R11173City Council Meeting: May 28, 2019 Santa Monica, California
RESOLUTION NUMBER 11173 (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
MONICA APPROVING THE ISSUANCE BY THE CALIFORNIA
ENTERPRISE DEVELOPMENT AUTHORITY OF ITS REVENUE
OBLIGATIONS FOR THE BENEFIT OF NEW ROADS SCHOOL AND/OR
A RELATED ENTITY IN AN AGGREGATE AMOUNT NOT TO EXCEED
$16,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING
TH E COST OF ACQUISITION, DEVELOPMENT, CONSTRUCTION,
INSTALLATION, EQUIPPING AND FURNISHING OF CERTAIN
FACILITIES, AND OTHER MATTERS RELATING THERETO
WHEREAS, New Roads School, a nonprofit public benefit corporation (the
“Borrower”), duly organized and exist ing under the laws of the State of California (the
“State”), has requested that the California Enterprise Development Authority (the
“Authority”) issue, from time to time, pursuant to a plan of finance, its tax -exempt and/or
taxable revenue obligations in an aggregate principal amount not to exceed $16,000,000
(the “Obligations”) for the benefit of the Borrower, pursuant to Chapter 5 of Division 7 of
Title 1 of the Government Code of the State (commencing with Section 6500) (the “Act”)
to (a) finance and refinance a portion of the cost of acquiring, developing, constructing,
improving, installing, equipping and furnishing certain educational facilities which
constitute portions of the Borrower’s approximately 2.6 acre campus located at 3131
Olympic Boulevard, Santa Monica, California 90404 and bordered by Olympic Boulevard
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to the south, Nebraska Avenue to the north, Franklin Street to the east and Berkeley
Street to the west, including approximately 73,150 square feet of improvements including
classrooms, a theater, science labs, offices, outdoor play and sports areas, parking, and
related and ancillary facilities (collectively, the “Facilities”), and (b) pay certain costs of
issuance in connection with such financing or refinancing; and
WHEREAS, the Borrower is an organization described in Section 501(c)(3) of
the Internal Revenue Code of 1986, as amended (the “Code”) and will own and operate
the Facilities in connection with its philosophy of providing an inspired college preparatory
program for students in grades K-12 from which an authentically diverse student
population develops personal dedication to learning, a respect to independent thinking
and an expanding curiosity about the world and its people; and
WHEREAS, the issuance of the Obligations must be approved by the
governmental unit on behalf of which the Obligations are issued and a governmental unit
having jurisdiction over the territorial limits in which the Facilities are located pursuant to
the public approval requirement of Section 147(f) of the Code; and
WHEREAS, the Facilities are located within the territorial limits of the City of
Santa Monica (the “City”), and the City Council (the “City Council”) is the elected
legislative body of the City and is the “applicable elected representat ive” required to
approve the issuance of the Obligations under Section 147(f) of the Code; and
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WHEREAS, the Authority and the Borrower have requested that the City Council
approve the issuance of the Obligations and the financing or refinancing of the Fac ilities
with the proceeds of the Obligations solely for purposes of complying with Section 147(f)
of the Code; and
WHEREAS, a public hearing was held by the City Council on this 28 th day of
May, 2019, at the meeting which commenced at the hour of 5:30 p.m., City Hall Council
Chamber, 1685 Main Street, Santa Monica, California , the City Council of the City of
Santa Monica, following duly published notice thereof in a newspaper of general
circulation in the City of Santa Monica, and all persons desiring to b e heard have been
heard; and
WHEREAS, it is intended that this Resolution shall comply with the public
approval requirements of Section 147(f) of the Code; provided, however, that this
Resolution is neither intended to nor shall it constitute an approval by the City Council of
the Facilities for any other purpose, including, but not limited to, compliance with the
California Environmental Quality Act (California Public Resources Code, Section 21100,
et seq.) (“CEQA”).
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby finds and determines that all of the recitals
are true and correct. The City Council, as the “applicable elected representative” of the
governmental unit on behalf of which the Obligations will be issued and having jurisdiction
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over the area in which the Facilities are located, hereby approves the issuance of the
Obligations by the Authority, which Obligations may be tax -exempt and/or taxable as
approved by the Authority in its resolution, in an amount not to exceed $16,000,000 to
finance or refinance the costs of the Facilities. This resolution shall constitute approval
of the issuance of the Obligations within the meaning of Section 147(f) of the Code and
shall constitute the approval of the issuance of the Obligations within the meaning of the
Act; provided, however, that this Resolution shall not constitute an approval by the City
Council of the Facilities for any other purposes, including compliance the reof with CEQA,
nor does it constitute an approval of the underlying credit or financial structure of the
Obligations. The City Council shall not bear any responsibility for the issuance of the
Obligations, the tax-exempt status of the Obligations, the repayment of the Obligations or
any other matter related to the Obligations.
SECTION 2. All actions heretofore taken by the officers, employees and agents
of the City with respect to the approval of the issuance of the Obligations are hereby
approved, confirmed and ratified, and the officers and employees of the City and their
authorized deputies and agents are hereby authorized and directed, jointly and severally,
to do any and all things and to execute and deliver any and all certificates and documents
which they or bond counsel may deem necessary or advisable in order to consummate
the issuance of the Obligations and otherwise to effectuate the purposes of this
Resolution.
SECTION 3. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing for the Facilities; (ii) approve any
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application or request for or take any other action in connection with any planning
approval, permit or other action necessary for the acquisition, rehabilitation or operation
of the Facilities; or (iii) make any contribution or advance any funds whatsoever to the
Authority.
SECTION 4. Th e City Clerk shall certify to the adoption of this Resolution, and
thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
_________________________
LANE DILG
City Attorney
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Adopted and approved this 28th day of May, 2019.
__________________________
G l e a m D a v i s , M a y o r
I, Denise Anderson-Warren, City Clerk of the City of Santa Monica, do hereby
certify that Resolution No. 11173 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 28th day of May, 2019, by the following vote:
AYES: Councilmembers Himmelrich, Jara, Winterer
Mayor Pro Tem O’Day, Mayor Davis
NOES: None
ABSENT: Councilmembers McKeown, Morena
A T T E S T :
_____________________________________
D e n i s e A n d e r s o n - W a r r e n , C i t y C l e r k
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