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R-9461 (2) . . Attachment 3 RESOLUTION NO. 9461 (CCS) A 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 INTERNATIONAL HOSTELLlNG-AMERICAN YOUTH HOSTELS, INC. AND THE LOS ANGELES COUNCIL OF AMERICAN YOUTH HOSTELS, INC. WHEREAS, the International Hostelllng-Amencan Youth Hostels, Inc, a New York public benefit corporation. and the Los Angeles Council of Amencan Youth Hostels, lnc , a California public non-profit public benefit corporation (together the "Corporation"), have requested that the California Statewide Communities Development Authonty (the "Authority") partiCipate In a financing (the "Flnanclng") of certain educational/hostel/lodging facIlities (the "Facllltles") owned and/or operated by the Corporation and 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 eqUlppmg of land and Improvements to the Santa MOnica I nternatlonal A YH-Hostel WHEREAS, In connectIon With the Financing. the Authonty Will enter Into a limIted revenue obligation (the "Obligation") In the form of an Installment purchase agreement under which the Corporation Will sell the FaCIlities to the AuthOrity and the AuthOrity Will agree to make payments to the Corporation for the purchase thereof In an aggregate prinCipal amount not to exceed $3,500.000 or In the form of the Corporation's revenue note m a prinCipal amount not to exceed $3.5000,000, and -1- . . . WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the 'Code''). the Fmanclng and the Issuance of the Obligation Agreement by the Authonty must be approved by the City because the FaCilities are located within the terrltonal 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 entities reqUIred to approve the Financing and the Issuance of the Obligation under Section 147(f) of the Code and WH E R EAS. the Authonty has requested that the City Cou nC11 approve the Financing and the Issuance of the Obligation 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) oftheCode. the City Council has. follOWing notIce duly given. held a publiC hearing regarding the Flnancmg and Issuance of the Obligation, and now desires to approve the Financing and Issuance of the Obligation by the AuthOrity 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 dehvery of the Obligation by the AuthOrity It IS the purpose and Intent of the CIty CounCil that thiS Resolution constitute approval of the Financing and delivery of the Obligation for the purposes of (I) Section -2- . . . . 147(f) of the Code by the applicable elected representative of the governmental umt having jUrisdiction over the area In which the FacIlities are located, In accordance with said Section 147(f) and (II) Section 9 of the Agreement, provided, however, that (I) such approval of the Issuance of the Obligation does not constftute 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 and agents of the City are hereby authOrized 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 financmg 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 r ~ A h ~ ~I /f _ ,1 I . ,( I /J 111 (jA_~/L.I~ 'h'lAA/-'. 10~ MARSHA JONES/~OUTRIE L. CIty Attorney '" -.J- . . Adopted and approved this 7th of December, 1999 ~ c~--liV3{~/l (~_Ctu / I Pam O'Connor, Mayor 1 I I. Mana M Stewart, City Clerk of the City of Santa MOnica, do hereby certIfy that the foregoing Resolution 9461 (CCS) was duly adopted at a meeting of the Santa MOnica City Council held on the 7th of December, 1999, by the follOWing vote Ayes Council members Rosenstein, McKeown, Feinstein, Bloom, Holbrook, Mayor Pro Tem Genser, Mayor O'Connor Noes Council members None Abstain CouncIl members None Absent Council members None ATTEST ~~~ D9.-a::;-J- Mana M Stewart, ~y Clerk