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HomeMy WebLinkAbout2016-017 - Issuance of the Cailfornia Municipal Finance AuthorityRESOLUTION NO. 2016 -017 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY REVENUE BONDS (MATER DEI HIGH SCHOOL) SERIES 2016, IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $9,200,000, FOR THE PURPOSE OF FINANCING AND REFINANCING THE CONSENSUAL ACQUISITION OF PROPERTY, AS WELL AS THE CONSTRUCTION AND IMPROVEMENT OF PARKING FACILITIES AND CERTAIN OTHER MATTERS PERTAINING THERETO WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act "), certain public agencies (the "Members ") have entered into a Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement ") in order to form the California Municipal Finance Authority (the "Authority "), for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members, including the issuance of bonds, notes or other evidences of indebtedness; and WHEREAS, the City of Santa Ana, California (the "City "), by City Council Resolution No. 2008 -053 adopted on July 7, 2008, is a Member of the Authority; and WHEREAS, the Roman Catholic Bishop of Orange, a corporation sole organized and existing under the laws of the State of California and described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Corporation "), has requested that the Authority participate in the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $9,200,000 (the "Bonds ") for the benefit of Mater Dei High School (the "School "), for (a) financing or refinancing the acquisition of all or a portion of certain parcels of land adjacent to the School's campus, located at 1202 W. Edinger Avenue, Santa Ana, California 92707 (the "Campus ") and the demolition of structures thereon or on the land identified as the Prior Project and grading, construction and site preparation of such land for temporary surface parking for the School (collectively, the "Project "), in the approximate amount of $6,640,660; (b) refinancing all or a portion of the Authority's outstanding Tax Exempt Revenue Bond (Mater Dei High School Project) Series 20128, issued to refinance the acquisition of certain parcels of land adjacent to the Campus (the "Prior Project "), in the approximate amount of $2,559,340, the Prior Project having been approved by the City through City Council Resolution No. 2010 -055, adopted on November 15, 2010; and (c) the payment of certain expenses incurred in connection with the issuance of the Bonds; and WHEREAS, the Project is to be owned and operated by the Corporation for the benefit of the School and located within the City; and Resolution No. 2016 -017 Page 1 of 4 WHEREAS, the Corporation has requested the issuance of the Bonds in order to effect savings in interest rate and /or issuance costs to effect significant public benefits pursuant to the Act; and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code "), the issuance of the Bonds by the Authority must be approved by the City because the Project is to be located within the territorial limits of the City; and WHEREAS, the City Council of the City (the "City Council ") is the elected legislative body of the City and is one of the "applicable elected representatives" required to approve the issuance of the Bonds under Section 147(f) of the Code; and WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement'), among certain local agencies, including the City; WHEREAS, it is in the public interest and for the public benefit that the City Council approve the issuance of the Bonds by the Authority for the aforesaid purposes; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Santa Ana, as follows: Section 1. The foregoing recitals are true and correct. Section 2. The City Council hereby approves the issuance of the Bonds by the Authority and finds the Project will affect the significant public benefits set forth in the recitals above. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds by the Authority for the purposes of: (a) Section 147(f) of the Code, by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is to be located, in accordance with said Section 147(f), and (b) Section 4 of the Agreement. Section 3. The issuance of the Bonds shall be subject to approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to repayment or administration of the Bonds. Section 4. The adoption of this Resolution shall not obligate the City or any department thereof to (1) provide any financing with respect to the Project; (ii) approve Resolution No. 2016 -017 Page 2 of 4 any application or request for or take any other action in connection with any planning approval, permit or other action necessary with respect to the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. Section 5. The City Manager and applicable Executive Directors 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. Section 6. This resolution shall take effect immediately upon its adoption. ADOPTED by the City Council of the City of Santa Ana at a regular meeting of the City Council held on the 1 st day of March, 2016, by the following vote: 9 a I MigIVA. Pulido Mayor APPROy�DIA�S TO FORM: Sonia rva ho, City Attorney Attorney AYES: Councilmembers: Benavides, Martinez, Pulido, Reyna, Tinaiero (5) NOES: Councilmembers: ABSTAIN: Councilmembers: None (0) NOT PRESENT: Councilmembers: Amezcua Sarmiento (2) Resolution No. 2016 -017 Page 3 of 4 CERTIFICATE OF ATTESTATION AND ORIGINALITY I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2016 -017 to be the original resolution adopted by the City Council of the City of Santa Ana on March 1, 2016. Date: We tea, Resolution No. 2016 -017 Page 4 of 4 Clerk of the Council i City of Santa Ana