HomeMy WebLinkAbout05-048 CC Resolution
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RESOLUTION NO 05-48
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TEMECULA APPROVING THE ISSUANCE BY THE
COLORADO EDUCATIONAL AND CULTURAL FACILITIES
AUTHORITY OF ITS ADJUSTABLE RATE DEMAND REVENUE
BONDS, SERIES 2005 (LINFIELD CHRISTIAN SCHOOL
PROJECT) IN THE AGGREGATE PRINCIPAL AMOUNT OF
APPROXIMATELY $25,000,000
WHEREAS, Linfield Christian School, a California nonprofit corporation located at 31950
Pauba Road, Temecula, California (the "Corporation") has requested the Colorado Educational
and Cultural Facilities Authority (the "Issuer") to issue its Adjustable Rate Demand Revenue
Bonds, Series 2005 (Linfield Christian School Project), in the aggregate principal amount of
approximately $25,000,000 (the "Bonds"); and
WHEREAS, the proceeds of the Bonds will be used for the purposes of: (a) financing
the cost of acquiring, constructing and equipping various educational facilities for the
Corporation, a K-12 independent school (the "Facilities"); (b) refinancing certain existing
indebtedness of the Corporation, the proceeds of which were used to finance the cost of
acquiring, constructing and equipping the Facilities; (c) funding capitalized interest on the
Bonds; (d) funding a debt service reserve fund, if required; and (e) paying certain costs of
issuance of the Bonds, including initial costs of any credit enhancement (collectively, the
"Project"); and
WHEREAS, in order to achieve interest savings, the Corporation desires that the Bonds
be issued in compliance with the requirement of the Internal Revenue Code of 1986, as
amended (the "Code") so that interest on the Bonds will be excludable from the gross income of
the holders; and
WHEREAS, Section 147 (f) of the Code requires, as a condition to receiving tax-exempt
treatment of the interest on the Bonds, that an authorized, elected representative approve the
Bonds and the City Council of the City of Temecula (the "Council") constitutes such an
authorized, elected representative; and
WHEREAS, it is deemed necessary and advisable that this Resolution be adopted.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Temecula as
follows:
Section 1: The issuance of the Bonds by the Issuer in an aggregate amount not to
exceed $25,000,000 is hereby approved in accordance with the limited purposes of Section
147(f) of the Internal Revenue Code.
Section 2: Such approval shall be solely for the limited purposes of Section 147 (f) of
the Internal Revenue Code of 1986, and the City of Temecula, California, shall have no liabilities
for the payment of the Bonds nor shall any of its assets be pledged to the payment of the
Bonds. Additionally, nothing contained in this Resolution is intended to, nor shall it be
construed, to provide any representation to any person or bondholder concerning any matters
related to the issuance of the Bonds, except as specifically set forth herein.
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Section 3: The City Clerk shall certify the adoption of this Resolution and it shall take
effect and be in full force immediately after its adoption by the Council.
PASSED, APPROVED AND ADOPTED, this 26th day of April, 2005.
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, CMC, City Clerk of the City of Temecula, hereby do certify that the
foregoing Resolution No. 05-48 was duly adopted at a meeting of the City Council of the City of
Temecula on the 26th day of April, 2005 by the following roll call vote:
AYES:
5
COUNCILMEMBERS: Edwards, Naggar, Roberts, Washington,
Comerchero
NOES:
ABSENT:
o
COUNCILMEMBERS: None
o
COUNCILMEMBERS: None
ABSTAIN:
o
COUNCILMEMBERS: None
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