CC RESOLUTION 4650RESOLUTION NO. 4650
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO APPROVING THE ISSUANCE OF RECOVERY ZONE
FACILITY REVENUE BONDS BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY FOR THE SUNEDISON
CALIFORNIA PORTFOLIO.
The City Council of the City of El Segundo resolves as follows:
SECTION 1: The City Council finds and declare as follows:
A. The California Statewide Communities Development Authority (the
"Authority ") is authorized pursuant to Government Code §§ 6500, et seq.
and the terms of a Joint Exercise of Powers Agreement, dated June 1,
1988 (the "Agreement'), among certain local agencies throughout the State
of California, including the City of El Segundo (the "City "), to issue revenue
bonds for the purpose of promoting economic development in the state of
California;
B. SunEdison, LLC or related entities, 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 $1,000,000 in outstanding aggregate
principal amount, to finance the construction of a solar energy facility
located at the following address in the City and generally known as
SunEdison California Portfolio (the "Project'): 760 S. Sepulveda Blvd., El
Segundo, California;
C. The Bonds or a portion thereof will be "private activity bonds" for purposes
of the Internal Revenue Code of 1986 (the "Code "). Pursuant to
Section 147(f) of the Code, before 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;
D. The members of this City Council ( "Council ") are the applicable elected
representatives of the City;
E. Notice of this public hearing was published in a newspaper of general
circulation regarding the Bonds at least 14 days before the public hearing.
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;
F. The Authority also requested that the City Council approve the issuance of
any refunding bonds hereafter issued by the Authority at no time to
exceed $1,000,000 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
G. It is intended that this Resolution constitutes the approval of the issuance of
the Bonds required by Section 147(f) of the Code and Section 9 of the
Agreement.
SECTION 2: The above recitals are true and correct.
SECTION 3: The Council approves the issuance of the Bonds by the Authority. It is the
purpose and intent of the 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 4: 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 5: The City Clerk will 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 6: This Resolution will become effective immediately upon adoption.
PASSED AND ADOPTED this 6th day of April, 2010.
Eric Busch m, for
K 'Dowell, Mayor
2
ATTEST:
Cindy M esen,
City Clerk
APPROVED�Si gJF�J ♦��VI,/f/
Mark D. Hen ey y ey
By: - Ifni 11'
Karl rge
Assi n City