RES-11119 Reconstruction Lutheran High Schoolra *11]5111 Ville IeCox f_II_V RESOLUTION
OF THE CITY COUNCIL OF THE CITY
OF ORANGE APPROVING THE ISSUANCE BY
CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY
OF NOT TO EXCEED $17,000,000 AGGREGATE
PRINCIPAL AMOUNT OF THE ISSUER'
S REVENUE OBLIGATIONS FOR THE PURPOSE
OF FINANCING AND REFINANCING THE
COST OF ACQUISITION, CONSTRUCTION, RENOVATION,
INSTALLATION, EQUIPPING AND FURNISHING
OF FACILITIES FOR THE BENEFIT OF
LUTHERAN HIGH SCHOOL ASSOCIATION OF ORANGE
COUNTY, PROVIDING THE TERMS AND CONDITIONS
FOR SUCH OBLIGATIONS AND OTHER
MATTERS RELATING THERETO HEREIN SPECIFIED.
WHEREAS,
Lutheran High School Association of Orange County, a nonprofit religious corporation
duly organized and existing under the laws of the State of California (the "Borrower"), has
submitted and the California Enterprise Development Authority (the "Issuer") has accepted, an application
requesting the Issuer to issue, from time to time, pursuant to a plan of finance, its tax- exempt
and/or taxable revenue obligations in an aggregate principal amount not to exceed 17,
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") the proceeds
of which will be used to (a) refinance the Borrower's loan obligations under the Loan Agreement,
dated as of September 1, 2010, as amended, between the Borrower and the Issuer, the proceeds
of which loan to the Borrower thereunder financed and refinanced the cost of the acquisition,
construction, renovation, installation, equipping and furnishing the real property and improvements
located at 2222 North Santiago Boulevard, Orange, California 92867 (the Facilities");
and (b) pay certain costs of issuance in connection with the financing; and WHEREAS,
the issuance of the Obligations must be approved by the governmental unit on behalf
of which the Obligations are issued and a governmental unit having jurisdiction over the territorial
limits in which the Facilities are located pursuant to the public approval requirement of Section
147(fl of the Internal Revenue Code of 1986, as amended (the "Code"); and WHEREAS,
the Facilities are located within the territorial limits of City of Orange (the City")
and the City Council of the City of Orange (the "City Council") is the elected legislative body
of the City; and WHEREAS,
the Facilities provide significant benefits to the residents of the City through the
services provided by the Borrower and the Facilities will also create employment opportunities for
residents of the City; and
WHEREAS, the Issuer and the Borrower have requested that the City Council approve the
issuance of the Obligations by the Issuer and the financing of the Facilities with the proceeds of the
Obligations pursuant to Section 147(f) of the Code; and
WHEREAS, the Issuer's issuance of the Obligations will result in a more economical and
efficient issuance process because of the Issuer's expertise in the issuance of conduit revenue
bonds; 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 November 13, 2018, at
the meeting which commenced at the hour of 6:00 p.m., at the City of Orange, Council Chambers,
located at 300 East Chapman Avenue, Orange, California 92867, following duly published notice
thereof in a newspaper of general circulation in the City of Orange, and all persons desiring to be
heard have been heard.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Orange as
follows: _
Section 1. The City Council hereby finds and determines that all of the recitals are true and
correct. The City Council hereby approves the issuance of the Obligations by the Issuer, which
Obligations may be tax-exempt and/or taxable as approved by the Issuer in its resolution, in an
amount not to exceed $17,000,000 to finance and refinance the cost of the Facilities. This resolution
shall constitute 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 Obligations, the repayment of the Obligations or any other matter related to the
Obligations.
Section 2. 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 do any and all things and 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 3. 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 Issuer or the Borrower; or (iv) take any further action with respect to the Issuer or its
membership therein.
Resolution No. 11119
Section 4. This Resolution shall take effect from and after its adoption.
ADOPTED this 131h day of November 2018.
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Teresa E. Smith, Mayor, City of Orange
ATTEST:
I& "t"-
Robert Zorfo, Chief Clerk, City of Orange
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF ORANGE
I, ROBERT ZORNADO, Chief Clerk of the City of Orange, California, do hereby certify
that the foregoing Resolution was duly and regularly adopted by the City Council of the City of
Orange at a regular meeting therefore held on the 131h day of November 2018, by the following
vote:
AYES: COUNCILMEMBERS: Alvarez, Whitaker, Smith, Murphy, Nichols
NOES: COUNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
M'r _Jx
Robert Zo do, Chief Clerk, City of Orange
Resolution No. 11119