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HomeMy WebLinkAboutCC Resolution 13137 (Guide Dogs for the Blind)RESOLUTION NO. 13137 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL APPROVING A FINANCING TO BE UNDERTAKEN BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $12,500,000 FOR THE PURPOSE OF FINANCING AND REFINANCING THE DEMOLITION, CONSTRUCTION, RENOVATION, REHABILITATION, IMPROVEMENT AND EQUIPPING OF A DORMITORY AND OTHER CAPITAL FACILITIES AND CERTAIN OTHER MATTERS RELATING THERETO TO BENEFIT GUIDE DOGS FOR THE BLIND, INC. WHEREAS, Guide Dogs for the Blind, Inc., a California nonprofit public benefit corporation (the "Corporation"), has requested that the California Statewide Communities Development Authority (the "Authority") participate from time to time over the next three years in issuing one or more tax-exempt obligations (the "Obligation") in an aggregate principal amount not to exceed $12,500,000, for the purpose of financing and/or refinancing various capital facilities (the "Project") as more fully described below; and WHEREAS, First Republic Bank or any other lender selected by the Corporation (the "Lender"), the Authority and the Corporation will enter into a master loan agreement (the "Master Loan Agreement") under which the Authority will loan the proceeds of the Obligation to the Corporation for the following purposes: (1) finance the costs of demolition, construction, installation, renovation, rehabilitation, improvement and equipping of a dormitory located at 350 Los Ranchitos Road, San Rafael, California 94903 (the "San Rafael Campus"); (2) finance the costs of miscellaneous construction, renovation, improvements, capital maintenance, equipment acquisition and installation thereof at the San Rafael Campus; and (3) pay various costs of issuance and other related costs with respect to the Obligation. The Project will be owned and operated by the Corporation; and WHEREAS, the Project is to be owned and operated by the Corporation and is located within the City of San Rafael (the "City"); and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the issuance of the Obligation by the Authority must be approved by the City because the Project is located within the territorial limits of the City; and WHEREAS, the City Council of the City of San Rafael (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 Obligation under Section 147(f) of the Code; and WHEREAS, the Corporation and the Authority have requested that the City Council approve the issuance of the Obligation by the Authority for the purposes of financing and/or refinancing the Project in order to satisfy the public approval requirements of Section 147(f) of the Code and Section 9 of the Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1, 1988 (the "Agreement"), 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 issuance of the Obligation, and now desires to approve the issuance of the Obligation by the Authority; 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 the Obligation, and said City Council expressly conditions its approval of this Resolution on that understanding. 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 the Obligation by the Authority for the purposes of financing and/or refinancing the Project. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Obligation by the Authority, for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the issuer of the Obligation and the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said Section 147(f), and (b) 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 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. Any actions heretofore taken by such officers are hereby ratified and approved. Section 3. The City Council expressly conditions its approval of this Resolution on its understanding that the City shall have no obligation whatsoever to pay any principal, interest, fees or any other costs associated with the Authority's issuance of the Obligation for the financing and/or refinancing of the Project to be located in the City. Section 4. This Resolution shall take effect immediately upon its adoption. I, Esther C. Beirne, 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 on the 18`h day of April, 2011, by the following vote, to wit: AYES: COUNCILMEMBERS: Brockbank, Connolly, Heller & Mayor Boro NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: Levine Esther C. Beirne City Clerk