HomeMy WebLinkAbout23 - Approving the Issuance of Revenue Obligations by the California Enterprise Development Authority for the Benefit of Sage Hill School - Public Hearing��E%'R7 A .
C'tieaa�:..
CITY OF NEWPORT BEACH
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that on Tuesday, August 27, 2024, at 4:00 p.m. or soon thereafter as the matter shall be heard, a
public hearing will be conducted in the Council Chambers at 100 Civic Center Drive, Newport Beach. The City Council of the City of
Newport Beach will consider the following item:
The City Council of the City of Newport Beach (the "City Council") will conduct a public hearing (the "Public Hearing") at which the
City Council will hear and consider information concerning the issuance, from time to time, pursuant to a plan of finance, of one or
more series of tax-exempt revenue obligations by the California Enterprise Development Authority (the "Issuer") in an aggregate
principal amount not to exceed $55,000,000 (the "Obligations") for the benefit of Sage Hill School, a California nonprofit public benefit
corporation, or a related or successor entity (the "Borrower"). The Issuer will loan the proceeds of the Obligations to the Borrower
pursuant to one or more loan agreements (the "Loan Agreement"). The proceeds of the Obligations loaned to the Borrower will be
applied for the purpose of (a) financing and/or reimbursing the cost of the acquisition, construction, installation, equipping and
furnishing of a new 38,658 square foot educational facility that will include classrooms, a gymnasium, faculty and administrative
offices, a cafe, and other related and appurtenant facilities and improvements to be located at 20402 Newport Coast Drive, Newport
Coast, California 92657 (collectively, the "Facilities") and (b) paying capitalized interest and costs of issuance in connection with the
Obligations. The Borrower is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended
(the "Code"). The Borrower will own and operate the Facilities in connection with its mission of providing a premier independent
school education in Orange County, California and inspiring in students a love of knowledge and the ability to use that knowledge
creatively, compassionately and courageously throughout their lives.
Neither the faith and credit nor the taxing power of the City of Newport Beach (the "City"), the State of California (the "State"), or
any other political corporation, subdivision or agency of the State is pledged to the payment of the principal of, premium, if any,
or interest on, the Obligations, nor shall the City, the State or any other political corporation, subdivision or agency of the State
be liable or obligated to pay the principal of, premium, if any, or interest on, the Obligations.
NOTICE IS HEREBY FURTHER GIVEN that this action is not subject to the California Environmental Quality Act ("CEQA")
pursuant to Section 15060(c)(2) (the activity will not result in a direct or reasonably foreseeable indirect physical change in the
environment) and 15060(c)(3) (the activity is not a project as defined in Section 15378) of the CEQA Guidelines, California Code
of Regulations, Title 14, Chapter 3, because it has no potential for resulting in physical change to the environment, directly or
indirectly.
Anyone wishing to attend the public hearing should check the August 27, 2024, meeting agenda on the City's webpage at
www.newportbeachca.gov/agendas or contact the City Clerk at 949-644-3005 or cityclerk(a)newportbeachca.gov, during normal
business hours, to receive information on how to attend this meeting. Those wishing to comment on the proposed nature and location
of the Facilities and the financing of the Facilities with the proceeds of the Obligations may either appear in person at the time and
place indicated above or submit written comments, which must be received prior to the Public Hearing by the City of Newport Beach,
Attention: City Clerk, 100 Civic Center Drive, Newport Beach, California 92660.
a �EW'ORr
O bm
u � i
/s/ Leilani I. Brown, MMC, City Clerk, City of Newport Beach
dos Angeles isimes
ME D L A G R O UP
PROOF OF PUBLICATION
(2015.5 C.C.P.)
STATE OF CALIFORNIA
County of Orange
I am a citizen of the United States and a resident of the County aforesaid;
I am over the age of eighteen years, and not a party to or interested in the
action for which the attached notice was published. I am a principal clerk
of the Newport Harbor News Press Combined with Daily Pilot, which was
adjudged a newspaper of general circulation on June 19, 1952, Cases
A24831 for the City of Newport Beach, County of Orange, and State of
California. Attached to this Affidavit is a true and complete copy as was
printed and published on the following date(s):
Aug 17, 2024
I certify (or declare) under penalty of perjury that the foregoing is true and
correct.
Dated at Fountain Valley, California on this 26th day of August, 2024.
[signature]
10540 Talbert Avenue
Fountain Valley, CA 92708
7984772 Newport Harbor News Press Combined With Daily Pilot
Page 1 of 2
dos Angeles isimes
ME D L A G R O UP
CITY OF NEWPORT BEACH
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that on Tuesday,
Sold To:
August 27, 2024, at 4:00 purl. or soon thereafter as
City of Newport Beach - CA11072031
the matter shall be heard, a public hearing will be
conducted in the Council Chambers at 100 Civic
100 Civic Center Dr
Center Drive, Newport Beach. The City Council of
Newport Beach,CA 92660-3267
the Oty of Newport Beach will consider the
follo*ngitem;
The City Counril of the City of Newport Fill (the
BIII To:
'City Councl"j will conduct a public hearing (the
City'Puar
Newport Beach CA11072031
er g� atwhichCouncil
of p -
and crosidlic
and consider information concerning the issuance,
con erring the issuance,
100 Civic Center Dr
from time totime, pursuant toaplan offinance, of
one or more series of tax-exempt revenue
Newport Beach,CA 92660-3267
obligations by the California Enterprise
Development Authority ;the 'lasuer"l In an
aggregate principal amount not to exceed
S55A00.000 (the "Obligations ] for the benefit of
Sage Hill School, a Calffomia nonprofit public
benefit corporation, or a related or successor entity
(the'Bonower7. The Issuer will loan the proceeds
of the Obligations to the Borrower pursuant to one
or more loan agreements (the "Loan Agreement).
The proceeds of the obligations loaned to the
Borrower will be applied for the purpose of (al
Financing and/or reimbursing the cost of the
acquisition, ronstruction, Installation, equipping
and furnishing of a new 38,658 square rout
educational facility that will include classrooms, a
gymnasium, faculty and administrative offices, a
caft, and other related and appurtenant facilities
and improvements to be located at 20402 Newport
Coast Drive, Newport Coast California 92657
(mllecuvely, the "Faclhhes'( and (bl paying
capitalized Interest and costs of issuance in
connection with the Obligations. The Borrower is an
organization described In Section 501{c;131 of the
Internal Revenue Code of 1986, as amended Rhe
'Code'l. The Borrower wil; own and operate the
Facilities in connection with its mission of providing
a premier independent school education in Orange
County, California and inspiring in students a love of
knowledge and the ability to use that knowledge
creatively, compassionately and courageously
throughout their lives,
Neither the faith and credit nor the taxing power of
the City of Newport Beach (the "City"). the State of
California (the "State"), of any other political
corporation, subdivision or agency of the State is
pledged to the payment of the principal of,
premium, if any, or interest on, the Dhligatiom, nor
shall the City. the State or any other political
corporation, subdivision or agency of the State be
liable or obligated to pay the print pal of, premium.
If any, or Interest nn, the Obligations
NOTICE IS HEREBY FURTHER GIVEN that this
action is not subject lathe California Environmental
Quality Act ('CEQA-} pursuant to Section 15060(c)(2)
Ithe activity will not result in a dhect or reasonably
foreseeable indirect physical change In the
environment] and 15D60(c)(3) (the activity is not a
pra}ect as defined in Section 15378j of the CFQA
Guidelines, California Code of Regulations. Title 14.
Chapter 3, because it has no potential far resulting
in physical change to the environment, directly or
inc irectiy.
Anyone wishing to attend the public hearing should
check the August 27, 2024, meeting agenda on the
City's webpage at
www.newportbeachca.govlagendas or contact the
city Clerk at 949fi443005 or
cityclerk'rnewoortbeachca.gnv during normal
business hours, to receive information on how to
attend this meeting. Those wishing to comment on
the proposed nature and location of the Facilities
and the financing of the Facilities with the proceeds
of the Obligations may either appear In person at
the time and place indicated above or submit
written comments, which must he received prior to
the Public Hearing by the City of Newport Beath,
Attention: City Clerk. 100 Civic Center Drive,
7984772 - Newport Harbor News Press Combined With Daily Pilot Newport Beach, California 42660.
IV Lellani I, Brown, MMC, City Clerk
City of Newport Beach
Page 2 of 2