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HomeMy WebLinkAbout2022-68 CC ResolutionRESOLUTION NO.2022-68 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA APPROVING THE ISSUANCE BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY OF NOT TO EXCEED $27,000,000 AGGREGATE PRINCIPAL AMOUNT OF THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY REVENUE OBLIGATIONS FOR THE PURPOSE OF FINANCING, REFINANCING AND/OR REIMBURSING THE COST OF ACQUISITION, CONSTRUCTION, INSTALLATION, EQUIPPING AND FURNISHING EDUCATIONAL FACILITIES FOR THE BENEFIT OF LINFIELD CHRISTIAN SCHOOL AND OTHER MATTERS RELATING THERETO HEREIN SPECIFIED WHEREAS, Linfield Christian School, a nonprofit religious corporation duly organized and existing under the laws of the State of California (the "Borrower"), has submitted and the California Enterprise Development Authority (the "Authority") has accepted, an application requesting the Authority to issue, from time to time, pursuant to a plan of finance, of one or more series of its tax-exempt bonds, notes, or other evidence of indebtedness, in an amount not to exceed 27,000,000 (the "Obligations") for the benefit of the Borrower pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State (commencing with Section 6500) (the "Act"); and WHEREAS, the proceeds of the Obligations will be used to (a) finance, refinance and/or reimburse the cost of the acquisition, construction, installation, renovation, rehabilitation and equipping of the Borrower's educational facilities located at 31950 Pauba Road, Temecula, California 92592 (the "Property"), including, but not limited to, a middle school building, a high school building, a maintenance building, elementary school classrooms, road improvements, a gymnasium, a track, and other capital improvements to the Property (collectively, the "Facilities"); and (b) pay certain costs of issuance in connection with such financing and refinancing; and WHEREAS, the issuance of the Obligations must be approved by the governmental unit on behalf of which the Obligations are issued and a governmental unit having jurisdiction over the territorial limits in which the Facilities are located pursuant to the public approval requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS, the Facilities are located within the territorial limits of City of Temecula (the City") and the City Council of the City of Temecula (the "City Council") is the elected legislative body of the City; and WHEREAS, the Authority and the Borrower have requested that the City Council approve the issuance of the Obligations by the Authority and the financing or refinancing of the cost of the development, construction, installation, equipping and furnishing of the Facilities with the proceeds of the Obligations pursuant to Section 147(f) of the Code; and WHEREAS, the Facilities will provide significant benefits to the City's residents through providing a quality and future -oriented education for students in the area and the Facilities will also create and retain employment opportunities for City's residents; and WHEREAS, the Authority's issuance of the Obligations will result in a more economical and efficient issuance process because of the Authority's expertise in the issuance of conduit revenue obligations; and WHEREAS, it is intended that this Resolution shall comply with the public approval requirements of Section 147(f) of the Code; provided, however, that this Resolution is neither intended to nor shall it constitute an approval by the City Council of the Facilities for any other purpose; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council of the City, following notice duly given, held a public hearing regarding the issuance of the Obligations and now desires to approve the issuance of the Obligations by the Authority. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TEMECULA, AS FOLLOWS: Section 1. The City Council hereby finds and determines that all of the recitals are true and correct. Section 2. The City Council finds that the Facilities will provide the significant benefits set forth in the recitals above. The City Council hereby approves the issuance of the Obligations by the Authority, which Obligations may be tax-exempt and/or taxable as approved by the Authority in its resolution, in an amount not to exceed. $27,000,000 to finance, refinance and/or reimburse the cost of the Facilities and paying the costs of issuance of the Obligations. This resolution shall constitute approval of the issuance of the Obligations within the meaning of Section 147(f) of the Code and shall constitute the approval of the issuance of the Obligations within the meaning of the Act; provided, however, that this Resolution shall not constitute an approval by the City Council of the Facilities for any other purpose. The City shall not bear any responsibility for the tax-exempt status of the Obligations, the repayment of the Obligations or any other matter related to the Obligations. Section 3. All actions heretofore taken by the officers, employees and agents of the City with respect to the approval of the Obligations are hereby approved, confirmed and ratified, and the officers and employees of the City and their authorized deputies and agents are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all certificates and documents which they or special counsel may deem necessary or advisable in order to consummate the Obligations and otherwise to effectuate the purposes of this Resolution. Section 4. This Resolution shall take effect from and after its adoption. E PASSED, APPROVED, AND ADOPTED by the City Council of the City of Temecula this 23rd day of August, 2022. ATTES . Randi o 1, City Clerk SEAL] 1 1 MattRahn, Mayor CERTIFICATE OF THE CITY CLERK I, Randi Johl, City Clerk of the City of Temecula, hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at the meeting of the City Council of the City of Temecula duly and regularly held in Temecula, California, on August 23, 2022, of which meeting all of the members of said City Council had due notice. I further certify that I have carefully compared the foregoing copy with the original minutes of said meeting on file and of record in my office; that said copy is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and that said resolution has not been amended, modified, rescinded or revoked in any manner since the date of its adoption, and the same is now in full force and effect. IN WITNESS WHEREOF, I have executed this certificate and affixed the seal of the City of Temecula hereto this 23rd day of August, 2022. Randi Johl, City Clerk 1 1