HomeMy WebLinkAboutReso 2021-020RESOLUTION NO. 2021-020
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING THE ISSUANCE BY THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY OF ITS
CHARTER SCHOOL REVENUE BONDS (THE LEARNING
CHOICE ACADEMY) SERIES 2021 IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $12,000,000 FOR
THE PURPOSE OF FINANCING AND/OR REFINANCING
THE ACQUISITION, IMPROVEMENT, RENOVATION,
CONSTRUCTION, FURNISHING AND EQUIPPING OF
CERTAIN PUBLIC CHARTER SCHOOL FACILITIES AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, pursuant Chapter 5 of Division 7 of Title 1 of the California Government
Powers Agreement Relating to the California Municipal Finance Authority, dated as of January
in order to exercise any powers common to the Members, including the issuance of bonds, notes
or other evidences of indebtedness; and
WHEREAS, the Authority is authorized to issue and sell revenue bonds for the purpose,
among others, of financing or refinancing the construction of capital projects; and
WHEREAS, The Learning Choice Academy Facilities LLC
California limited liability company, has requested that the Authority participate in the issuance
of one or more series of revenue bonds in an aggregate principal amount not to exceed
improvement, renovation, construction, furnishing and equipping of certain educational facilities
for a public charter school serving kindergarten through grade 12, including but not limited to
classrooms, administrative spaces, related and appurtenant facilities, and parking facilities (the
y the Borrower, and operated by The Learning
Choice Academy, a California nonprofit public benefit corporation and an organization described
in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended
the sole managing member of the Borrower; and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the
Authority must be approved by the City because a portion of the Project is to be located within
the territorial limits of the City; and
Resolution No. 2021-020
Page No. 2
WHEREAS, the City Council
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 Agreement; 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 no comments
were received, 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 Chula Vista
as follows:
Section 1. 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 to be located, in accordance with said Section 147(f) and (b) Section 4 of the
Agreement.
Section 2. The payment of the principal, premium, if any, and interest on the Bonds shall
be solely the responsibility of the Borrower. The City shall have no responsibility or liability
whatsoever with respect to the Bonds. The Bonds shall not constitute a debt or obligation of the
City.
Section 3. 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; (ii) approve any
application or request for or take any other action in connection with any planning approval,
permit or other action necessary to 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 4. The officers and officials 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 City Clerk is directed to forward a certified copy of this Resolution to the
bond counsel to the Authority with respect to the Bonds, addressed as follows:
Kerrigan R. Bennett
Stradling Yocca Carlson & Rauth
44 Montgomery Street, Suite 4200
San Francisco, CA 94104
Resolution No. 2021-020
Page No. 3
Section 6. This resolution shall take effect immediately upon its adoption.
Presented by Approved as to form by
Tiffany Allen Glen R. Googins
Director of Development Services City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 2nd day of February 2021 by the following vote:
AYES: Councilmembers: Cardenas, Galvez, McCann, Padilla, and Casillas Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Mary Casillas Salas, Mayor
ATTEST:
Kerry K. Bigelow, MMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Kerry K. Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2021-020 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 2nd day of February 2021.
Executed this 2ndday of February 2021.
Kerry K. Bigelow, MMC, City Clerk