HomeMy WebLinkAbout2001-10-23 - RESOLUTIONS - REVENUE BONDS EDUCATIONAL (2)RESOLUTION NO. 01-137
RESOLUTION OF THE CITY COUNCIL
Il OF THE CITY OF SANTA CLARITA, CALIFORNIA
APPROVING THE ISSUANCE OF CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY REVENUE BONDS
IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $16,000,000
FOR THE PURPOSES OF FINANCING AND REFINANCING THE COSTS OF
ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION,
REMODELING, FURNISHING AND EQUIPPING OF
CERTAIN EDUCATIONAL FACILITIES AND CERTAIN
OTHER MATTERS RELATING THERETO
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to Title 1, Division 7, Chapter 6 of the Government
Code of the State of California and the terms of an Amended and Restated Joint Exercise of
Powers Agreement, dated as of June 1, 1988 (the "Agreement"), among certain local
agencies throughout the State of California, including the City of Santa Clarita (the "City"),
to issue revenue bonds and other forms of indebtedness to promote economic development
within the State of California; and
WHEREAS, The Master's College and Seminary (the "Corporation"), an organization
described in Section 601(c)(3) of the Internal Revenue Code of 1986, has requested that the
Authority issue revenue bonds in a maximum aggregate principal amount of $16,000,000
p (the `Bonds') to finance and refinance the costs of acquisition, construction, improvement,
renovation, remodeling, furnishing, and equipping of certain educational facilities,
including residence halls, classrooms, laboratories, music practice rooms, administrative
and faculty offices, parking lots, dining facilities, the HVAC, electrical distribution and
telecommunication systems, the library, the student center, and other related and
appurtenant facilities, including sewer lines at The Master's College, (the "Campus'), and
one or more residence halls to be located off campus (the "Off -Campus Residence Halls"
and, together with the Campus, the "Project"), which are or will be owned and operated by
the Corporation and located in the City; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code'), prior to their issuance, the Bonds are required to be approved by the "applicable
elected representative" of the governmental unit on whose behalf the Bonds are expected to
be issued and by a governmental unit having jurisdiction over the entire area in which any
facility financed by the Bonds is to be located, after a public hearing held following
reasonable public notice; and
WHEREAS, the facilities to be financed and refinanced are located within the
territorial limits of the City; and
WHEREAS, the members of the City Council are the applicable elected
representatives of the City; and
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WHEREAS, there has been published, at least 14 days prior to the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding
the Bonds would be held on the date hereof; and
WHEREAS, such public hearing was conducted on this date by the City Council, at
which time an opportunity was provided to interested parties to present arguments both for
and against the issuance of the Bonds; and
WHEREAS, it is intended that this Resolution shall constitute the approval of the
issuance of the Bonds and the Project required by Section 147(f) of the Code and Section 9
of the Agreement, as applicable;
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby
resolve as follows:
SECTION 1. The above recitals are true and correct.
SECTION 2. The City Council hereby approves the issuance of the Bonds by the
Authority and the Project to be financed and refinanced thereby. It is the purpose and
intent of the City Council that this Resolution constitutes approval of the Bonds for the
purposes of Section 147(f) of the Code and the approval of the Project, including the
issuance of the Bonds for purposes of Section 9 of the Agreement.
SECTION S. The officers of the City, including the City's City Manager, are hereby
authorized and directed, jointly and severally, to do any and all things and to execute and
deliver any and all documents which they deem necessary or advisable in order to carry out,
give effect to, and comply with the terms and intent of this Resolution and the financing
transaction approved hereby.
SECTION 4. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 23d day of October 2001.
ATTEST:
CITY CLERK
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) as.
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, City Clerk of the City of Santa Clarita, do hereby certify that
the foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita
at a regular meeting thereof, held on the 23 d day of October, 2001, by the following vote:
AYES: COUNCILMEMBERS: Smyth, Darcy, Kellar, Ferry
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
DISQUALIFIED: COUNCILMEMBERS: Weste
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