HomeMy WebLinkAboutCC Resolution 15249 (Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)Public Hearing for Tax-Exempt Financing - The Shining Star Foundation)RESOLUTION NO. 15249
RESOLUTION APPROVING THE ISSUANCE BY THE CALIFORNIA
ENTERPRISE DEVELOPMENT AUTHORITY OF NOT TO EXCEED $2,000,000
AGGREGATE PRINCIPAL AMOUNT OF THE CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY’S REVENUE OBLIGATIONS FOR THE
PURPOSE OF FINANCING, REFINANCING AND/OR REIMBURSING THE
COST OF ACQUISITION, CONSTRUCTION, INSTALLATION, EQUIPPING AND
FURNISHING OF CERTAIN FACILITIES FOR THE BENEFIT OF THE SHINING
STAR FOUNDATION AND OTHER MATTERS RELATING THERETO HEREIN
SPECIFIED
WHEREAS, The Shining Star Foundation, a California nonprofit public benefit corporation and an
organization described in Section 501(c)(3) of the Code (the “Borrower”), has requested that the
California Enterprise Development Authority (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 $2,000,000 (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”), to (a) finance, refinance and/or reimburse the
Borrower for the cost of acquiring, constructing, renovating, remodeling, installing, equipping and
furnishing the facilities located at (i) 171 and 181 Carlos Drive, San Rafael, California 94903,
consisting of two commercial buildings with approximately 13,691 square feet of space in the
approximate amount of $1,700,000 and (ii) the rehabilitation and equipping of the real property
and improvements located at 4470 Redwood Highway, San Rafael, California 94903, consisting
of the Borrower’s main building with classrooms, a gymnasium, teaching kitchen and offices for
specialists in the approximate amount of $300,000 (collectively, the “Facilities”), and (b) pay
certain financing costs and costs of issuance in connection with the issuance of the Obligations
(collectively, the “Project”); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the “Code”), the
issuance of the Obligations by the Authority must be approved by the City Council of the City of
San Rafael (the “City”) because the Project is to be 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 one of the “applicable elected representatives” required to approve the issuance of the
Obligations under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the issuance of the
Obligations by the Authority in order to satisfy the public approval requirement of Section 147(f)
of the Code; and
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 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 San Rafael as
follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Obligations by the Authority,
including but not limited to Obligations issued as part of a plan to finance the Facilities described
herein. It is the purpose and intent of the City Council that this resolution constitute approval of
the issuance of the Obligations by the Authority, for the purposes of Section 147(f) of the Code
by the applicable elected representative of the governmental unit having jurisdiction over the area
in which the Project is to be located, in accordance with said Section 147(f) and the Act. This
resolution shall also constitute the approval of the issuance of the Obligations by the Authority
within the meaning of the Joint Exercise of Powers Act, comprising Articles 1, 2, 3 and 4 of
Chapter 5 of Division 7 of Title 1 (commencing with Section 6500) of the Government Code of the
State of California.
Section 3. The City shall not bear any responsibility or liability for the issuance of the Obligations,
the tax-exempt status of the Obligations, the repayment of the Obligations or any other matter
related to the Obligations.
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 Facilities; (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 Facilities; (iii) make any contribution or advance any funds
whatsoever to the Authority or the Borrower; or (iv) take any further action with respect to the
Authority or its membership therein.
Section 5. All actions heretofore taken by the officers, employees, and agents of the City with
respect to the approval of the issuance of the Obligations are hereby approved, confirmed, and
ratified, and the officers of the City 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 or special counsel
may 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.
I, LINDSAY LARA, 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 City Council of the City
of San Rafael, held on Monday, the 21st day of August 2023, by the following vote, to wit:
AYES: Councilmembers: Bushey, Hill, Kertz & Mayor Pro Tem Llorens Gulati
NOES: Councilmembers: None
ABSENT: Councilmembers: Mayor Kate
Lindsay Lara, City Clerk