CC RESOLUTION 4777 RESOLUTION NO. 4777
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO APPROVING THE ISSUANCE OF CALIFORNIA MUNICIPAL
FINANCE AUTHORITY REVENUE OBLIGATIONS IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $12,500,000 FOR THE
PURPOSE OF REFINANCING THE ACQUISITION, REHABILITATION,
IMPROVEMENT AND EQUIPPING OF EDUCATIONAL FACILITIES FOR
THE BENEFIT OF VISTAMAR SCHOOL 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 Chapter 5 of Division 7 of Title 1 of the Government Code and
the terms of a Joint Exercise of Powers Agreement, effective as of 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, cultural and
community development in the State of California and in order to exercise
powers common to the Members, including the issuance of bonds, notes or
other evidence of indebtedness;
B. Vistamar School, a California nonprofit public benefit corporation (the
"Borrower"), requested that the Authority participate in the issuance, from
time to time pursuant to a plan of finance, of revenue obligations, in one or
more series and at one or more times, in an aggregate principal amount not
to exceed $12,500,000 (the "Obligations") for the purpose of refinancing the
acquisition, rehabilitation, improvement and equipping of certain real
property and improvements thereon (consisting of property located within
the City of El Segundo (the "City"), at 737 Hawaii Street, El Segundo,
California 90245) and to pay certain expenses incurred in connection with
the issuance of the Obligations (the "Project");
C. The Project is owned and operated by Borrower in the furtherance of its
charitable purpose of empowering students and preparing them to
contribute and excel in higher education and in life;
D. The Obligations 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;
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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 Obligations 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 Obligations;
G. It is intended that this Resolution constitutes the approval of the issuance of
the Obligations 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 Obligations by the Authority from
time to time pursuant to a plan of finance. It is the purpose and intent of the Council that
this resolution constitute approval of the Obligations 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:
Harriet M. Welch, Esq.
Squire, Sanders & Dempsey LLP
555 South Flower Street, Suite 3100
Los Angeles, California 90071-2300
SECTION 6: This Resolution will become effective immediately upon adoption.
PASSED AND ADOPTED this 5t" day of June, 2012.
CarrCcobso , ayor
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ATTEST:
lWuw
Tracy Weaver, City Clerk
APPROVED AS TO FORM:
City Attorney
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