-