HomeMy WebLinkAbout2010-08-24 - RESOLUTIONS - RECOVERY ZONE BONDS (2)RESOLUTION NO. 10-72
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, APPROVING THE ISSUANCE BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
OF RECOVERY ZONE FACILITY REVENUE BONDS FOR
THE SUNEDISON PORTFOLIO #2
WHEREAS, the California Statewide_ Communities Development Authority (the
"Authority") is authorized pursuant to the provisions of California Government Code
Section 6500 et seq. 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 for the purpose of promoting economic development in the State of California;
and
WHEREAS, SunEdison LLC or related entities, has requested that the Authority adopt a
plan of financing providing for the issuance of recovery zone facility revenue bonds (the
"Bonds") in one or more series issued from time to time, including bonds issued to refund such
revenue bonds in one or more series from time to time, and at no time to exceed $2,000,000 in
outstanding aggregate principal amount, to finance solar facilities located at the following
address in the City and generally known as SunEdison Portfolio #2 (the "Project"):
19307 Golden Valley Road, Santa Clarita, California; and
WHEREAS, the Bonds or a portion thereof will be "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 Project is located within the City boundaries and the members of this
City Council (this "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 a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, at which time an
opportunity was provided to interested parties to present arguments both for and against the
issuance of the Bonds; and ,
WHEREAS, the Authority is also requesting that the City Council -approve the, issuance
of any refunding bonds hereafter issued by the Authority at no time to exceed $2,000;000 for the
purpose of refinancing the Bonds which financed the Project (the "Refunding Bonds"), but only
in such cases where federal tax laws would not require additional public hearings, consideration
or approval by the City Council; 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 Section 9 of the Agreement.
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 and the
Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this
resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of the Code and..
(b) 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 that 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 approved hereby.
SECTION 4. The Clerk of the City Council shall forward a .certified copy of this
Resolution and a copy of the affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
SECTION 5. This resolution shall take effect immediately upon its passage.
SECTION 6. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED 1
ATTEST:
C� M I Q_�__'
CITY CLERK
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Sarah P. Gorman, 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 24th day of August, 2010, by the following vote:
AYES: COUNCILMEMBERS: Ender, Kellar, McLean, Ferry, Weste
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
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CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
CERTIFICATION OF
CITY COUNCIL RESOLUTION
City Clerk of the City of Santa Clarita, do hereby
certify that this is a true and correct copy of the original Resolution No. 10-72, adopted by the
City Council of the City of Santa Clarita, California on August 24, 2010; which is now on file in
my office.
Witness my hand and seal of the City of Santa Clarita, California, this _ day of _ 2010.
City Clerk
By
Deputy City Clerk
I -
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