Loading...
HomeMy WebLinkAboutReso 2001-369 RESOLUTION NO. 2001-369 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE ISSUANCE OF TAX-EXEMPT AND TAXABLE OBLIGATIONS FOR THE METROPOLITAN AREA ADVISORY COMMITTEE, INC. WITH RESPECT TO THE PROPOSED PROJECT BY THE CALIFORNIA STATEWlDE COMMUNITIES DEVELOPMENT AUTHORITY WHEREAS, the Califomia Statewide Communities Development Authority (the "Authority"), of which the City of Chula Vista (the "City") is a member pursuant to the provisions of that certain Amended and Restated Joint Exemise of Powers Agreement Relating to the California Statewide Communities Development Authority, dated as of June 1, 1988 (the "Agreement"), is authorized by the laws of the State of California (the "Law") to cause the execution and delivery of taxable and tax-exempt obligations for the purpose of financing educational and other facilities owned and operated by nonprofit public benefit corporations located within the area of operation of the Authority; and WHEREAS, the Metropolitan Area Advisory Committee, Inc. ("MAAC"), a nonprofit public benefit corporation formed for the purpose of providing social services through community development, has requested the Authority to cause the issuance of tax-exempt obligations and qualified zone academy obligations, to be issued in one or more series (together, the "Obligations") in the approximate amount of $8,500,000, the proceeds of which shall be used for the purpose of financing the acquisition, rehabilitation, construction and equipping of a 72,000 square foot facility to be used for educational purposes and to house additional social service programs to be located at 1351-1395 Third Avenue, Chula Vista, California (the "Project"); and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 (the "Code") requires that the "applicable elected representative" with respect to the Project hold a public heating on the issuance and delivery of the Obligations; and WHEREAS, the City Council of the City of Chula Vista, as the "applicable elected representatives" to hold said public heating, has held said public heating at which all those interested in speaking with respect to the financing of the Project were heard; and WHEREAS, Section 6586.5 of the California Government Code (the "Government Code") requires that the City Council approve the financing upon a finding of significant public benefit after a public hearing following publication of at least five days' notice in a newspaper of general circulation in the City; and WHEREAS, the City Council has on the date hereof held a public hearing following duly published notice thereof and all persons desiring to be heard have been heard; and NOW, THEREFORE, be it resolved by the City Council of the City of Chula Vista, as follows: Section 1. The City Council hereby finds and determines that the foregoing recitals are true and correct. Resolution 2001-369 Page 2 Section 2. The City Council hereby approves the issuance of the Obligations with respect to the proposed Project by the Authority. Section 3. 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 4. MAAC shall be responsible for the payment of all present and future costs in connection with the issuance of the Obligations, including, but not limited to, any fees and expenses incurred by the City in anticipation of the issuance of the Obligations. The payment of the principal, prepayment premium, if any, and purchase price of and interest on the Obligations shall be solely the responsibility of MAAC. The Obligations shall not constitute a debt or obligation of the City. Section 5. This Council hereby determines that it is appropriate for the Authority to cause the issuance of the Obligations to finance the acquisition, rehabilitation, construction and development of the Project and hereby approves the issuance of the Obligations. It is the purpose and intent of the Council that this resolution constitutes approval of the Obligations for the purposes of Section 9 of the Agreement. Section 6. This Council hereby finds that the financing of the Project will result in significant public benefits to the citizens of the City pursuant to Section 6586 of the Government Code. Section 7. The adoption of this Resolution is solely for the purpose of meeting the requirements of the Code and the Government Code and shall not be construed in any other manner, the City nor its staff having fully reviewed or considered the financial feasibility of the financing of the Project or the expected operation of the Project with regards to any State of California statutory requirements, and such adoption shall not obligate, without further formal action to be taken by this Council, (i) the City to provide financing to MAAC for the financing of the acquisition, construction and development of the Project or to cause the delivery of the Obligations for the purpose of such financing; or (ii) the City, or any department of the City, to approve any application or request for, or take any other action in connection with the ownership or operation of the Project. Section 8. The City Clerk of the City shall forward a certified copy of this Resolution and a copy of the affidavit of publication of the public heating notice to: Stephen G. Melikian Jones Hall, A Professional Law Corporation 650 California Street, 18th Floor San Francisco, California 94108 Section 9. This Resolution shall take effect from and after the date of its passage and adoption. Resolution 2001-369 Page 3 Presented by Approved as to form by Chris Salomone Jolu)M. Kaheh~ / ~ Community Development Director Oily Attorney ~ ~ PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista, California, this 23rd day of October, 2001, by the following vote: AYES: Councilmembers: Davis, Rindone, Salas and Horton NAYS: Councilmembers: None ABSENT: Councilmembers: Padilla Shirley Horto~Mayor ATTEST: Susan Bigelow, City Clerk STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) CITY OF CHULA VISTA I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing Resolution No. 2001-369 was duly passed, approved, and adopted by the City Council at a regular meeting of the Chula Vista City Council held on the 23rd day of October, 2001. Executed this 23rd day of October, 2001. Susan Bigelow, City Clerk