HomeMy WebLinkAboutResolution - 3786STATE OF CALIFORNIA ) RESOLUTION NO. 3786
COUNTY OF RIVERSIDE) ss.
CITY OF SAN JACINTO )
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO
APPROVING THE ISSUANCE BY CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY OF NOT TO EXCEED $16,000,000
AGGREGATE PRINCIPAL AMOUNT OF THE AUTHORITY'S REVENUE
OBLIGATIONS FOR THE BENEFIT OF SAN JACINTO VALLEY
ACADEMY, INC. FOR THE PURPOSE OF FINANCING THE COST OF
ACQUISITION, CONSTRUCTION, DEVELOPMENT, INSTALLATION,
EQUIPPING AND FURNISHING OF EDUCATIONAL FACILITIES AND
RELATED AND ANCILLARY FACILITIES
WHEREAS, San Jacinto Valley Academy, Inc., a nonprofit public benefit
corporation duly organized and existing under the laws of the State of California, and/or
a related or successor entity (the "Borrower") has requested that the California Enterprise
Development Authority (the "Authority") issue tax-exempt and/or taxable revenue
obligations in an amount not to exceed $15,000,000 (the "Obligations"), for and on behalf
of the Borrower, pursuant to the provisions of Chapter 5 of Division 7 of Title 1 of the
Government Code of the State (commencing with Section 6500) (the "Act"), to (a) finance
and refinance the costs of the acquisition, construction, development, installation,
equipping and furnishing of approximately 90,000 square feet of educational facilities and
related and ancillary facilities for up to 1,800 students in kindergarten through 12th grade,
located at 480 N San Jacinto Ave, San Jacinto, California 92583 and at an approximately
6.73 acre parcel located adjacent to the south thereof (collectively, the "Facilities"), (b)
funding a reserve fund, a repair and replacement fund, and capitalized interest with
respect to the Obligations, if necessary; and (c) paying certain expenses incurred in
connection with the issuance of the Obligations, including any applicable credit
enhancement costs for the Obligations; and
WHEREAS, the Borrower owns and operates the Facilities as an educational
institution for students in kindergarten through 12th grade; and
WHEREAS, the City of San Jacinto (the "City") is an Associate Member of the
Authority and is eligible to participate in the Authority's financing programs; and
WHEREAS, the issuance of the Obligations shall be subject to the approval of and
execution by the Authority of all financing documents relating thereto to which the
Authority is a party; and
WHEREAS, the Facilities are located within the territorial limits of City; and
WHEREAS, the interest on the Obligations may qualify for tax exemption under
Section 103 of the Internal Revenue Code of 1986, as amended (the "Code") only if the
Obligations are approved in accordance with Section 147(f) of the Code; and
WHEREAS, the City Council of the City (the "City Councii") is the elected legislative
body of the City and is the applicable elected representative required to approve the issue
within the meaning of Section 147(f) of the Code; and
WHEREAS, the Borrower and the Authority have requested the City Council to
approve the issuance of the Obligations in order to satisfy the public approval
requirements of Section 147(f) of the Code; 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, a public hearing was held by the City Council on this 3rd day of
December, 2019, at the meeting which commenced at the hour of 6:30 p.m., at the San
Jacinto Community Center, 625 S. Pico Ave, San Jacinto, Califomia 92583, following a
duly published notice thereof in a newspaper of general circulation in the City of San
Jacinto, on November 26, 2019, and all persons desiring to be heard have been heard;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San
Jacinto, 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 hereby approves the issuance of the Obligations by
the Authority, from time to time, pursuant to a plan of finance, which Obligations may be
tax-exempt and/or taxable as approved by the Authority in its resolution, in an amount not
to exceed $15,000,000 to finance and refinance the costs of the Facilities. This resolution
shall constitute "host" 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 interest on the
Obligations, the payment of the principal of or interest on the Obligations or any other
matter related to the Obligations. The City does not have any responsibility for the debt
and is not pledging any assets as security for the debt.
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 execute and deliver
any and all certificates and documents which they or bond counsel may deem necessary
or advisable in order to consummate the Obligations and otherwise to effectuate the
purposes of this Resolution.
Section 4. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing for the Facilities; (ii) approve any application
or request for or take any other action in connection with any planning approval, permit or
other action necessary for the acquisition, construction, rehabilitation or operation of the
Facilities; or (iii) make any contribution or advance any funds whatsoever to the Authority.
Section 5. This Resolution shall take effect from and after its adoption.
Section 6. The City Clerk of the City of San Jacinto shall certify the adoption of
this resolution, and thenceforth and thereafter the same shall be in full force and effect.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council
meeting on the 31d day of December 2019 by the following vote:
AYES: Kotyuk, Ledezma, Lopez, Ruiz, Utz
NAYS: None
ABSENT: None
ABSTAIN: None
CITY OF SAN JACINTO:
Andrew Kotyuk, Mayor
ATTEST:
An i a' &F, t ity Clerk
APPROVED AS TO FORM:
BEST BEST & KRIEGER, LLP
c0
Michael J. Maurer, City Attorney
0
STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) ss
CITY OF SAN JACINTO)
CERTIFICATION
I, Angela Walton, duly appointed City Clerk of the City of San Jacinto, do hereby
certify that the foregoing Resolution No. 3786 was duly passed, approved and adopted
at a regular meeting of the City Council of the City of San Jacinto on the 3rd day of
December 2019, by the following vote:
AYES: Kotyuk, Ledezma, Lopez, Ruiz, Utz
NAYS: None
ABSENT: None
ABSTAIN: None
WITNESS MY HAND AND OFFICIAL SEAL of the City of San Jacinto this 3rd day of
December 2019.
14"_
a Walton, City Clerk
C of San Jacinto