HomeMy WebLinkAbout2007-05-22 - RESOLUTIONS - MASTERS COLLEGE BONDS (2)RESOLUTION NO. 07-32
A RESOLUTION OF THE CITY COUNCIL 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 $15,000,000 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 5 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 501(c)(3) of the Internal Revenue Code of 1986, has requested that the
Authority issue revenue bonds in a maximum aggregate principal amount of $15,000,000 (the
"Bonds") to finance and refinance the costs of acquisition, construction, improvement,
renovation, remodeling, furnishing and equipping of certain educational facilities and
infrastructure improvements for The Master's College (the "Project"), and
WHEREAS, the Project is 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
WHEREAS, there has been published, at least 14 days p for 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.
WHEREAS, any approval provided by the City Council with respect to Section 147 (f) of
the Code will not constitute approval of the proposed Master Plan Development the City Council
will be reviewing.
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 constitute 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 3. The officers of the City 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 cant' out, give effect to and comply with the terms and
intent of this resolution and the financing transaction approved hereby.
SECTION 4. This resolution shall take effect immediately upon its adoption.
SECTION 5. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 22nd day of May, 2007.
ATTEST:
a
CITY CLERK
2
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
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 22nd day of May, 2007, by the following vote:
AYES: COUNCILMEMBERS: Ferry, Weste, Kellar, Boydston, McLean
NOES: COUNCILMEMBERS: None
ABSENT: COUNCIi.MEMBERS: None
a
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. 07-32, adopted by the City Council of the City of
Santa Clarita, California on May 22, 2007, 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
Rv
Susan Caputo
Deputy City Clerk