Ads
The City of Splendora has formed a “Cultural Education” finance corporation in order to borrow and re-lend $6.5 Million from Frost Bank to build a new facility in Plano Texas for My Possibilities a special education concern based in Plano Texas.
The Question is Why?
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that the Splendora Cultural Education
Facilities Finance Corporation (the “Corporation”), a nonprofit corporation created by the City of Splendora, Texas pursuant to Article 1528m, Vernon’s Texas Civil Statutes, will hold a public hearing on November 30, 2015, commencing at 10:00 a.m., at 26090 FM 2090 East, Splendora, Texas 77372, to provide an opportunity for all interested persons to be heard with respect to a proposed loan from Frost Bank (the “Bank”) to the Corporation in the maximum amount of $6,250,000, and a proposed loan from the Corporation to My Possibilities (the “Borrower”) in the same amount (collectively, the “Loans”); all pursuant to a Loan Agreement by and among the Corporation, the Bank and the Borrower.The Loans are being made for the purpose of financing the
acquisition, construction and equipping of 20.004 acres of land and buildings located at the northeast corner of Mapleshade Lane and State Highway 190 in Plano, Collin County, Texas 75075 to be used by the Borrower for its administration and operations (the “Project”). A portion of the proceeds of the Loans will be used to pay certain expenses in connection with the issuance of the Loans. The Project is, or will be, owned by the Borrower. The Loans are not payable out of taxes and are secured by and payable solely from funds provided by the Borrower.
Facilities Finance Corporation (the “Corporation”), a nonprofit corporation created by the City of Splendora, Texas pursuant to Article 1528m, Vernon’s Texas Civil Statutes, will hold a public hearing on November 30, 2015, commencing at 10:00 a.m., at 26090 FM 2090 East, Splendora, Texas 77372, to provide an opportunity for all interested persons to be heard with respect to a proposed loan from Frost Bank (the “Bank”) to the Corporation in the maximum amount of $6,250,000, and a proposed loan from the Corporation to My Possibilities (the “Borrower”) in the same amount (collectively, the “Loans”); all pursuant to a Loan Agreement by and among the Corporation, the Bank and the Borrower.The Loans are being made for the purpose of financing the
acquisition, construction and equipping of 20.004 acres of land and buildings located at the northeast corner of Mapleshade Lane and State Highway 190 in Plano, Collin County, Texas 75075 to be used by the Borrower for its administration and operations (the “Project”). A portion of the proceeds of the Loans will be used to pay certain expenses in connection with the issuance of the Loans. The Project is, or will be, owned by the Borrower. The Loans are not payable out of taxes and are secured by and payable solely from funds provided by the Borrower.
All interested persons are invited to attend the hearing to express
their views, both orally and in writing, with respect to the Loans and the Project. Any interested persons unable to attend the hearing may submit their views in writing to the President of the Board of Directors of the Corporation c/o McGuireWoods LLP, Attn: Hoang Vu, 600 Travis Street, Suite 7500, Houston, Texas 77002, prior to the date scheduled for the hearing.
SPLENDORA CULTURAL EDUCATION FACILITIES FINANCE
CORPORATION CC 11/11/15
Ads
Discover more from MCTXonline
Subscribe to get the latest posts sent to your email.
