HomeMy WebLinkAbout2009-11-10; City Council; Resolution 2009-2861 RESOLUTION NO. 2009-286
2
3 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
4 CARLSBAD, CALIFORNIA, APPROVING THE ISSUANCE OF THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY REVENUE BONDS
5 (GEMOLOGICAL INSTITUTE OF AMERICA, INC.), SERIES 2009 IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $35,000,000
6 FOR THE PURPOSE OF REFINANCING THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY VARIABLE
7 RATE DEMAND REVENUE BONDS (GEMOLOGICAL INSTITUTE OF
AMERICA, INC. PROJECT), SERIES 20018
9
WHEREAS, the Gemological Institute of America, Inc. (the "Borrower"), a
11 I California nonprofit corporation and an organization described in Section 501(c)(3) of
12 the Internal Revenue Code of 1986, has requested that the California Municipal
13 Finance Authority (the "Authority") participate in the issuance of one or more series of
14 revenue bonds in an aggregate principal amount not to exceed $35,000,000 (the
"Bonds") to (1) refinance the California Statewide Communities Development Authority
16 Variable Rate Demand Revenue Bonds (Gemological Institute of America, Inc.
17
Project), Series 2001 (the "2001 Bonds") and (2) pay certain expenses incurred in
18
connection with the issuance of the Bonds; and
19
20 WHEREAS, the 2001 Bonds were used to refinance the acquisition,
21 construction and equipping of certain administrative and educational facilities,
22
including classrooms, administrative offices, a library, laboratories and parking
23
facilities located at 5345 and 5355 Armada Drive, Carlsbad, California (the "Campus"),
24
to finance the acquisition of certain laboratory equipment to be used at the Campus
and a portion of the acquisition of real property on the corner of Cannon and Legoland
27
28
1 Drive in Carlsbad and related capital improvements (collectively, the "Project"), and to
2 fund certain reserves and pay other costs related thereto; and
3
WHEREAS, the Project is owned and operated by the Borrower and located
5 within the City of Carlsbad (the "City"); and
6 WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986
7
(the "Code"), the issuance of the Bonds by the Authority must be approved by the City
8
because the Project is located within the territorial limits of the City; and
10 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"
12 required to approve the issuance of the Bonds under Section 147(f) of the Code; and
13
14 WHEREAS, the Authority has requested that the City Council approve the
15 issuance of the Bonds by the Authority in order to satisfy the public approval
16 requirement of Section 147(f) of the Code and the requirements of Section 4 of the
17 Joint Exercise of Powers Agreement Relating to the California Municipal Finance
18 Authority, dated as of January 1, 2004 (the "Agreement"), among certain local
19
agencies, including the City; and
20
21 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,
23 and now desires to approve the issuance of the Bonds by the Authority;
24
25 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
26 Carlsbad as follows:
27
28
1 Section 1. The City Council hereby approves the issuance of the Bonds by the
2 Authority. It is the purpose and intent of the City Council that this resolution constitute
3 approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section
4 147(f) of the Code by
5
the applicable elected representative of the governmental unit
having jurisdiction over the area in which the Project is located, in accordance with
6
said Section 147(f) and (b) Section 4 of the Agreement.
7
8 Section 2. The
g and severally, to do
10 documents which they
11 to and comply with the
12
approved hereby.
13
14 Section 3. This
15
16
17 "
18 //
19 //
20 //
21 //
22 1 „//
23
24
25
//26
27 "
28
officers of the City are hereby authorized and directed, jointly
any and all things and to execute and deliver any and all
deem necessary or advisable in order to carry out, give effect
terms and intent of this resolution and the financing transaction
resolution shall take effect immediately upon its adoption.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council
of the City of Carlsbad on the 10th day of November. 2009, by the following vote to wit:
AYES: Council Member Lewis, Kulchin, Hall, Packard, and Blackburn.
NOES: None.
ABSENT: None.
CLAUDE A LEWIS, Mayor
ATTEST:
JDRR^INE M. WOOD, City Clerk
(SEAU,,,
'
•<?'"*«,*,X'', •*
7