HomeMy WebLinkAboutResolution No. 2015-C06RESOLUTION NO. 2015-C6
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA,
CALIFORNIA, APPROVING THE ISSUANCE OF THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY REFUNDING REVENUE BONDS
(AZUSA PACIFIC UNIVERSITY PROJECT), SERIES 2015, IN ONE OR
MORE SERIES IN BOTH FIXED RATE AND VARIABLE RATE FORM
AND AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$150,000,000, FOR THE PURPOSE OF REFINANCING AND
REFUNDING BONDS PREVIOUSLY ISSUED TO FINANCE CERTAIN
FACILITIES AND IMPROVEMENTS FOR AZUSA PACIFIC
UNIVERSITY, AND CERTAIN OTHER MATTERS RELATING
THERETO
WHEREAS, Azusa Pacific University, a California nonprofit religious corporation and
an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the
"Borrower"), has requested that the California Municipal Finance Authority (the "Authority")
participate in the issuance of one or more series of revenue bonds in an aggregate principal
amount not to exceed $150,000,000 (the "Bonds"), to (1) refund and refinance the Authority's
Variable Rate Demand Refunding Revenue Bonds (Azusa Pacific University Project) Series
2011A and its Refunding Revenue Bonds (Azusa Pacific University Project) Series 2011B
(collectively, the "2011 Bonds"), the 2011 Bonds having been issued to refund and refinance the
California Statewide Communities Development Authority's Variable Rate Demand Refunding
Revenue Bonds (Azusa Pacific University Project) Series 2007 (the "2007 Bonds"), issued to
finance the costs of (a) the acquisition, construction, and equipping of an approximately 68,000
square foot science center located at 701 East Foothill Boulevard on the west campus of the
Borrower, (b) the acquisition of the Crestview Apartments, an approximately 320 unit apartment
facility located at 801 East Alosta Avenue adjacent to the west campus of the Borrower, for the
purpose of providing housing to students of the Borrower and other qualified occupants, and (c)
the prior refunding of the Borrower's Taxable Variable Rate Demand Revenue Bonds, Series
2003, in the aggregate principal amount of $16,000,000, previously issued by the Borrower for
the purpose of financing certain facilities of the Borrower, including a residence facility, a dining
facility, a mail center and related infrastructure, all located at or in the vicinity of 901 East Alosta
on the main campus of the Borrower, with all of the foregoing having been completed in 2009
(collectively, the "Project"); and (2) pay certain expenses incurred in connection with the
issuance of the Bonds; and
WHEREAS, the Project is owned and operated by the Borrower and located within the
City of Azusa, California (the "City'); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code"), the issuance of the Bonds 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 (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; and
WHEREAS, the Authority has requested that the City Council approve the issuance of
the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f)
of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement
Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (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 Bonds, and now desires to
approve the issuance of the Bonds by the Authority;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Azusa as
follows:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council hereby approves the issuance of the Bonds by the Authority.
It is the purpose and intent of the City Council that this resolution constitute approval of the
issuance of the Bonds by the Authority, for the purposes of (a) 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 located, in accordance with said Section_ 147(f) and (b) Section 4 of the
Agreement.
Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of
all financing documents relating thereto to which the Authority is a party. The City shall have no
responsibility or liability whatsoever with respect to the Bonds.
Section 4. 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.
Section 5. The adoption of this Resolution shall not obligate the City or any department
thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the
Project; (ii) approve any application or request for or take any other action in connection with
any planning approval, permit or other action necessary for the acquisition, rehabilitation or
operation of the Project; (iii) make any contribution or advance any funds whatsoever to the
Authority; or (iv) take any further action with respect to the Authority or its membership therein.
Section 6. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED and ADOPTED this 17`h day of February, 2015.
�/P,.��_
oseph Romero Rocha
Mayor
ATTEST:
9efAkceComcjo r.
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
I HEREBY CERTIFY that the foregoing Resolution No. 2015-C6 was duly adopted by
the City Council of the City of Azusa at a regular meeting thereof, held on the 17`h day of
February, 2015, by the following vote of Council:
AYES: COUNCILMEMBERS: GONZALES, CARRILLO, MACIAS, ALVAREZ, ROCHA
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
Aff/6164"l-dowAce Cornejo r.
City Clerk