HomeMy WebLinkAboutCity Council - 2003-59 RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
APPROVING THE ISSUANCE AND SALE OF THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY VARIABLE RATE DEMAND REVENUE
BONDS (THE PEGASUS SCHOOL), SERIES 2003 IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $12,000,000 FOR THE PURPOSE OF FINANCING THE COSTS
OF THE ACQUISITION OF A SCHOOL COMMONLY KNOWN AS THE PEGASUS SCHOOL
AND CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS,the Pegasus School, a California nonprofit public benefit corporation(the
"Corporation"), has requested that the California Statewide Communities Development Authority
' (the "Authority")participate in the issuance of one or more series of revenue bonds in an aggregate
principal amount not to exceed $12,000,000 (the "Bonds") for the purposes of financing the costs of
the acquisition of a school commonly known as the Pegasus School and located at 19692 Lexington
Lane, Huntington Beach, California (the "Facilities"), refinancing existing debt with respect to
the Facilities and paying related expenses incurred in connection with the issuance of the Bonds
(collectively, the "Project"); and
The Facilities are to be owned and operated by the Corporation and are located within the
City of Huntington Beach(the "City"); and
Pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), the issuance
of the Bonds by the Authority must be approved by the City because the Facilities are located
within the territorial limits of the City; and
The City Council of the City (the "Council") is the elected legislative body of the City and is
one of the applicable elected representatives required to approve the issuance of the Bonds under
Section 147(f) of the Code; and
The Authority has requested that the Council approve the issuance of the Bonds by the
Authority 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,
datedas of June 1, 1988 (the "Agreement"), among certain local agencies, including the City; and
Pursuant to Section 147(f) of the Code,the Council has, following notice duly given,held a
public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the
Bonds by the Authority;
NOW,THEREFORE, BE IT RESOLVED,by the City Council of the City of Huntington
Beach as follows:
SECTION 1: The Council hereby approves the issuance of the Bonds by the Authority. It
is the purpose and intent of the Council that this resolution constitute approval of the issuance of the
Bonds by the Authority, for the purposes of(a) Section 147(f) of the Code by the applicable elected
representative of the governmental unit having jurisdiction over the area in which the Facilities are
located, in accordance with said Section 147(f); and (b) Section 9 of the Agreement.
03reso/Pepsus 7-30-03 1
Resolution No. 2003-59
The officers 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 financing transaction approved hereby.
This resolution shall take effect upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a regular
meeting thereof held on the 18 day of August 2003.
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk I�J`y Attorney 7 WO
REVIEWED AND APPROVED: INITIATED AND APPROVED:
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City AdmiArsfrator Director Od ministrative Services
03reso/Pegasos 7-30-03 2
Res. No. 2003-59
STATE OF CALIFORNIA
COUNTY OF ORANGE ss:
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, the duly elected, qualified City Clerk
of the City of Huntington Beach, and ex-officio Clerk of the City Council of
said City, do hereby certify that the whole number of members of the City
Council of the City of Huntington Beach is seven; that the foregoing resolution
was passed and adopted by the affirmative vote of at least a majority of all the
members of said City Council at an regular meeting thereof held on the 18t"
day of August, 2003 by the following vote:
AYES: Sullivan, Coerper, Green, Boardman, Cook, Houchen, Hardy
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk and ex-officio rk of the
City Council of the City of
Huntington Beach, California