HomeMy WebLinkAbout2021-08-24 - RESOLUTIONS - REVENUE BONDS FOR CALARTS (2)RESOLUTION NO.21-53
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA, APPROVING THE ISSUANCE OF REVENUE BONDS BY THE
CALIFORNIA MUNICIPAL FINANCE- AUTHORITY FOR THE PURPOSE OF
FINANCING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT,
RENOVATION AND EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES
FOR THE BENEFIT OF THE CALIFORNIA INSTITUTE OF THE ARTS AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, the California Institute of the Arts, a nonprofit corporation, duly organized
and existing under the laws of the State of California (the "Institute"), has requested that the
California Municipal Finance Authority (the "Authority") participate in the issuance of revenue
bonds in one or more series from time to time pursuant to a plan of financing in an aggregate
principal amount not to exceed $40,000,000 (the "Bonds") of which approximately $33,000,000
is requested to be loaned to the Institute and applied to (A) pay the costs of financing the
acquisition, construction, improvement, renovation, expansion and equipping of (1) that property
located at 25858 Tournament Road in Santa Clarita, California, and other properties adjacent to
and/or fronting the perimeter of the Institute's main campus on Tournament Road in Santa
Clarita, California; (2) existing buildings on the Institute's main campus including roofing,
seismic, plumbing, electric, system and other improvements; and (3) other routine capital
improvements and expenditures to academic, student support, and related facilities on the site of
the Institute's main campus located at 24700 McBean Parkway, Santa Clarita, California, (all of
the foregoing collectively, the "Project") for the benefit of the Institute and to be owned and
operated by the Institute, and located in the City of Santa Clarita (the "City") and (B) pay certain
expenses incurred in connection with the issuance of the Bonds;
WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of
the State of California (the "Act"), certain public agencies (the "Members") may enter into a
joint exercise of powers agreement in order to form a joint powers authority for the purpose of
promoting economic, cultural and community development, and in order to exercise any powers
common to the Members, including the issuance of bonds, notes or other evidences of
indebtedness;
WHEREAS, the City is a Member of the Authority in order to facilitate the promotion of
economic, cultural and community development activities in the City, including the financing of
projects therefor by the Authority;
WHEREAS, the Authority is authorized to issue and sell revenue bonds for the purpose,
among others, of financing or refinancing the construction of capital projects; ,
WHEREAS, the Institute has requested the issuance of the Bonds in order to effect
significant public benefits pursuant to the Act;
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code"), the issuance of the Bonds by the Authority must be approved by the governmental unit
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having jurisdiction, such as the City, because the Project is to be located within the territorial
limits of the City;
WHEREAS, the City Council'of the City of Santa Clarita (the "City Council") is the
elected legislative body of the City and is one of the "applicable, elected representatives" required
to approve the issuance of the Bonds under Section '147(f) of the Code; -
WHEREAS, the Authority has requested that the City Council approve the issuance of
the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f)
of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement
Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the
"Agreement"), among certain local agencies, including the City;
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following
notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to
approve the issuance of the Bonds by the Authority; and
WHEREAS, it is in the public interest and for the public benefit that the City Council
approves the issuance of the Bonds by the Authority for the aforesaid purposes.
NOW, THEREFORE, the City Council of the City of Santa Clarita, California, does
hereby resolved as follows:
SECTION 1. On information and belief, the foregoing resolutions are true and correct.
SECTION 2. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitute approval
of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code
by the applicable elected representative of the governmental unit having jurisdiction over the
area in which the Project located is and to be located, in accordance with said Section 147(f) and
(b) Section 4 of the Agreement.
SECTION 3. The issuance of the Bonds shall be subject to the approval of the Authority
of all financing documents relating thereto to which the Authority is a party. The City shall have
no responsibility or liability whatsoever with respect to the Bonds.
SECTION 4. The adoption of this resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or construct the Project or any
financing of the Project; (ii) approve any application or request for or take any other action in
connection with any planning approval, permit or other action necessary for the acquisition,
rehabilitation or operation of the Project; (iii) make any contribution or advance any funds.
whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its
membership therein.
SECTION 5. The officers and staff of the City are hereby authorized and directed,
jointly and severally, to do any and all things, to execute and deliver any and all documents,
which in consultation with City Attorney, they may deem necessary or advisable in order to
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effectuate the purposes of this resolution, and any and all such actions previously taken by such
officers or staff members are hereby ratified and confirmed.
SECTION 6. This resolution shall take effect immediately.
SECTION 7. The City Clerk shall certify to the passage and adoption of this resolution;
shall cause the same to be entered in the book of resolutions of the City; and shall make a minute
of the passage and adoption thereof in the records of the proceedings of the City Council of the
City in the minutes of the meeting at which the same is presented.
PASSED, APPROVED AND ADOPTED this 24th 6
ATTEST:
CITY CLERK G�
DATE: (/q/Z
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that the
foregoing Resolution No. 21-53 was duly adopted by the City Council of the City of Santa
Clarita at a regular meeting thereof, held on the 24th day of August, 2021, by the following vote:
AYES: COUNCILMEMBERS: Smyth, McLean, Weste, Gibbs, Miranda
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK
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