HomeMy WebLinkAbout2007-11-13 - RESOLUTIONS - VILLAGE CHRISTIAN BONDS (2)RESOLUTION NO. 07-83
' A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING THE ISSUANCE OF COLORADO
EDUCATIONAL AND CULTURAL FACILITIES AUTHORITY REVENUE BONDS IN A
MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $20,000,000 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 Colorado Educational and Cultural Facilities Authority (the "Authority")
is authorized by Colorado law to issue revenue bonds and other forms of indebtedness to finance
or refinance educational facilities located within or outside the State of Colorado; and
WHEREAS, Village Christian Schools, a California nonprofit corporation and an
organization described in Section 501(c)(3) of the internal Revenue Code of 1986 (the
"Borrower"), has requested that the Authority issue revenue bonds in a maximum aggregate
principal amount of $20,000,000 (the 'Bonds") to (a) finance the costs of the acquisition of the
assets of Friends of Legacy, Inc. and the business/school of Legacy Christian Academy (a/k/a
Legacy Private Academy), a grades K-6 educational facility located at 27680 Dickason Drive,
' Valencia, California 91355 (the "Valencia Facilities") in an amount not expected to exceed
$9,000,000, which assets include a one-story building of approximately 26,614 square feet,
paved parking of 21 spaces, fencing, playground equipment, and a covered shade lunch area,
including all classroom/office furnishings and equipment, all situated on approximately
2.45 acres of land; (b) finance the costs of the expansion of the Valencia Facilities by adding
classrooms and ancillary facilities for grades 7 and 8, in an amount not expected to exceed
$2,000,000 (the "Additional Valencia Facilities"); (c) finance certain development and
construction costs towards a refurbishment and expansion to the Borrower's grades K-12
educational facilities known as Village Christian Schools, located at 8930 Village Avenue, Sun
Valley, California 91352, such pre -development costs to include all aspects for the development
of a campus Master Plan, including architectural fees, pre -development engineering fees,
application and approval fees to local city and county governmental authorities, and the
construction of a `right turn only lane" (the "Sun Valley Facilities"), in an amount not expected
to exceed $3,460,000; (d) refinance the acquisition of three parcels of land adjacent to or near the
Sun Valley Facilities, located at 10355 La Tuna Canyon Road, Los Angeles, CA 91352 (with two
buildings of approximately 3,180 and 3,600 square feet, respectively, situated thereon, and
estimated Bond proceeds to purchase being $1,040,000), 8960 Village Ave, Sun Valley, CA
91352 (with an approximately 1,728 single family residence situated thereon, and estimated
Bond proceeds to purchase being $200,000); and 10342 Penrose St. Los Angeles, CA 91352
(with two single family residences of approximately 2,699 and 660 square feet, respectively, feet
situated thereon, and estimated Bond proceeds to purchase being $800,000) (together with the
Valencia Facilities, the Additional Valencia Facilities and the Sun Valley Facilities, the
"Facilities"); (e) fund capitalized interest on the Bonds, if any; (I) fund any required debt service
reserve fund; and (g) pay certain costs of issuance of the Bonds, including initial costs of any
credit enhancement (collectively, the "Project"); and '
WHEREAS, the Valencia Facilities and the Additional Valencia Facilities are or will be
owned and operated by the Borrower (or an affiliate of the Borrower controlled by the Borrower)
and located in the City of Santa Clarita (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 Valencia Facilities and the Additional Valencia Facilities to be financed
and refinanced with proceeds of the Bonds 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 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 1
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.
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. The City does not bear any responsibility for the tax-exempt status
of the Bonds, the debt service on the Bonds or any other matter related to the Bonds.
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 carry out, give effect to and comply with the terms and
intent of this resolution and the financing transaction approved hereby. I
FA
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 13th day of November, 2007.
ME
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ATTEST:
CITY CLERK,, -
STATE OF CALIVOkNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
1, 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 13th day of November, 2007, by the following vote:
AYES: COUNCILMEMBERS: Boydston, Ferry, Weste, Kellar, McLean
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
�a
CITY CLERK
3
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss. '
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
1, 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. 07-83, adopted by the City Council of the City of
Santa Clarita, California on November 13, 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
By
Susan Caputo
Deputy City Clerk