HomeMy WebLinkAbout1994-11-08; City Council; Resolution 94-308II 0 0 EXHIBIT 1
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RESOLUTION NO. 94-308
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, ENDORSING AN INSTALLMENT PURCHASE FINANCING
TO BE UNDERTAKEN BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY TO BENEFIT THE
GEMOLOGICAL IN INSTITUTE OF AMERICA, INC.
WHEREAS, the Gemological Institute of America, Inc. (the "Institute"), a not-fc
profit corporation, has requested that the California Statewide Communities Developme
Authority ("CSCDA") participate in an installment purchase financing (the "Financing") 1
the purpose of acquiring, constructing and equipping certain gemological research a
educational facilities (the "Facilities") currently owned by the Institute; and
WHEREAS, in connection with the Financing, CSCDA and the Institute will enter ir
an installment purchase agreement (the "Purchase Agreement") under which the Institi
will sell the Facilities to CSCDA and CSCDA will agree to make payments (the "Installmc
Payments") to the Institute for the purchase thereof; and
WHEREAS, certificates of participation (the "Certificates") in an aggregate princil
amount not to exceed thirty million dollars ($30,000,000), each representing
proportionate undivided interest in the Installment Payments, will be executed, delivered a
sold in connection with the Financing; and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (t
"Code") the Financing and the execution and delivery of the Purchase Agreement
CSCDA must be approved by the City of Carlsbad (the "City") because the Facilities i
located within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council") is the elected legislat
body of the City and is one of the applicable elected representatives required to approve 1
Financing and the execution and delivery of the Purchase Agreement under Section 14,
of the Code; and
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WHEREAS, CSCDA and the Institute have requested that the City Council appr
the Financing and the execution and delivery of the Purchase Agreement in order to sat
the public approval requirement of Section 147(f) of the Code, the requirements of Sec
9 of the Joint Exercise of Powers Agreement (the "Agreement"), dated as of June 1, 15
among certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, follow
notice duly given, held a public hearing regarding the Financing and the execution
delivery of the Purchase Agreement, and now desires to approve the Financing and
issuance of the Purchase Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlst
California, as follows:
1. That the above recitations are true and correct.
2. That the City Council hereby endorses the Financing and the Purch
Agreement. It is the purpose and intent of the City Council that this resolution constit
approval of the Financing and the execution and delivery of the Purchase Agreement (
the execution and delivery of the certificates of participation related thereto) for
purposes of (a) Section 147(f) of the Code by the applicable elected representative of
governmental unit having jurisdiction over the area in which the Facilities are located
accordance with said Section 147(f), and (b) Section 9 of the Agreement.
3. That the officers of the City are hereby authorized and directed, jointly
severally, to do any and all things and to execute and deliver any and all documents wt
they deem necessary or advisable in order to carry out, give effect to and comply with
terms and intent of this resolution and the financing transaction approved hereby.
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4. That this resolution shall take effect immediately upon its passage.
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PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad (
Council held on the 8th day of NOVEMBER , 1994, by the following vote
6 I1 wit:
7 // AYES: Council Members Lewis, Stanton, Kulchin, Nygaard, Fin]
8 it NOES: None
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12 ATTEST:
ABSENT: None
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ALETHA L. RAUTENKRANZ, City Clerk -I
(SEAL)
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