R-9461 (2)
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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
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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
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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
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111 (jA_~/L.I~ 'h'lAA/-'. 10~
MARSHA JONES/~OUTRIE L.
CIty Attorney
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Adopted and approved this 7th of December, 1999
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I Pam O'Connor, Mayor
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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
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Mana M Stewart, ~y Clerk