HomeMy WebLinkAbout2004-04-27 - RESOLUTIONS - APPROVE REVENUE BONDS (2)RESOLUTION NO. 04-48
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING THE ISSUANCE
OF NOT TO EXCEED $6,000,000 AGGREGATE PRINCIPAL
AMOUNT OF REVENUE BONDS
WHEREAS, the California Municipal Finance Authority (the "Authority") has proposed
to issue an amount not to exceed $6,000,000 aggregate principal amount of revenue bonds (the
"Bonds") pursuant to the Joint Powers Act, being Section 6500 et. seq. of the Government Code
of the State of California, as amended and supplemented (the "Act"); and
WHEREAS, the project to be financed by the Bonds consists of collection vehicles and
related solid waste disposal equipment (the "Equipment") to be used in the service territories of
Waste Management, Inc. and its affiliates, including Waste Management of California, Inc. (the
"User"), throughout the City of Santa Clarita; and
WHEREAS, the City Council has been advised that in order to allow issuance of the
Bonds on a tax-exempt basis without an allocation of private activity volume cap, the Authority
will be the owner of the Equipment for federal tax purposes and the Equipment will be leased to
the User; and
WHEREAS, the City Council has been advised that the Bonds will he "private activity
bonds" for purposes of the Internal Revenue Code of 1986 (the "Code"); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private
activity bonds are required to be approved by the "applicable elected representative" of the
governmental units on whose behalf such bonds are expected to be issued and by a governmental
unit having jurisdiction over the entire area in which any facility financed by such bonds is to be
located, after a public hearing held following reasonable public notice; and
WHEREAS, the City Council of the City of Santa Clarita (the "City") has determined to
approve the issuance of the Bonds in order to satisfy the public approval requirement of
Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") and the
requirements of a Joint Exercise of Powers Agreement (the "Agreement"), to be entered into
among certain local agencies, including the City; and
WHEREAS, the City has held a public hearing providing a reasonable opportunity for
persons to comment on the issuance of the Bonds and the Equipment; and
WHEREAS, it is intended that this resolution shall constitute the approval of the issuance
of the Bonds required by Section 147(f) of the Code and the Agreement.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve
that the issuance of the Bonds is hereby approved for the purposes of Section 147(f) of the Code
and the Agreement.
Resolution No. 04-48
Page 2
RESOLVED FURTHER, the City Clerk shall certify the adoption of this Resolution, and
thenceforth and thereafter the same shall be in full force and effect.
RESOLVED FURTHER, the City Clerk shall forward a certified copy of this Resolution
to the following:
William W. Bothwell, Esq.
Orrick, Herrington & Sutcliffe LLP
777 South Figueroa Street
Suite 3200
Los Angeles, CA 90017
PASSED, APPROVED AND ADOPTED this 27`h day of April, 2004.
ATTEST:
CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARTTA )
I, Sharon L. Dawson, CMC, 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 27` day of April, 2004, by the following vote:
AYES: COUNCILMEMBERS: Ferry, McLean, Smyth, Weste, Kellar
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARTTA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
I, Sharon L. Dawson, City Clerk of the City of Santa Clarita, do hereby certify that this is a true
and correct copy of the original Resolution No. 04-48, adopted by the City Council of the City of
Santa Clarita, California on April 27, 2004, which is now on file in my office.
Witness my hand and seal of the City of Santa Clarita, California, this _ day of
,20—.
Sharon L. Dawson, CMC
City Clerk
By
Susan Coffman
Deputy City Clerk