RES-10504 Approval For Issuance of california Enterprise Development AuthorityRESOLUTION NO. 10504
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE APPROVING THE ISSUANCE
BY CALIFORNIA ENTERPRISE DEVELOPMENT
AUTHORITY OF NOT TO EXCEED $20,000,000
AGGREGATE PRINCIPAL AMOUNT OF THE
AUTHORITY'S REVENUE OBLIGATIONS FOR
THE PURPOSE OF REFINANCING AND
FINANCING 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
corporation duly organized and existing under the laws of the State of California (the
Corporation), has submitted and the California Enterprise Development Authority (the
Authority) has accepted, an application requesting the Authority 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 $20,000,000 (the Obligations) for the benefit of the
Corporation 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 in part to (
a)refinance and finance 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); (b) fund the cost of any
credit enhancement costs with respect to the financing; and (c) pay certain costs of issuance
in connection with the financing;
and WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986,
as amended (the Code), the issuance of the Obligations by the Authority must be approved
by a governmental unit having jurisdiction over the territorial limits in which the
Facilities are located;
and WHEREAS, the Facilities are located within the territorial limits of City of
Orange the City) and 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 Bonds under Section 147(f) of the Code;
WHEREAS, the Authority and the Corporation have requested that the City Council
approve the issuance of the Obligations by the Authority and the financing of the Facilities
with the proceeds of the Obligations pursuant to Section 147(f) of the Code; and
WHEREAS, the Authority's issuance of the Obligations will result in a more
economical and efficient issuance process because of the Authority'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, 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 Bonds, and now desires
to approve the issuance of the Bonds by the Authority.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by
the City Council of the City, on the basis of the facts set forth in the agenda report presented
to it and any testimony received at the meeting at which this matter was considered, 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
Authority, which Obligations may be tax-exempt and/or taxable as approved by the
Authority in its resolution, in an amount not to exceed $20,000,000 to finance and refinance the cost
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. 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. The issuance and delivery 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 subject to the sale of the
Obligations by
the Authority.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 is solely for the purpose of
meeting the requirements of the Code and shall not be construed in any other manner, neither the
City nor its staff having fully reviewed or considered the financial feasibility of the Facilities
or
expected financing or operation of the Facilities, and such adoption shall not obligate the
City, or any department of the City, to approve any application or request for, or take any
other action in connection with, any environmental, General Plan, zoning or any other permit
or other action necessary for the Facilities.
Section 4. This Resolution shall take effect from and after its adoption.
RESOLVED FURTHER, the City Clerk of the City of Orange shall certify the
adoption of this resolution, and thenceforth and thereafter the same shall be in full force and
effect.
ADOPTED this 10`" day of August, 2010
lyn V../gavec~he, Mayor, City of Orange
ATTEST:
Mary E.~, City Clerk;Orange
I, MARY E. MURPHY, City 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 thereof held on the 10''' day of August, 2010, by the
following vote:
AYES:COUNCILMEMBERS:Smith, Murphy, Cavecche, Dumitru, Bilodeau
NOES:COUNCILMEMBERS:None
ABSENT:COUNCILMEMBERS:None
ABSTAIN:COUNCILMEMBERS:None
Mary E. M City Clerk, Ci ange
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