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HomeMy WebLinkAboutCC Resolution 10807 (Saint Mark's School)RESOLUTION NO. 10807 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL APPROVING A FINANCING TO BE UNDERTAKEN BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY TO BENEFIT SAINT MARK'S SCHOOL WHEREAS, Saint Mark's School (the "School") has requested that California Statewide Communities Development Authority (the "Authority") participate in a financing for the purpose of financing the acquisition, construction, renovation and reconstruction of certain educational facilities (the "Facilities") located within the City of San Rafael (the "City"); and WHEREAS, the Authority will issue its revenue bonds (the "Bonds"), in an aggregate principal amount not to exceed $6,000,000, in connection with the financing; and WHEREAS, the Authority and the School will enter into a loan agreement (the "Loan Agreement") under which the Authority will loan the proceeds of the Bonds to the School and the School will use such moneys for the purpose of financing the costs of acquisition, construction, renovation and reconstruction of educational facilities; and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the issuance of the Bonds must be approved by the City because the Facilities are located within the territorial limits of the City; and WHEREAS, the City Council of the City (the "City Council") is the elected legislative body of the City and is the applicable elected representative required to approve the issuance of the Bonds under Section 147(f) of the Code; WHEREAS, the School and the Authority have requested that the City approve the issuance of the Bonds in order to satisfy the public approval requirements of the Code, and to satisfy the requirements of Section 147(f) of the Code and the requirements of Section 9 of the Amended and Restated Joint Exercise of Powers Agreement (the "Agreement"), dated as of June 1, 1988, among certain local agencies, including the City; and WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the Financing and the execution and delivery of the Loan Agreement, and now desires to approve the Financing and the execution and delivery of the Loan Agreement; and WHEREAS, the City Council understands that its actions in holding this Public Hearing and in approving this Resolution do not obligate the City in any manner for payment of the principal, interest, fees or any other costs associated with the issuance of these bonds, and said Council expressly conditions its approval of this Resolution on that understanding. 6715v2 022061 004966 SFNWOI 'U"LMAL o% NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of San Rafael, as follows: Section 1. The City Council hereby approves the issuance of Bonds for purposes of Section 147(f) of the Code and Section 9 of the Agreement. Section 2. The officers of the City Council are hereby authorized and directed, jointly and severally, to do any and all things and execute and deliver any and all documents, certificates and other instruments which they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds by the Authority, and to execute and deliver such certificates and other documents they may deem appropriate and otherwise to carry out, give effect to and comply with the terms and intent of this Resolution. Any actions heretofore taken by such officers are hereby ratified and approved. Section 3. The Council expressly conditions its approval of this Resolution on its understanding that the City of San Rafael shall have no obligation whatsoever to pay any principal, interest, fees or any other costs associated with the Authority's issuance of these private activity bonds for the construction of improvements at Saint Mark's School in San Rafael. Section 4. This Resolution shall take effect from and after its passage and approval. I, JEANNE M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing Resolution was duly and regularly introduced and adopted at a regular meeting of the Council of said City on Monday, the 2nd day ofApri 1,2001, by the following vote, to wit: AYES: COUNCILMEMBERS: Cohen, Heller, Miller and Mayor Boro NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: Phillips Ute- y . \ `► j w-�2�c,.n.-- JEAXI E M. LEONCINI, City Clerk 6715v2 022061;004966 SFNW01 TITLE 26, UNITED STATES CODE, SECTION 147(f) (0 Public approval required for private activity bonds.— (1) In general. --A private activity bond shall not be a qualified bond unless such bond satisfies the requirements of paragraph (2). (2) Public approval requirement.— (A) In general. --A bond shall satisfy the requirements of this paragraph if such bond is issued as a part of an issue which has been approved by -- (i) the governmental unit -- (1) which issued such bond, or (II) on behalf of which such bond was issued, and (ii) each governmental unit having iurisdiction over the area in which anv facility, with respect to which financing is to be provided from the net proceeds of such issue, is located (except that if more than 1 governmental unit within a State has jurisdiction over the entire area within such State in which such facility is located, only 1 such unit need approve such issue). (B) Approval by a governmental unit. --For purposes of subparagraph (A), an issue shall be treated as having been approved by any governmental unit if such issue is approved -- (i) by the applicable elected representative of such governmental unit after a public hearing following reasonable public notice. or (ii) by voter referendum of such governmental unit.