CC RESOLUTION 4678RESOLUTION NO. 4678
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO APPROVING THE ISSUANCE OF CALIFORNIA MUNICIPAL
FINANCE AUTHORITY REVENUE BONDS (WESTSIDE REGIONAL
CENTER PROJECT), SERIES 2010, IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $25,000,000 FOR THE PURPOSE OF
FINANCING THE ACQUISITION, REHABILITATION, IMPROVEMENT
AND EQUIPPING OF AN OFFICE BUILDING AND OTHER RELATED
MATTERS.
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 Municipal Finance Authority (the "Authority ") is authorized
pursuant to Government Code §§ 6500, et seq. and the terms of a Joint
Exercise of Powers Agreement, dated January 1, 2004 (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. The Coastal Properties Foundation, a California nonprofit public benefit
corporation or any successor thereto or assign thereof (the "Borrower "),
requested that the Authority participate in the issuance of revenue bonds, in
one or more series and at one or more times, in an aggregate principal
amount not to exceed $25,000,000 (the "Bonds ") for the purpose of
financing the acquisition, rehabilitation, improvement and equipping of
certain real property and improvements thereon (consisting of a building
located within the City of El Segundo (the "City "), at 1940 E. Mariposa
Avenue, El Segundo, California 90245) and to pay certain expenses
incurred in connection with the issuance of the Bonds (the "Project');
C. The principal tenant of the Project will be the Coastal Developmental
Services Foundation, Inc., known as the Westside Regional Center ( "WRC "),
which will use the Project primarily in the furtherance of its charitable mission
of coordinating services to individuals with developmental disabilities;
D. Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code "), before their issuance, they are required to be approved by the
"applicable elected representative" of the governmental unit 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;
E. The members of this City Council ( "Council ") are the applicable elected
representatives of the City;
F. 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;
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 4 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 4 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:
Russ Trice, Sr. Associate
Fulbright & Jaworski L.L.P.
555 South Flower Street, Forty -First Floor
Los Angeles, California 90071
SECTION 6: This Resolution will become effective immediately upon adoption.
PASSED AND ADOPTED this 7th day of September, 2010.
Eric Busc , %yor
M
ATTEST:
Cindy Morte ,
City Clerk
APPROVED AS TO FORM:
Mark D. Hensley, City Attorney
Karl H. Ber e r,
Assistant City Attorney
RESOLUTION NO. 4678
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO APPROVING THE ISSUANCE OF CALIFORNIA MUNICIPAL
FINANCE AUTHORITY REVENUE BONDS (WESTSIDE REGIONAL
CENTER PROJECT), SERIES 2010, IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $25,000,000 FOR THE PURPOSE OF
FINANCING THE ACQUISITION, REHABILITATION, IMPROVEMENT
AND EQUIPPING OF AN OFFICE BUILDING AND OTHER RELATED
MATTERS.
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 Municipal Finance Authority (the "Authority ") is authorized
pursuant to Government Code §§ 6500, et seq. and the terms of a Joint
Exercise of Powers Agreement, dated January 1, 2004 (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. The Coastal Properties Foundation, a California nonprofit public benefit
corporation or any successor thereto or assign thereof (the "Borrower "),
requested that the Authority participate in the issuance of revenue bonds, in
one or more series and at one or more times, in an aggregate principal
amount not to exceed $25,000,000 (the "Bonds ") for the purpose of
financing the acquisition, rehabilitation, improvement and equipping of
certain real property and improvements thereon (consisting of a building
located within the City of El Segundo (the "City "), at 1940 E. Mariposa
Avenue, El Segundo, California 90245) and to pay certain expenses
incurred in connection with the issuance of the Bonds (the "Project');
C. The principal tenant of the Project will be the Coastal Developmental
Services Foundation, Inc., known as the Westside Regional Center ( "WRC "),
which will use the Project primarily in the furtherance of its charitable mission
of coordinating services to individuals with developmental disabilities;
D. Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code "), before their issuance, they are required to be approved by the
"applicable elected representative" of the governmental unit 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;
E. The members of this City Council ( "Council ") are the applicable elected
representatives of the City;
F. 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;
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 4 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 4 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:
Russ Trice, Sr. Associate
Fulbright & Jaworski L.L.P.
555 South Flower Street, Forty -First Floor
Los Angeles, California 90071
SECTION 6: This Resolution will become effective immediately upon adoption.
PASSED AND ADOPTED this 7th day of September, 2010.
Eric Busc Myor
ATTEST:
4' e
Y
Cind Morte�
City Clerk
APPROVED AS TO FORM:
Mark D. Hensley, City Attorney
Karl H. Ber, r,
Assistant City Attorney