HomeMy WebLinkAbout2010 - 26 - Our Lady Queen of Angelsi
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RESOLUTION NO. 2010 -26
RESOLUTION APPROVING, AUTHORIZING AND DIRECTING
EXECUTION OF A JOINT EXERCISE OF POWERS AGREEMENT
RELATING TO THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY AND APPROVING THE ISSUANCE OF REVENUE
BONDS BY THE AUTHORITY FOR THE PURPOSE OF FINANCING OR
REFINANCING THE ACQUISITION, CONSTRUCTION AND
IMPROVEMENT OF CERTAIN EDUCATIONAL 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 Newport Beach, California (the "City "), has determined that it is
in the public interest and for the public benefit that the City become a Member of the Authority
in order to facilitate the promotion of economic, cultural and community development activities
in the City, including the financing of projects therefor by the Authority; and
WHEREAS, there is now before this City Council (the "City Council') the form of the
Agreement; and
WHEREAS, the Agreement has been filed with the City, and the members of the City
Council, with the assistance of its staff, have reviewed said document; and
WHEREAS, the Authority is authorized to issue and sell revenue bonds for the purpose,
among others, of financing or refinancing the construction of capital projects; and
WHEREAS, The Roman Catholic Bishop of Orange, a non - profit religious organization
(the `Borrower ") has requested that the Authority issue and sell revenue bonds in the maximum
principal amount of $5,000,000 (the "Bonds ") for the purpose of making a loan to the Borrower,
for the benefit of Our Lady Queen of Angels (the "School') to enable the Borrower to refinance
certain of the costs of the acquisition, construction and improvement of certain of the educational
facilities of the School located at 750 Domingo Drive, Newport Beach, California 92660 and
owned by the Borrower (the "Project'); and
WHEREAS, the Borrower 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
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WHEREAS, in order for the interest on the Bonds to be tax- exempt, Section 147(f) of
the Internal Revenue Code of 1986, as amended (the "Code "), requires that an "applicable
elected representative" of the governmental unit, the geographic jurisdiction of which contains
the site of facilities to be financed with the proceeds of the Bonds, hold a public hearing on the
issuance of the Bonds and approve the issuance of the Bonds following such hearing; and
WHEREAS, the Authority has determined that the City Council is an "applicable elected
representative" for purposes of holding such hearing; 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 Agreement; and
WHEREAS, notice of such public hearing has been duly given as required by the Code,
and this City Council has heretofore held such public hearing at which all interested persons
were given an opportunity to be heard on all matters relative to the financing or refinancing of
the Project and the Authority's issuance of the Bonds therefor; and
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;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, AS
FOLLOWS;
Section 1. The Agreement is hereby approved and the Mayor or designee thereof is
hereby authorized and directed to execute said document, and the City Clerk or such Clerk's
designee is hereby authorized and directed to attest thereto.
Section 2. The City Council hereby approves the issuance of the Bonds by the
Authority and finds the project will effect the significant public benefits set forth in the seventh
"Whereas" clause above. It is the purpose and intent of the City Council that this resolution
constitute approval of the issuance of the Bonds (a) by the "applicable elected representative" of
the governmental unit having jurisdiction over the area in which the Project is located in
accordance with Section 147(f) of the Code and (b) by the City Council in accordance with
Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to the 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 the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or construct the Project or any
refinancing of the Project; (ii) approve any application or request for or take any other action in
connection with any planning approval, permit or other action necessary for the acquisition,
rehabilitation or operation of 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.
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Section 5. The executing officer, the Clerk and all other proper officers and officials
of the City are hereby authorized and directed to execute such other agreements, documents and
certificates, and to perform such other acts and deeds, as may be necessary or convenient to
effect the purposes of this Resolution and the transactions herein authorized.
Section 6. The Clerk shall forward a certified copy of this Resolution and an
originally executed Agreement to the Authority in care of its counsel:
Harriet M. Welch, Esq.
Squire, Sanders & Dempsey LLP.
555 South Flower St., Suite 3100
Los Angeles, CA 90071 -2300
Section 7. This resolution shall take effect immediately upon its passage.
ADOPTED by the City Council of the City of Newport Beach at a regular meeting of the
City Council held on the 23rd day of March, 2010.
MAYOR
ATTEST:
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CITY CLERK
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STATE OF CALIFORNIA }
COUNTY OF ORANGE } as.
CITY OF NEWPORT BEACH }
I, Leilam I. Brown, City Clerk of the City of Newport Beach, California, do hereby
certify that the whole number of members of the City Council is seven; that the foregoing resolution,
being Resolution No. 2010 -26 was duly and regularly introduced before and adopted by the City
Council of said City at a regular meeting of said Council, duly and regularly held on the 23rd day of
March, 2010, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Selich, Rosansky, Henn, Webb, Gardner, Daigle, Mayor Curry
Noes: None
Absent: None
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 24th day of March, 2010.
fA
City Clerk
Newport Beach, California
(Seal)