HomeMy WebLinkAbout2012-09-25 - RESOLUTIONS - REVENUE BONDS EINSTEIN ACADEMY (2)1RESOLUTION NO. 12-67
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA
APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR THE PURPOSE OF
FINANCING THE COSTS OF ACQUISITION, IMPROVEMENT AND EQUIPPING OF
CERTAIN CHARTER SCHOOL 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, California (the "City"), to issue
revenue bonds and other forms of indebtedness to promote economic development within the
State of California; and
WHEREAS, AEALAS, Inc., a California nonprofit public benefit corporation (the
"Borrower") has requested that the Authority issue revenue bonds in one or more series in a
maximum aggregate principal amount of $5,500,000 (the "Bonds"). A portion of the proceeds of
the Bonds will be used to finance and refinance the costs of the acquisition, improvement and
' equipping of certain charter school educational facilities known as the Albert Einstein Academy
for Letters, Arts and Sciences. The facilities may include but are not limited to classrooms,
multi-purpose rooms, administration spaces, libraries, restrooms, outdoor areas and parking
areas, located at 28141 Kelly Johnson Parkway, Santa Clarita, California (the "Project'). The
Project will be owned and operated by the Borrower; 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 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 of Santa Clarita, 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 City Council hereby finds and determines that the foregoing
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 thereby. This approval is solely for the purposes of
Section 147(f) of the Code and Section 9 of the Agreement. The City shall not have any liability
or responsibility for the issuance of the Bonds or payment of principal or interest on the Bonds,
the Bonds shall not constitute an obligation or indebtedness of the City and the assets and
revenues of the City are not being pledged as security for the payment of principal or interest on
the Bonds.
SECTION 3. The issuance and delivery of the Bonds shall be subject to the approval
of and execution by the Authority of all financing documents relating thereto to which the
Authority is a party and is subject to the sale of the Bonds by the Authority.
SECTION 4J .The City Clerk of the City shall forward a certified copy of this 1
Resolution and a copy of the affidavit of publication of the notice of public hearing to:
Eugene Clark -Herrera, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
SECTION 5. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED, AND ADOPTED this 25th day of Segtember 2012.
MAYOR
ATTE :
IN JWN4 CI CLE K
DATE: (0(3' 1 1 ,
1
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Armin& Chaparyan, Interim 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 25th day of September 2012, by the following vote:
AYES: COUNCILMEMBERS: Kellar, Boydston, McLean, Weste, Ferry
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
RIM ITY LERK