HomeMy WebLinkAboutResolution No. 02-C0760 0
RESOLUTION NO. 02-C76
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA, CALIFORNIA
APPROVING THE ISSUANCE OF CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY REVENUE BONDS FOR THE PURPOSE OF FINANCING
THE COSTS OF ACQUISITION, CONSTRUCTION, INSTALLATION, FURNISHING AND
EQUIPPING OF CERTAIN EDUCATIONAL FACILITIES AND CERTAIN OTHER
MATTERS RELATING THERETO
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized pursuant to Title 1, Division 7, Chapter 5 of the Government Code of
the State of California and the terms of an Amended and Restated Joint Exercise of Powers
Agreement, dated as of June 1, 1988 (the "Agreement'), among certain local agencies
throughout the State of California, including the City of Azusa, California (the "City"), to issue
revenue bonds and other forms of indebtedness to promote economic development within the
State of California; and
WHEREAS, Azusa Pacific University (the "Corporation"), an organization
described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code"), has requested
that the Authority issue revenue bonds in one or more series in a maximum aggregate principal
amount of $20,000,000 (the "Bonds") to finance the costs of acquisition, construction,
improvement, furnishing and equipping of certain educational facilities including but not limited
to a new residence facility, a dining facility, a mail center and related infrastructure
improvements (the "Project'), which are or will be owned and operated by the Corporation and
located in the City; and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, the
Bonds are required to be approved by the "applicable elected representative" of the
governmental unit on whose behalf the Bonds are expected to be issued and by a governmental
unit having jurisdiction over the entire area in which any facility financed by the Bonds is to be
located, after a public hearing held following reasonable public notice; and
WHEREAS, the facilities to be financed are located within the territorial limits of
the City; and
WHEREAS, the members of the City Council are the applicable elected
representatives of the City; and
WHEREAS, there has been published, at least 14 days prior to the date hereof, in
a newspaper of general circulation within the City of Azusa, a notice that a public hearing
regarding the Bonds would be held on the date hereof; and
WHEREAS, such public hearing was conducted on this date by the City Council,
at which time an opportunity was provided to interested parties to present arguments both for and
against the issuance of the Bonds; and
DOCSLAI:422360.1
0 0
WHEREAS, it is intended that this resolution shall constitute the approval of the
issuance of the Bonds and the Project required by Section 147(1) of the Code and Section 9 of the
Agreement, as applicable;
NOW THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES
AND RESOLVES as follows:
The above recitals are true and correct.
2. The City Council hereby approves the issuance of the Bonds by the
Authority and the Project to be financed and refinanced thereby. It is the purpose and intent of
the City Council that this resolution constitute approval of the Bonds for the purposes of
Section 147(1) of the Code and the approval of the Project, including the issuance of the Bonds,
for purposes of Section 9 of the Agreement.
3. 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
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.
Resolution to:
4. The City Clerk is hereby directed to forward two certified copies of this
Megan V. Hamilton, Esq.
Orrick, Herrington & Sutcliffe LLP
777 South Figueroa Street, Suite 3200
Los Angles, California 90017
5. This resolution shall take effect immediately upon its adoption.
ADOPTED by the City Council and signed
Clerk this 15th day of July, 2002.
City
Mayor of the City of Azusa
ATTEST
City Clerk of the City of Azusa
DOCSLA1:422360.1 -2-
•
0
I, Vera Mendoza, City Clerk of the City of Azusa, California, hereby certify that
the foregoing resolution was duly and regularly introduced and adopted at a meeting of the City
Council of said City at its meeting held on the 15th day of July, 2002, by the following vote, to
wit:
AYES: HARDISON, CHAGNON, ROCHA
NOES: MADRID
ABSTAIN: STANFORD
ABSENT: NONE
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official
seal of the City of Azusa, California this 15th day of JulY , 2002.
City Clerk of the City of Azusa
[SEAL]
DOCSLA1:422360.1