R-9293
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ATTACHl'1ENT D
FIN CMD BH F \ATTY\MUNI\LAWS\MOX\CROSSRDS RES
Council Meeting July 28, 1998 Santa Monica, Califorma
RESOLUTION NO. 9293 (CCS)
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA APPROVING AN INSTALLMENT PURCHASE
FINANCING TO BE UNDERTAKEN BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY TO
BENEFIT THE CROSSROADS SCHOOL FOR ARTS AND SCIENCES
WHEREAS, The Crossroads School for Arts and SCiences, a California non-profit
public benefit corporation (the "Corporation"), has requested that the California Statewide
Communities Development Authority (the "Authorrty") partiCipate In an Installment purchase
financing (the "FinanCing") for certain educatIonal faCilities (the "FaCIlities") owned and/or
operated by the Corporation and all of which are located within the City of Santa Monica
(the "City"), the proceeds of which Will be used to refinance the costs of acquIsition,
renovation, expansion, Improvement and eqUipping of land and Improvements to the
Norton Campus, generally located at 1715 OlympiC Boulevard, Santa Monica, Callforma,
and to finance a sports center, the completion of an adjacent soccer field and sWimming
pool at the Norton Campus and other capItal projects With respect to the FaCIlities, and
WHEREAS, In connectIon With the FinanCing, the Corporation and the Authonty WIll
enter Into an Installment purchase agreement (the "Purchase Agreement") under which the
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Corporation WIll sell the FaCilities to the Authority and the Authority will agree to make
payments (the"lnstallment Payments") to the Corporation for the purchase thereof, and
WHEREAS, In connection with the Financing, the Corporation and the Authority will
enter Into an Installment sale agreement (the "Installment Sale Agreemene) under which
the AuthOrity will sell the Facilities to the Corporation and the Corporation will agree to
make payments (the "CorporatIon Payments") for the purchase therefor, and
WHEREAS, certificates of partiCipation (the "Certificates") In an aggregate prinCipal
amount not to exceed Eight Million FIve Hundred Thousand Dollars ($8,500,000), each
representing a proportionate undiVided Interest In the Installment Payments, Will be
executed, delIvered and sold In connection With the FinanCing In one or more senes, and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code"), the FinanCing and the Issuance of the Purchase Agreement by the AuthOrity must
be approved by the City because the FaCilities are located Within the temtonal 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 FinanCing and the Issuance of the Purchase Agreement under Section 147(f) of the
Code,and
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WHEREAS, the Authonty has requested that the City Council approve the
FinancIng and the Issuance of the Purchase Agreement by the Authonty In order to satisfy
the public approval requirement of SectIon 147(f) of the Code and the requirements of
Section 9 of the Amended and Restated JOint Exercise of Powers Agreement (the
"Agreement"), dated as of June 1, 1988, among certain local agencies, Including the City,
and
WHEREAS, pursuant to Section 147(f) of the Code, the CIty Council has, follOWing
notice duly given, held a public heanng regarding the Financing and Issuance of the
Purchase Agreement, and now desires to approve the Financing and Issuance of the
Purchase Agreement by the Authonty
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
RESOLVES AS FOLLOWS
Section 1 The City Council hereby approves the Financing and the Issuance of the
Purchase Agreement by the Authonty It IS the purpose and Intent of the City Council that
this Resolution constitute approval of the Financing and Issuance of the Purchase
Agreement (and the executIon and delivery of the certifIcates of participation related
thereto) for the purposes of (I) Section 147(f) of the Code by the applicable elected
representative of the governmental umt having Junsdlctlon over the area In which the
FaCIlities are located, In accordance With said Section 147(f) and (11) SectIon 9 of the
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Agreement, provided. however, that (I) such approval of the Issuance of the certificates
does not constitute any other approval by any commISSion or agency of the City with
respect to the FacIlitIes and (II) the adoptIon of thiS Resolution by the City Council shall
not constitute a waIver or relinqUishment of any of Its rights relating to land use approvals,
permits or requirements necessary for the FacIlitIes or Jeopardize the City Council's
appellate authority concerning any land use permits for the FacIlities
Section 2 The officers of the City are hereby authonzed 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 3 ThiS resolution shall take effect Immediately upon Its adoption
Section 4 The 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
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MARSHA JONES MOUTRIE
City Attorney
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Adopted and approved this 28th of July, 1998
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Robert Holbrook, Mayor
I, Mana M. Stewart. CIty Clerk of the City of Santa MOnica, do hereby certify that
the foregoing Resolution 9293 (CCS) was duly adopted at a meeting of the Santa
MOnica City Council held on the 28th of July, 1998 by the following vote.
Ayes
Council members.
Feinstein. Genser. Greenberg. Mayor Holbrook,
Mayor Pro Tem O'Connor. Rosenstein
Noes Councilmembers.
Abstam Councllmembers
Absent
Councllmembers
Ebner
ATTEST
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Mana M Stewart, City Clerk