HomeMy WebLinkAbout2021-11-16; City Council; Resolution 2021-256RESOLUTION NO. 2021-256
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY REVENUE BONDS IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $80,000,000 FOR THE PURPOSE OF FINANCING
OR REFINANCING THE ACQUISITION, CONSTRUCTION, REHABILITATION,
IMPROVEMENT AND EQUIPPING SOLID WASTE DISPOSAL FACILITIES FOR
THE BENEFIT OF CAMSTON CARLSBAD ASSET 1, LLC AND CERTAIN OTHER
MATTERS RELATING THERETO
Exhibit 1
WHEREAS, Camston Wrather LLC (the "Sponsor"), on behalf of the Camston Carlsbad Asset 1,
LLC, a Delaware limited liability company (the "Borrower"), has requested that the California Municipal
Finance Authority (the "Authority") issue one or more series of revenue bonds in an aggregate principal
amount not to exceed $80,000,000 (the "Bonds"), including but not limited to revenue bonds issued as
part of a plan to (1) finance or refinance the construction, expansion, improvement and/or equipping
of an approximately 116,000 square foot solid waste disposal facility, described in Section 142(a)(G) of
the Internal Revenue Code (Code), that will process printed circuit boards and related materials derived
from used computers, flat panel televisions, and smartphones (the "Project") to be owned and
operated by the Borrower and located at 2856 Whiptail Loop E within the City of Carlsbad (the "City"),
and (2) pay certain expenses in connection with the issuance of the Bonds; and
WHEREAS, pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority
must be approved by the City of City of Carlsbad (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 appro'(al 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
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Exhibit 1
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 Carlsbad, California as
follows:
1. The foregoing recitals are true and correct.
2. The City Council approves the issuance of the Bonds by the Authority, including but not limited
to Bonds issued as part of a plan to finance or refinance the Project facilities. 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 Project, for the purposes of (a} Section 147(f} of the Code by the
applicable elected representative of a governmental unit having jurisdiction over the area in
which the Project is to be located, in accordance with Section 147(f} and (b} Section 4 of the
Agreement.
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.
4. 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, construction, rehabilitation,
installation 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.
5. The City Manager or designee is authorized and directed to do any and all things and to execute
and deliver any and all documents deemed 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.
6. This resolution shall take effect immediately upon its adoption.
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