HomeMy WebLinkAbout2017-072 - Approving the Issuance of the California Municipal Finance Authority Revenue BondsRESOLUTION NO. 2017-072
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING THE ISSUANCE OF THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY
REVENUE BONDS (MATER DEI HIGH SCHOOL
PROJECT) SERIES 2017A, IN ONE OR MORE SERIES IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$17,000,000, FOR THE PURPOSE OF FINANCING THE
DESIGN, CONSTRUCTION AND IMPROVEMENT OF
PARKING 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, as amended (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 (as amended to
date, 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;
WHEREAS, the City of Santa Ana, California (the "City"), by City Council
Resolution No. 2008-053 adopted on July 7, 2008, is a Member of the Authority;
WHEREAS, The Roman Catholic Bishop of Orange, a corporation solely
organized and existing under the laws of the State of California and described in
Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the
"Corporation"), has requested that the Authority participate in the issuance of one or
more series of revenue bonds in an aggregate principal amount not to exceed
$17,000,000 (the "Bonds") for the benefit of Mater Dei High School (the "School"), for
(a) financing all or any portion of the costs of design, construction, installation,
improvement, furnishing, and/or equipping of a new approximately 990 space parking
structure (the "Parking Facility") on property owned or to be owned by the Borrower, on
or adjacent to the School's campus at 1202 W. Edinger Avenue, Santa Ana, California
92707, for the use and benefit of the School, and (b) the payment of costs of issuance
and certain interest with respect to the Bonds;
WHEREAS, the Parking Facility is to be owned by the Corporation for the benefit
of the School, will be operated by or on behalf of the School and will be located within
the City;
WHEREAS, the Corporation has requested the issuance of the Bonds in order to
finance the Project to effect significant public benefits pursuant to the Act; and
Resolution No. 2017-072
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WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986
(the "Code"), the issuance of the Bonds by the Authority must be approved by a
governmental unit having jurisdiction over the area in which the Project is located;
WHEREAS, the City Council of the City (the "City Council") is the elected
legislative body of the City and is one of the "applicable elected representatives"
required to approve the issuance of the Bonds under Section 147(f) of the Code;
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;
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has,
following notice duly given, held a public hearing regarding the issuance of the Bonds,
and now desires to approve the issuance of the Bonds by the Authority;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Santa
Ana, as follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitute
approval of the issuance of the Bonds by the Authority for the purposes of:
(a) Section 147(f) of the Code, by the applicable elected representative of a
governmental unit having jurisdiction over the area in which the Project is to be located,
in accordance with said Section 147(f); and, (b) Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to 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 repayment or
administration of the Bonds.
Section 4. The adoption of this Resolution shall not obligate the City or any
department thereof to: (i) provide any financing with respect to 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 with respect to 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.
Section 5. The City Manager and applicable Executive Directors are hereby
authorized and directed, jointly and severally, to do any and all things and to execute
and deliver any and all documents which 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 transaction approved hereby.
Section 6. This resolution shall take effect immediately upon its adoption.
Resolution No. 2017-072
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ADOPTED this 21s' day of November, 2017.
APPROVED AS TO FORM:
Sonia Fj rv; ,Iho, City Attorney
AYES:
NOES:
ABSTAIN:
NOT PRESENT:
Attorney
Councilmembers
Councilmembers
Councilmembers
Councilmembers
Benavides, Martinez, Pulido, Sarmiento,
Solorio, Tinaiero, Villegas (7)
None (0)
None (0)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached
Resolution No. 2017-072 to be the original resolution adopted by the City Council of the
City of Santa Ana on November 21, 2017.
Date: 1! bg
�- a--c-'D, / I
Maria D. Huizar
Clerk of the Council
City of Santa Ana
Resolution No. 2017-072
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