HomeMy WebLinkAboutPegasus School - Refinance of 2003 Bonds - Joint Exercise of Council/Agency Meeting Held: V I aQ/2.,
Deferred/Continued to:
AA pDroved ❑ Conditionally Approved ❑ Denied Ci lerk's ignat r
Council Meeting Date: July 2, 2012 Departmen ID Number: ED 2012-10
CITY OF HUNTINGTON BEACH
REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Fred A. Wilson, City Manager
PREPARED BY: Bob Hall, Deputy City Manager/Director of Economic Development
SUBJECT: Adopt Resolution No. 2012-39 approving the making of a loan by the
California Municipal Finance Authority (CMFA) for the purpose of
refunding the California Statewide Communities Development
Authority Variable Rate Demand Revenue Bonds (The Pegasus
School), Series 2003 (acquisition of Pegasus School located at 19692
Lexington Lane)
Statement of Issue: The City Council is asked to conduct a public hearing under the Tax
and Equity Fiscal Responsibility Act (TEFRA) in connection with the proposed tax-exempt
loan by the California Municipal Finance Authority (CMFA) in an amount not to exceed
$9,000,000, to finance or refinance the acquisition, construction and improvement for
Pegasus School located at 19692 Lexington Lane, Huntington Beach. The City Council is
also asked to become a member of the CMFA.
Financial Impact: There is no fiscal impact to the City. CMFA is a joint exercise of powers
authority and public entity of the State of California and is the responsible fiscal agent for the
bonds. The City received $10,000 to pay for the public notice and processing of the
application.
Recommended Action: Motion to:
A) Conduct the public hearing under the requirements of TEFRA and the Internal Revenue
Code of 1986, as amended (Code); and,
B) Adopt City Council Resolution No. 2012-39 approving the issuance of the Loan by the
CMFA for the benefit of The. Pegasus School, a California nonprofit public benefit
corporation and an organization described in Section 501(c)(3) of the Code (or any
affiliate thereof or successor thereto) (the "Borrower"), to provide for the financing of the
Project, such adoption is solely for the purposes of satisfying the requirements of
TEFRA, the Code and the California Government Code Section 6500 (and following).
The resolution will also authorize the Mayor, or designee thereof to execute the Joint
Exercise of Powers Agreement with the CMFA; and,
C) Approve the City Council's membership to CMFA.
HB -149- Item 12. - I
REQUEST FOR COUNCIL ACTION
MEETING DATE: 7/2/2012 DEPARTMENT ID NUMBER: ED 2012-10
Alternative Action(s):
Do not approve the Resolution authorizing the issuance of the Loan and do not approve the
City as part of the CMFA.
Analysis: The Pegasus School requested that the CMFA serve as the municipal issuer
of a loan in an amount not to exceed $9,000,000. Pegasus School plans to use the proceeds
of the Loan to: (1) refund the outstanding principal amount of the California Statewide
Communities Development Authority Variable Rate Demand Revenue Bonds (The Pegasus
School), Series 2003 (2003 Bonds), the proceeds of which were loaned to the School to
enable the School to finance/refinance the costs of the acquisition, construction, and
improvement of the educational and related and ancillary facilities at 19692 Lexington Lane,
Huntington Beach (Facilities), and (2) pay various costs of issuance and other related costs
with respect to the Loan and refunding of the 2003 Bonds, including ancillary termination
fees relating to any hedge of the 2003 Bonds (collectively, Refinancing).
In order for all or a portion of the Loan to qualify as tax-exempt Loan, the City of Huntington
Beach must conduct a public hearing (TEFRA Hearing) providing for the members of the
community an opportunity to speak in favor of or against the use of tax-exempt loan for the
financing of the Project. Following the close of the TEFRA Hearing, an "applicable elected
representative" of the governmental unit hosting the Project must provide its approval of the
Loan for the financing of the Project.
California Municipal Finance Authority:
The CMFA was created on January 1, 2004, pursuant to a joint exercise of powers
agreement to promote economic, cultural, and community development through the financing
of economic development and charitable activities throughout California. To date, over 150
municipalities have become members of CMFA.
The CMFA was formed to assist local governments, non-profit organizations and businesses
with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living
in California. The CMFA's representatives and its Board of Directors have considerable
experience in bond financings.
Execution of the Joint Exercise of Powers Agreement:
In order for the CMFA to have the authority to serve as the issuer of the Loan for the Project,
it is necessary for the City of Huntington Beach to become a member of the CMFA. The city
Council is asked to enter into a Joint Exercise of Powers Agreement (Attachment 2).
The Joint Exercise of Powers Agreement provides that the CMFA is a public entity, separate
and apart from each member executing such agreement. The debts, liabilities, and Loan of
the CMFA do not constitute debts, liabilities or Loan of the members executing such
agreement.
Item 12. - 2 xB -150-
REQUEST FOR COUNCIL ACTION
MEETING DATE: 7/2/2012 DEPARTMENT ID NUMBER: ED 2012-10
The Loan by the CMFA for the Project will be the sole responsibility of the Borrower. The
City will have no financial, legal, moral obligation, liability, or responsibility for the Project or
the repayment of the Loan for the financing of the Project. All financing documents with
respect to the Loan will contain clear disclaimers that the Loan is not an obligation of the City
or the State of California, but are to be paid for solely from funds provided by the Borrower.
There are no costs associated with membership in the CMFA and the City will in no way
become exposed to any financial liability by reason of its membership in the CMFA. In
addition, participation by the City in the CMFA will not impact the City's appropriations limits
and will not constitute any type of indebtedness by the City. Outside of holding the TEFRA
hearing, adopting the required resolution and executing the Joint Exercise of Powers
Agreement of the CMFA, no other participation or activity of the City or the City Council with
respect to the Loan will be required.
The Joint Exercise of Powers Agreement expressly provides that any member may withdraw
from such agreement upon written notice to the Board of Directors of the CMFA. In the case
of the proposed bond financing for the Borrower, the City following its execution of the Joint
Exercise of Powers Agreement, could, at any time following the issuance of the Bonds,
withdraw from the CMFA by providing written notice to the Board of Directors of the CMFA.
Environmental Status: Not Applicable
Strategic Plan Goal: Enhance economic development
Attachment(s):
15-11
r e .
Resolution No. 2012-39, "A Resolution of the City Council of the City of Huntington
Beach Approving the Making of a Loan by the California Municipal Finance
Authority for the Purpose of Refunding the California Statewide Communities
Development Authority Variable Rate Demand Revenue Bonds (The Pegasus
School), Series 2003, Issued for the Purpose of Financing the Costs of the
Acquisition of a School Commonly Known as the Pegasus School and Certain Other
Matters Related Thereto," including Exhibit A— Joint Exercise of Powers Agreement
Relating to the California Municipal Financing Authority
HB -1 s 1- Item 12. - 3
ATTACHMENT # 1
RESOLUTION NO. 2012-39
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH
APPROVING THE MAKING OF A LOAN BY THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY FOR THE PURPOSE OF REFUNDING THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY VARIABLE RATE
DEMAND REVENUE BONDS (THE PEGASUS SCHOOL), SERIES 2003, ISSUED 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, pursuant Chapter 5 of Division 7 of Title 1 of the Government Code of the
State of California(the "Act"), certain public agencies (the "Members")have entered into a Joint
Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as
of January 1, 2004 (the "Agreement") in order to form the California Municipal Finance
Authority (the "Authority"), for the purpose of promoting economic, cultural and community
development, and in order to exercise any powers common to the Members, including the
issuance of bonds, notes or other evidences of indebtedness; and
The City of Huntington Beach(the "City"), has determined that it is in the public interest
and for the public benefit that the City become a Member of the Authority in order to facilitate
the promotion of economic, cultural and community development activities in the City, including
the financing of projects therefor by the Authority; and
There is now before this City Council (the "City Council") the form of the Agreement;
and
The Agreement has been filed with the City, and the members of the City Council, with
the assistance of its staff, have reviewed said document; and
The Authority is authorized to issue and sell revenue bonds for the purpose, among
others, of financing or refinancing the construction of capital projects; and
The Authority is authorized to issue and sell revenue bonds and other obligations for the
purpose, among others, of financing or refinancing the construction of educational facilities; and
The Pegasus School, a California nonprofit public benefit corporation (the "Borrower"),
has requested that the Authority enter into a loan agreement with the Borrower pursuant to which
the Authority will make a loan to the Borrower in the maximum principal amount of up to
$9,000,000 (the "Loan") for the purpose of(1) refunding the outstanding principal amount of the
California Statewide Communities Development Authority Variable Rate Demand Revenue
Bonds (The Pegasus School), Series 2003 (the "2003 Bonds"), the proceeds of which were
loaned to the Borrower, to enable the Borrower to finance or refinance the costs of the
acquisition, construction and improvement of certain educational and related and ancillary
1
12-3376/80800
Resolution No. 2012-39
facilities at located at 19692 Lexington Lane, Huntington Beach, CA 92646 (the "Facilities") and
(2) paying various costs of issuance of the Loan and other related costs with respect to the
refunding the 2003 Bonds, including ancillary termination fees relating to any hedge of the 2003
Bonds (collectively, the "Refinancing") ; and
In order for the interest on the Loan to be tax-exempt, Section 147(f) of the Internal
Revenue Code of 1986, as amended (the "Code"), requires that an "applicable elected
representative" with respect to the Authority hold a public hearing on the making of the Loan
and approve the making of the Loan by the Authority following such hearing; and
The Authority has determined that the City Council is an "applicable elected
representative"to hold such public hearing; and
Notice of such public hearing has been duly given as required by the Code, and this City
Council has heretofore held such public hearing at which all interested persons were given an
opportunity to be heard on all matters relative to the Refinancing and the Authority's making of
the Loan therefor; and
It is in the public interest and for the public benefit that the City Council approve the
making of the Loan by the Authority for the aforesaid purposes; and
The City is a member of the Authority;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Huntington
Beach,that:
1. The foregoing resolutions are true and correct.
2. The Agreement is hereby approved and the Mayor, or designee thereof is hereby
authorized and directed to execute said document, and the City Clerk or such Clerk's designee is
hereby authorized and directed to attest thereto.
3. The City Council of the City hereby approves the making of the Loan by the
Authority for the purpose of providing funds to make to the Borrower to enable the Borrower to
proceed with the Refinancing.
4. The making of the Loan shall be subject to the approval of the Authority of all
financing documents relating thereto to which the Authority is a party. The City shall have no
responsibility or liability whatsoever with respect to the Loan.
5. The adoption of this Resolution shall not obligate the City or any department
thereof to (i) provide any financing to acquire or construct the Facilities; (ii) approve any
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;
(iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any
further action with respect to the Authority or its membership therein.
2
Resolution No. 2012-39
6. The executing officers(s), the Clerk and all other proper officers and officials of
the City are hereby authorized and directed to execute such other agreements, documents and
certificates, and to perform such other acts and deeds, as may be necessary or convenient to
effect the purposes of this Resolution and the transactions herein authorized.
7. The Clerk shall forward a certified copy of this Resolution and an originally
executed Agreement to the Authority in care of its counsel:
Harriet M. Welch, Esq.
Squire Sanders (US) LLP
555 South Flower St., Suite 3100
Los Angeles, CA 90071-2300.
8. This Resolution shall take effect immediately upon its adoption.
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 2 n d day of July , 2012.
Mayor
REVI ND APPROVED: INIT AND AP ROVED:
,,,
Ci a er Director of Economic Development
APPROVED AS TO FORM:
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Exhibit A - Joint Exercise of Powers Agreement
3
Exhibit "A"
Resolution No. 2012-39
JOINT EXERCISE OF POWERS AGREEMENT
RELATING TO THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY
THIS AGREEMENT, dated as of January 1, 2004, among the parties executing this
Agreement (all such parties, except those which have withdrawn as provided herein, are referred
to as the "Members" and those parties initially executing this Agreement are referred to as the
"Initial Members"):
WITNESSETH
WHEREAS, pursuant to Title 1, Division 7, Chapter 5 of the California Government
Code (in effect as of the date hereof and as the same may from time to time be amended or
supplemented, the "Joint Exercise of Powers Act"), two or more public agencies may by
agreement jointly exercise any power common to the contracting parties; and
WHEREAS, each of the Members is a "public agency" as that term is defined in Section
6500 of the Joint Exercise of Powers Act; and
WHEREAS, each of the Members is empowered by law to promote economic, cultural
and community development, including, without limitation, the promotion of opportunities for
the creation or retention of employment, the stimulation of economic activity, the increase of the
tax base, and the promotion of opportunities for education, cultural improvement and public
health, safety and general welfare; and
WHEREAS, each of the Members may accomplish the purposes and objectives described
in the preceding preamble by various means, including through making grants, loans or
providing other financial assistance to governmental and nonprofit organizations; and
WHEREAS, each Member is also empowered by law to acquire and dispose of real
property for a public purpose; and
WHEREAS, the Joint Exercise of Powers Act authorizes the Members to create a joint
exercise of powers entity with the authority to exercise any powers common to the Members, as
specified in this Agreement and to exercise the additional powers granted to it in the Joint
Exercise of Powers Act and any other applicable provisions of the laws of the State of California;
and
WHEREAS, a public entity established pursuant to the Joint Exercise of Powers Act is
empowered to issue or execute bonds, notes, commercial paper or any other evidences of
indebtedness, including leases or installment sale agreements or certificates of participation
therein (herein "Bonds"), and to otherwise undertake financing programs under the Joint
Exercise of Powers Act or other applicable provisions of the laws of the State of California to
accomplish its public purposes; and
f
WHEREAS, the Members have determined to specifically authorize a public entity
authorized pursuant to the Joint Exercise of Powers Act to issue Bonds pursuant to the Joint
Exercise of Powers Act or other applicable provisions of the laws of the State of California; and
WHEREAS, it is the desire of the Members to use a public entity established pursuant to
the Joint Exercise of Powers Act to undertake the financing and/or refinancing of projects of any
nature, including, but not limited to, capital or working capital projects, insurance, liability or
retirement programs or facilitating Members use of existing or new financial instruments and
mechanisms; and
WHEREAS, it is further the intention of the Members that the projects undertaken will
result in significant public benefits to the inhabitants of the jurisdictions of the Members; and
WHEREAS, by this Agreement, each Member desires to create and establish the
"California Municipal Finance Authority" for the purposes set forth herein and to exercise the
powers provided herein;
NOW, THEREFORE, the Members, for and in consideration of the mutual promises and
agreements herein contained, do agree as follows:
Section 1. Purpose.
This Agreement is made pursuant to the provisions of the Joint Exercise of Powers Act.
The purpose of this Agreement is to establish a public entity for the joint exercise of powers
common to the Members and for the exercise of additional powers given to a joint powers entity
under the Joint Powers Act or any other applicable law, including, but not limited to, the
issuance of Bonds for any purpose or activity permitted under the Joint Exercise of Powers Act
or any other applicable law. Such purpose will be accomplished and said power exercised in the
manner hereinafter set forth.
Section 2. Term.
This Agreement shall become effective in accordance with Section 17 as of the date
hereof and shall continue in full force and effect until such time as it is terminated in writing by
all the Members; provided, however, that this Agreement shall not terminate or be terminated
until all Bonds issued or caused to be issued by the Authority (defined below) shall no longer be
outstanding under the terms of the indenture, trust agreement or other instrument pursuant to
which such Bonds are issued, or unless a successor to the Authority assumes all of the
Authority's debts, liabilities and obligastions.
Section 3. Authoritv.
A. CREATION AND POWERS OF AUTHORITY.
Pursuant to the Joint Exercise of Powers Act, there is hereby created a public
entity to be known as the "California Municipal Finance Authority" (the "Authority"),
and said Authority shall be a public entity separate and apart from the Members. Its
h
debts, liabilities and obligations do not constitute debts, liabilities or obligations of any
Members.
B. BOARD.
The Authority shall be administered by the Board of Directors (the "Board," or
the "Directors" and each a "Director") of the California Foundation for Stronger
Communities, a nonprofit public benefit corporation organized under the laws of the
State of California (the "Foundation"), with each such Director serving in his or her
individual capacity as a Director of the Board. The Board shall be the administering
agency of this Agreement and, as such, shall be vested with the powers set forth herein,
and shall administer this Agreement in accordance with the purposes and functions
provided herein. The number of Directors, the appointment of Directors, alternates and
successors, their respective terms of office, and all other provisions relating to the
qualification and office of the Directors shall be as provided in the Articles and Bylaws
of the Foundation, or by resolution of the Board adopted in accordance with the Bylaws
of the Foundation.
All references in this Agreement to any Director shall be deemed to refer to and
include the applicable alternate Director, if any, when so acting in place of a regularly
appointed Director.
Directors may receive reasonable compensation for serving as such, and shall be
entitled to reimbursement for any expenses actually incurred in connection with serving
as a Director, if the Board shall determine that such expenses shall be reimbursed and
there are unencumbered funds available for such purpose.
The Foundation may be removed as administering agent hereunder and replaced
at any time by amendment of this Agreement approved as provided in Section 16;
provided that a successor administering agent of this Agreement has been appointed and
accepted its duties and responsibilities under this Agreement.
C. OFFICERS; DUTIES; OFFICIAL BONDS.
The officers of the Authority shall be the Chair, Vice-Chair, Secretary and
Treasurer (defined below). The Board, in its capacity as administering agent of this
Agreement; shall elect a Chair, a Vice-Chair, and a Secretary of the Authority from
among Directors to serve until such officer is re-elected or a successor to such office is
elected by the Board. The Board shall appoint one or more of its officers or employees to
serve as treasurer, auditor, and controller of the Authority (the "Treasurer") pursuant to
Section 6505.6 of the Joint Exercise of Powers Act to serve until such officer is re-elected .
or a successor to such office is elected by the Board.
Subject to the applicable provisions of any resolution, indenture, trust agreement
or other instrument or proceeding authorizing or securing Bonds (each such resolution,
indenture, trust agreement, instrument and proceeding being herein referred to as an
"Indenture") providing for a trustee or other fiscal agent, and except as may otherwise be
specified by resolution of the Board, the Treasurer is designated as the depositary of the
Authority to have custody of all money of the Authority, from whatever source derived
and shall have the powers, duties and responsibilities specified in Sections 6505, 6505.5
and 6509.5 of the Joint Exercise of Powers Act.
The Treasurer of the Authority is designated as the public officer or person who
has charge of, handles, or has access to any property of the Authority, and such officer
shall file an official bond with the Secretary of the Authority in the amount specified by
resolution of the Board but in no event less than$1,000.
The Board shall have the power to appoint such other officers and employees as it
may deem necessary and to retain independent counsel, consultants and accountants.
The Board shall have the power, by resolution,to the extent permitted by the Joint
Exercise of Power Act or any other applicable law, to delegate any of its functions to one
or more of the Directors or officers, employees or agents of the Authority and to cause
any of said Directors, officers, employees or agents to take any actions and execute any
documents or instruments for and in the name and on behalf of the Board or the
Authority.
D. MEETINGS OF THE BOARD.
(1) Ralph M. Brown Act.
All meetings of the Board, including, without limitation, regular,
adjourned regular, special, and adjourned special meetings shall be called,
noticed, held and conducted in accordance with the provisions of the
Ralph M. Brown Act (commencing with Section 54950 of the
Government Code of the State of California), or any successor legislation
hereinafter enacted (the"Brown Act").
(2) Regular Meetings.
The Board shall provide for its regular meetings; provided,
however, it shall hold at least one regular meeting each year. The date,
hour and place of the holding of the regular meetings shall be fixed by
resolution of the Board. To the extent permitted by the Brown Act, such
meetings may be held by telephone conference.
(3) Special Meetings.
Special meetings of the Board may be called in accordance with
the provisions of Section 54956 of the Government Code of the State of
California. To the extent permitted by the Brown Act, such meetings may
be held by telephone conference.
(4) Minutes.
The Secretary of the Authority shall cause to be kept minutes of
the regular, adjourned regular, special, and adjourned special meetings of
the Board and shall, as soon as possible after each meeting, cause a copy
of the minutes to be forwarded to each Director.
(5) Quorum.
A majority of the Board shall constitute a quorum for the
transaction of business. No action may be taken by the Board except upon
the affirmative vote of a majority of the Directors constituting a quorum,
except that less than a quorum may adjourn a meeting to another time and
place.
E. RULES AND REGULATIONS.
The Authority may adopt, from time to time, by resolution of the Board such rules
and regulations for the conduct of its meetings and affairs as may be required.
Section 4. Powers.
The Authority shall have the power, in its own name, to exercise the common powers of
the Members and to exercise all additional powers given to a joint powers entity under any of the
laws of the State of California, including, but not limited to,the Joint Exercise of Powers Act, for
any purpose authorized under this Agreement. Such powers shall include the common powers
specified in this Agreement and may be exercised in the manner and according to the method
provided in this Agreement. The Authority is hereby authorized to do all acts necessary for the
exercise of such power, including, but not limited to, any of all of the following: to make and
.enter into contracts; to employ agents and employees; to acquire, construct, provide for
maintenance and operation of, or maintain and operate, any buildings, works or improvements;
to acquire, hold or dispose of property wherever located; to incur debts, liabilities or obligations;
to receive gifts, contributions and donations of property, funds, services, and other forms of
assistance from person, firms, corporations and any governmental entity;to sue and be sued in its
own name; to make grants, loans or provide other financial assistance to governmental and.
nonprofit organizations (e.g., the Members or the Foundation) to accomplish any of its purposes;
and generally to do any and all things necessary or convenient to accomplish its purposes.
Without limiting the generality of the foregoing, the Authority may issue or cause to be
issued Bonds, and pledge any property or revenues as security to the extent permitted under the
Joint Exercise of Powers Act, or any other applicable provision of law; provided, however, the
Authority shall not issue Bonds with respect to any project located in the jurisdiction of one or
more Members unless the governing body of any such Member, or its duly authorized
representative, shall approve, conditionally or unconditionally,the project, including the issuance
of Bonds therefor. Such approval may be evidenced by resolution, certificate, order, report or
such other means of written approval of such project as may be selected by the Member (or its
authorized representative) whose approval is required. No such approval shall be required in
connection with Bonds that refund Bonds previously issued by the Authority and approved by
the governing board of a Member.
The manner in which the Authority shall exercise its powers and perform its duties is and
shall be subject to the restrictions upon the manner in which a California general law city could
exercise such powers and perform such duties. The manner in which the Authority shall exercise
its powers and perform its duties shall not be subject to any restrictions applicable to the manner
in which any other public agency could exercise such powers or perform such duties, whether
such agency is a party to this Agreement or not.
Section 5. Fiscal Year.
For the purposes of this Agreement, the term "Fiscal Year" shall mean the fiscal year as
established from time to time by resolution of the Board, being, at the date of this Agreement, the
period from July 1 to and including the following June 30, except for the first Fiscal Year which
shall be the period from the date of this Agreement to June 30, 2004.
Section 6. Disposition of Assets.
At the end of the term hereof or upon the earlier termination of this Agreement as set
forth in Section 2, after payment of all expenses and liabilities of the Authority, all property of
the Authority both real and personal shall automatically vest in the Members in the manner and
amount determined by the Board in its sole discretion and shall thereafter remain the sole
property of the Members; provided, however, that any surplus money on hand shall be returned
in proportion to the contributions made by the Members.
Section 7. Bonds.
From time to time the Authority shall issue Bonds, in one or more series, for the purpose
of exercising its powers and raising the funds necessary to carry out its purposes under this
Agreement.
The services of bond counsel, financing consultants and other consultants and advisors
working on the projects and/or their financing shall be used by the Authority. The expenses of
the Board shall be paid from the proceeds of the Bonds or any other unencumbered funds of the
Authority available for such purpose.
Section 8. Bonds Only Limited and Special Obligations of Authority.
The Bonds, together with the interest and premium, if any, thereon, shall not be deemed
to constitute a debt of any Member or pledge of the faith and credit of the Members or the
Authority. The Bonds shall be only special obligations of the Authority, and the Authority shall
under no circumstances be obligated to pay the Bonds except from revenues and other funds
pledged therefor. Neither the Members nor the Authority shall be obligated to pay the principal
of, premium, if any, or interest on the Bonds, or other costs incidental thereto, except from the
revenues and funds pledged therefor, and neither the faith and credit nor the taxing power of the
Members nor the faith and credit of the Authority shall be pledged to the payment of the
principal of, premium, if any, or interest on the Bonds nor shall the Members or the Authority in
any manner be obligated to make any appropriation for such payment.
No covenant or agreement contained in any Bond or related document shall be deemed to
be a covenant or agreement of any Director, or any officer, employee or agent of the Authority in
his or her individual capacity and neither the Board of the Authority nor any Director or officer
thereof executing the Bonds shall be liable personally on any Bond or be subject to any personal
liability or accountability by reason of the issuance of any Bonds.
Section 9. Accounts and Reports.
All funds of the Authority shall be strictly accounted for. The Authority shall establish
and maintain such funds and accounts as may be required by good accounting practice and by
any provision of any Indenture (to the extent such duties are not assigned to a trustee of Bonds).
The books and records of the Authority shall be open to inspection at all reasonable times by
each Member.
The Treasurer of the Authority shall cause an independent audit to be made of the books
of accounts and financial records of the Authority by a certified public accountant or public
accountant in compliance with the provisions of Section 6505 of the Joint Exercise of Powers
Act. In each case the minimum requirements of the audit shall be those prescribed by the State
Controller for special districts under Section 26909 of the Government Code of the State of
California and shall conform to generally accepted auditing standards. When such an audit of
accounts and records is made by a certified public accountant or public accountant, a report
thereof shall be filed as a public record with each Member and also with the county auditor of
each county in which a Member is located; provided, however, that to the extent permitted by
law, the Authority may, instead of filing such report with each Member and such county auditor,
elect to post such report as a public record electronically on a website designated by the
Authority. Such report if made shall be filed within 12 months of the end of the Fiscal Year or
Years under examination.
The Treasurer is hereby directed to report in writing on the first day of July, October,
January, and April of each year to the Board and the Members which report shall describe the
amount of money held by the Treasurer for the Authority, the amount of receipts since the last
such report, and the amount paid out since the last such report(which may exclude amounts held
by a trustee or other fiduciary in connection with any Bonds to the extent that such trustee or
other fiduciary provided regular reports covering such amounts.)
Any costs of the audit, including contracts with, or employment of, certified public
accountants or public accountants in making an audit pursuant to this Section, shall be borne by
the Authority and shall be a charge against any unencumbered funds of the Authority available
for that purpose.
In any Fiscal Year the Board may, by resolution adopted by unanimous vote, replace the
annual special audit with an audit covering a two-year period.
f ' -
Section 10. Funds.
Subject to the applicable provisions of any Indenture, which may provide for a trustee or
other fiduciary to receive, have custody of and disburse Authority funds, the Treasurer of the
Authority shall receive, have the custody of and disburse Authority funds pursuant to the
accounting procedures developed under Sections 3.0 and 9, and shall make the disbursements
required by this Agreement or otherwise necessary to carry out any of the provisions of purposes
of this Agreement.
Section 11. Notices.
Notices and other communications hereunder to the Members shall be sufficient if
delivered to the clerk of the governing body of each Member; provided, however, that to the
extent permitted by law, the Authority may, provide notices and other communications and
postings electronically(including, without limitation,through email or by posting to a website).
Section 12. Additional Members/Withdrawal of Members.
Qualifying public agencies may be added as parties to this Agreement and become
Members upon: (1) the filing by such public agency with the Authority of an executed
counterpart of this Agreement, together with a copy of the resolution of the governing body of
such public agency approving this Agreement and the execution and delivery hereof; and (2)
adoption of a resolution of the Board approving the addition of such public agency as a Member.
Upon satisfaction of such conditions, the Board shall file such executed counterpart of this
Agreement as an amendment hereto, effective upon such filing.
A Member may withdraw from this Agreement upon written notice to the Board;
provided, however, that no such withdrawal shall result in the dissolution of the Authority so
long as any Bonds remain outstanding. Any such withdrawal shall be effective only upon receipt
of the notice of withdrawal by the Board which shall acknowledge receipt of such notice of
withdrawal in writing and shall file such notice as an amendment to this Agreement effective
upon such filing.
Section 13. Indemnification.
To the full extent permitted by law, the Board may authorize indemnification by the
Authority of any person who is or was a Director or an officer, employee of other agent of the
Authority, and who was or is a party or is threatened to be made a party to a proceeding by
reason of the fact that such person is or was such a Director or an officer, employee or other
agent of the Authority, against expenses, including attorneys fees, judgments, fines, settlements
and other amounts actually and reasonably incurred in connection with such proceeding, if such
person acted in good faith in a manner such person reasonably believed to be in the best interests
of the Authority and, in the case of a criminal proceeding, had no reasonable cause to believe the
conduct of such person was unlawful and, in the case of an action by or in the right of the
Authority, acted with such care, including reasonable inquiry, as an ordinarily prudent person in
a like position would use under similar circumstances.
g
Section 14. Contributions and Advances.
Contributions or advances of public funds and of the use of personnel, equipment or
property may be made to the Authority by the Members for any of the purposes of this
Agreement. Payment of public funds may be made to defray the cost of any such contribution or
advance. Any such advance may be made subject to repayment, and in such case shall be repaid,
in the manner agreed upon by the Authority and the Member making such advance at the time of
such advance. It is mutually understood and agreed to that no Member has any obligation to
make advances or contributions to the Authority to provide for the costs and expenses of
administration of the Authority, even though any Member may do so. The Members understand
and agree that a portion of the funds of the Authority that otherwise may be allocated or
distributed to the Members may instead be used to make grants, loans or provide other financial
assistance to governmental units and nonprofit organizations (e.g., the Foundation) to
accomplish any of the governmental unit's or nonprofit organization's purposes.
Section 15. Immunities.
All of the privileges and immunities from liabilities, exemptions from laws, ordinances
and rules, and other benefits which apply to the activity of officers, agents or employees of
Members when performing their respective functions within the territorial limits of their
respective public agencies, shall apply to the same degree and extent to the Directors, officers,
employees, agents or other representatives of the Authority while engaged in the performance of
any of their functions or duties under the provisions of this Agreement.
Section 16. Amendments.
Except as provided in Section 12 above, this Agreement shall not be amended, modified,
or altered, unless the negative consent of each of the Members is obtained. To obtain the
negative consent of each of the Members, the following negative consent procedure shall be
followed: (a)the Authority shall provide each Member with a notice at least sixty (60) days
prior to the date such proposed amendment is to become effective explaining the nature of such
proposed amendment and this negative consent procedure; (b)the Authority shall provide each
Member who did not respond a reminder notice with a notice at least thirty (30) days prior to the
date such proposed amendment is to become effective; and (c) if no Member objects to the
proposed amendment in writing within sixty, (60) days after the initial notice, the proposed
amendment shall become effective with respect to all Members.
Section 17. Effectiveness.
This Agreement shall become effective and be in full force and effect and a legal, valid
and.binding obligation of each of the Members on the date that the Board shall have received
from two of the Initial Members an executed counterpart of this Agreement, together with a
certified copy of a resolution of the governing body of each such Initial Member approving this
Agreement and the execution and delivery hereof.
Section 18. Partial Invalidity.
If any one or more of the terms, provisions, promises, covenants or conditions of this
Agreement shall to any extent be adjudged invalid, unenforceable, void or voidable for any
reason whatsoever by a court of competent jurisdiction, each and all of the remaining terms,
provisions, promises, covenants and conditions of this Agreement shall not be affected thereby,
and shall be valid and enforceable to the fullest extent permitted by law.
Section 19. Successors.
This Agreement shall be binding upon and shall inure to the benefit of the successors of
the parties hereto. Except to the extent expressly provided herein, no Member may assign any
right or obligation hereunder without the consent of the other Members.
Section 20. Miscellaneous.
This Agreement may be executed in several counterparts, each of which shall be an
original and all of which shall constitute but one and the same instrument.
The section headings herein are for convenience only and are not to be construed as
modifying or governing the language in the section referred to.
Wherever in this Agreement any consent or approval is required, the same shall not be
unreasonably withheld.
This Agreement shall be governed under the laws of the State of California.
This Agreement is the complete and exclusive statement of the agreement among the
Members, which supercedes and merges all prior proposals, understandings, and other
agreements, whether oral, written, or implied in conduct, between and among the Members
relating to the subject matter of this Agreement.
�fl
IN WITNESS WHEREOF,the City of Huntington Beach has caused this
Agreement to be executed and attested by its duly authorized representatives as of the
_day of o?uL. , 2012.
Mayor
ATTEST: INITIA A D APPROVE
City Clerk C irector of Economic Development
REVIE
APPROVED:
A ROVED AS TO FORM:
Y49Lager
City Atto ey IY)✓
r�
Res. No. 2012-39
STATE OF CALIFORNIA
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, JOAN L. FLYNN 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 July 02, 2012 by the
following vote:
AYES: Shaw, Harper, Dwyer, Hansen, Carchio, Bohr, Boardman
NOES: None
ABSENT: None
ABSTAIN: None
Citiberk and ex-officio Qlerk of the
City Council of the City of
Huntington Beach, California
7/3/2012
TEFRA Public Hearing
Pegasus School
July 2, 2012
Project
o There is no fiscal impact to the City - the
City is a conduit to allow for the financing
o Refinancing of Pegasus School 2003 bonds
2003 bonds were issued for the acquisition
and improvements to 19692 Lexington
Lane the school site
0 2003 Bonds were a Variable Rate Demand
Revenue Bond
o Proposal is to Refinance with a tax-exempt
bond
G2 e� 1
7/3/2012
California Municipal Finance
Authority (CMFA)
� CMFA was formed in 2004
c ,Joint Exercise of Powers
c Issues taxable and tax-exempt bonds for
financing economic, cultural and community
development
P Works with local governments, non-profit
organizations and businesses
o The City will need to join and sign the joint
Powers Agreement for release of the bonds
b�.
Public Hearing
To satisfy the Federal and State tax code, the City
is required to:
o Conduct tonight's public hearing under the
requirements of TEFRA and the Internal Revenue
Code of 1986;
o Adopt the Resolution approving the issuance of
the Bonds by the CMFA for the benefit of The
Pegasus School, to provide for the financing of
the Project. The resolution authorizes the
Mayor to execute the joint Exercise of Powers
Agreement with the CMFA.
2
7/3/2012
Staff and Pegasus School are here to answer
any questions
3
§J '? .i
Printedby:0602 Patricia Garnina Jun 14 2012.11:04 am
id$zA>Itgt 1 salesperson: 1ttigtt�RtiB'; itilBt;l9f:
Phone, Ad#35051795 - -
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City Of Huntington Beach(Parent) 06-1412 13 she 16.00 TCN Inch
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dress PO Box 784 �t ettioris° 1
r Huntington Beac,CA 92648 kAate g &Legal Huntington Beach ijdtjrpe Liner
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TalonY 0602:Patricia Gamino
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C000070479 3000 tVobces Gx
E" 1 -Legal $128.00
-.i TCU H81 a4 et ; $:128.00
C(g� City Of Huntington Beach-Clerk's , pt pit pue g i28 00
�Placeby Patty Esparta +y ,
(714)374 1557
z s t a
Ad Copy:
NOTICE OF PUBLIC HEARING
PURSUANT TO SECTION
141(l)OF THE INTERNAL
REVENUE CODE Of 1986,AS
AMENDED,FOR THE FL-
NANtING AND/OR REFI-
NANCING OF CERTAIN FA-
CILITIES FROM THE ISSU-
ANCE OF TAX-EXEMPT OB-
LIGATIONS
NOTICE IS HEREBY
GIVEN that at 6:00 p.m.,
or as soon thereafter as
such matters can be
heard, on July 2, 2012
in the Chambers of the
City Council of Hun-
tington Beach, Califor-
nia,City Hall,2000 Main
Street, Huntington
Beach, California 92648,
the City Council of the
City of Huntington Beach
(the"City") will conduct
a public hearing (the
"Public Hearing") at
which time the City will
hear and consider in-
formation concerning
the proposed tax-ex-
empt loan (the "Loan")
by the California Mu-
nicipal Finance Authority
(the "Authority") in an
aggregate principal
amount not to exceed
nine million dollars
($9,000,000) to The
Pegasus School, a Cali-
fornia nonprofit public
benefit corporation and
an organization de-
scribed in Section
501(c)(3)of the Internal
Revenue Code of 1986,
as amended (the
"Code")(or any affiliate
thereof or successor
thereto) (the "School"),
pursuant to a master
loan agreement (the
"Master Loan
Agreement").The School
plans to use the pro-
ceeds of the Loan to(1)
refund the outstanding
principal.amount of the
--- ad proof pg.1 ---
0;L,-S S^t'F1
}
A'DYFERiT1�SzN
Prfnted by:0602 Patricia Gamin Jun 12,2012;11:04 am
4Io��Atsgelas'ffiftia�B Salesperson: ifi 4YO,�Ag�xesMeai.
Phone: Ad435051795
MA
California Statewide
Communities Develop-
ment Authority Variable
Rate Demand Revenue
Bonds (The Pegasus
School), Series 2003
(the "2003 Bonds"), the
proceeds of which were
loaned to the School, to
enable the School to
finance or refinance the
costs of the acquisition,
construction and im-
provement of certain
educational and related
and ancillary facilities at
19692 Lexington Lane,
Huntington Beach, CA
92646 (the "Facilities")
and (2) pay various
costs of issuance and
other related costs with
respect to the Loan and
refunding of the 2003
Bonds, including ancil-
lary termination fees
relating to any hedge of
the 2003 Bonds
(collectively, the
"Refinancing"). The
Facilities are awned by
the School and used for
the educational purposes
thereof.
The Loan will be paid
entirely from repay-
ments by the School
under the Master Loan
Agreement. Neither the
full faith and credit nor
the taxing power,if any,
of the City,the Authority
and its members, the
State of California (the
"State") or any other
political corporation,
subdivision or agency of
the State is pledged to
the payment of the
principal of, premium, if
any, or interest on the
Loan, nor shall the City,
the Authority and its
members, the State, or
any other political
corporation, subdivision
or agency of the State
be liable or obligated to
pay the principal of,
premium, if any, or
interest on the Loan.
The Public Hearing is
intended to comply with
the public approval
requirements of Section
147(f)of the Code.
Those wishing to com-
ment on the issuance of
the Loan or on the
proposed nature and the
Refinancing plan may
either appear in person
at the time and place
indicated above or
submit written com-
ments, which must be
received prior to the
Public Hearing, to the
City, c/o Joan L. Flynn,
Clerk of City Council, at
City Hall, 2000 Main
Street, Huntington
Beach, California 92648-
Date:
2012
CITY OF HUNTINGTON
BEACH
/s/Joan L.Flynn
Clerk of the City Council
loan IL—F ytv—.
ad proof pg.2
ro MT
Printed y.0602 Patricia Gamino Jun 12,2612,11:64 am ,
Sslesperspn:
_
Phone: Ad#350517&5
City of Huntington Beach
2000 Main Street,2nd
Floor
Huntington Beach,Cali-
fornia 92648
714-536-5227
http://
huntingtonbeachca.gov/
HBPubhcComments/
Published H.B.Indepen-
dent6/14/12
ad proof pg.3 ---
Street, Huntington pursuant to. a master
Beach,California 92648, loan agreement (the
the City Council of the " M a s t e r L o a n
City of Huntington Agreement"). The l
Beach (the "City") will School plans to use the
Toriduct a public hear- proceeds of the Loan to
NOTICE OF PUBLIC HEARING ing,(the "Public Hear-. (1) refund the out-
ing") at which time the standing principal
PURSUANT TO SECTION City will hear and con- amount of the California
®�®®� ®� sider information con- Statewide Communities
1— 141(l)OFTHEINTERNAL cerning the proposed Development Authority
L'CATI®N REVENUE(ODE OF 1986,AS tax-exempt loan (the Variable Rate Demand-
"Loan")'by.the Califor- Revenue Bonds ,(The
PUB AMENDEDJORTNE nia Municipal •Finance Pegasus School),"Series
FINANCING AND/OR Authority (the "Author- :2003 (t h e 2 0 0.3
REFINANCING OF CERTAIN ity") in an aggregate Bonds"), the proceeds
principal amount not to of which were loaned to
FACILITIES FROM THE exceed nine million dol- the School, to enable
ISSUAN(EOFTAX-EXEMPT lars($9,000,000) to The the School to finance or
STATE OF CALIFORNIA) Pegasus School, a Cali- refinance,the costs of
OBLIGATIONS fornia nonprofit public the acquisition, con-
NOTICE IS HEREBY GIV- benefit corporation and s t r u c t i o n a n d i m-
EN that at 6:00 p.m., or an organization de- provement of certain
SS. as soon thereafter as scribed in Section educational and related
such matters can be 501(c)(3) of,the Inter,- and ancillary facilities
COUNTY
�/ C ORANGE
heard, on July 2, 2012 nal Revenue' Code 'of at 19692 Lexington
COU NT i O r 01-1!°'' N G E ) 1986, as amended (the
in the Chambers of the Lane, H u n t i n g t o n
City Council of Hunting- "Code") (or any affiliate Beach, CA 92646 (the
ton Beach, California, thereof or successor "Facilities")and (2)'pay
City Hall, 2000 Main thereto) (the "School"), various costs of issu-
am a citizen of the United States and a -- - ante and other related
costs with respect to
resident of the County of Los Angeles; I the Loan and refunding
of the 2003 Bonds, in- j
am over the age of eighteen years and chiding ancillary fermi-
, nation fees relating to �
not a art to or interested in the notice any hedge of the 2003
h y Bonds (collectively, the j
Fa-
published. I am a principal clerk of the "kities are ow. The the
cilities are owned by the
HUNTINGTON BEACH educational
and used for the
educational purposes
INDEPENDENT,.,which,was adjudged a.: The there
will be paid
entirely from repay-
newspaper of general circulation on ments by the School
undoan
September 29, 1961, case A6214, and Agreeme t.Master Neither the
June 11 1963 case A24831 for the full faith and credit nor
� e the, taxing power, if
City of Huntington Beach, County of any, of the City, the
Authority,and its mem-
Orange and the State of California. hers, the state e
, fornia (the. "Statte")) or
Attached to this Affidavit is a true and any other political cor,
poration, subdivisiorf.or
comcomplete co as was printed and agency of the State is
p copy p pledged to the payment
published on the following date(s): of the principal of,.pre,-
mium,if any,or interest
on the Loan, nor shall
theThursday, June 14 2012 and it s members, the
the Authority
Y> State, any other po-
litical corporation, sub-
division or agency of
the State be liable or
obligated to pay the
certify (or declare) under penalty principal of, premium,
if
any, or interest on the
Loan.
of perjury that the foregoing is true The Public Hearing Js
intended to comply with
and correct. the public approval
requirements of Section
147(f)of the Code.
Those wishing to com-
ment on the issuance of
the Loan or on the
i proposed nature .and
Executed on June 22, 2012 they either appear
plan
may either a ear 'in
at Los Angeles, California person di the time and
lace indicated above or
submit written com-
ments, which. must be
received prior to the
Public Hearing, to the
City, c/o Joan L. Flynn,
Clerk of City Council,at
City Hall, 2000 Main
Street, Huntington
/ �fl Beach,California 92648_
Date:
Signature 2012
g CITY OF HUNTINGTON
BEACH
/s/Joan L.Flynn
Clerk of the City Council
Joan L.Flynn,City Clerk
City of.Huntington
Beach
2000 Main Street,2nd
Floor
Huntington Beach,
California 92648
714-536-5227
http://
huntingtonbeachca.gov/
HBPublicComments/
Published H.B. Indepen-
dent6/14/12 "
Street, Huntington pursuant to a master
Beach,California 92648, loan agreement ,(the
the City Council of the "M a s t e r L o a n
City of Huntington Agreement"). The
Beach (the "City") will School plans to use the
conduct a public hear- proceeds of the Loan to
ing (the "Public Hear- (1) ,refund the out-
NOTKEOFPUBUCHEARING ing") at which time the standing principal
PURSUANT TO SECTION City will hear and con- 'amount of the California
sider information con- Statewide Communities.
PROOF OF 147(fl OF THE INTERNAL cerning the proposed Development Authority
REVENUE(ODE OF 1986,AS tax-exempt loan (the Variable Rate .Demand
■ ■ �'����®� "Loan") by the Califor- Revenue Bonds (The
BVY AMENDEDIFORTHE. nia Municipal Finance Pegasus School), Series
FINANCING AND/OR Authority (the•^Author- 2003 (the '2 0 0 3
REFINANCING OF.CERTAIN ' in an aggregate Bonds"), the proceeds
principal amount not to of which were loaned to
FACILITIES FROM THE exceed nine million dol- the School, to :enable
�* /� pp pppp���� pp ISSUAN(EOFTAX-EXEMPT, lays($9,000,000)to The the School to finance or
STATE O� �Aa6���O�l9V'/`i) _ Pegasus School, public refinance the costs of
I ' OBLIGATIONS fornia nonprofit public the acquisition, con-
NOTICE IS HEREBY GIV- benefit corporation and structio,n and im-
EN ifiat at 6:00 p.m.,or_:an organization de- provement of. certain
SSe as sooq thereafter .ass.cr'ibed in Section educational and related
g�1 �/ p /�A, C such matters can be 501(c)(3) of the Inter- and ancillary facilities
COUNTY OF ORANGE ) heard, on July 2, 20he hal Revenue Code of at e, H Lexington
in the Chambers of the 1986, as amended (the Lane, H u n t i n gt o n
City Council,of Hunting Code") (or any affiliate Beach, CA 92646 (the
ton Beach, California, thereof or. successor "Facilities") and (2)pay
City Hall, 2000 Main thereto) (the "School"), various costs of, issu-
ance and other related
am a citizen of the United States and a costs with respect to
resident of the County of Los Angeles, I of the t Loan and refunding
he 2003 Bonds, in-
am over the age of eighteen years and nati ng ancillary ter to
nation fees relating to
any hedge of the 2003
not a party to or interested in the notice Bonds (collectively, the
"Refinancing"). The Fa-
published. I am a principal clerk of the cilities.are owned by the
HUNTINGTON BEACH School and used for the
educational purposes
INDEPENDENT ..,which was adjudged a thereof.
. .. .. �..., , � .. .,. The Loan will be paid
entirely from repay-
newspaper of general circulation on ments by the' School
under the
September 29, 1961, case A6214, and Ageemnt.Master Ne Neioan the
full faith and credit nor
June 11, 1963, case A24831, for the the taxing power, if
any, 0f'.the .City, the
City of. Huntington Beach, County of Authority:and its mem-
bers,,the State of Cali-
Orange, and the State of California. fornia (the "State").or
any.other political cor-
Attached to this Affidavit is a true and poration, subdivision or
I agency of the State is
complete copy as was printed and pledged to the payment
of the principal of, pre-
published on the following date(s): mium,if any,or interest
on the Loan, nor, shall
the City, the 'Authority
Thursday, June 14 2012 , and its members, the
i State, or any other po-
litical corporation, sub-
division or agency of
the State be liable or
obligated to pay the
.prcertify (or declare) under penalty any, or nt, premium, e
any, or interest on the
Loan.
of perjury that the foregoing is true The Public Hearing is
intended to comply with
the public ,approval
and correct. requirements of Section
147(f)of the Code.
Those wishing to com-
ment on the issuance of
the Loan or on the
proposed nature and
Executed on June 22, 2012 the Refinancing plan
may either appear in
p en
at Los Angeles California lac di the time and
s submit d�writ enb0com-
ments, which, must be
received prior to the
Public Hearing, to the
-City, c/o Joan L. Flynn,
Clerk of City.Council, at
City, Hall, 2000 Main
t Street, Huntington
/// Beach,California 92648.,
Date:
Signature CITY OF'HUNTINGTON
BEACH
/s/Joan L.Flynn
Clerk of the City Council
Joan L.Flynn;City Clerk
City of Huntington
Beach
2000 Main Street,2nd'
Floor
Huntington Beach,
California 92648
714-536-5227
http://�
huntingtonbeachca.gov/
HBPublicComments/ -
Published H.B. Indepen-
dent 6/14/12
City of Huntington Beach
x - 2000 Main Street ♦ Huntington Beach, CA 92648 .
(714) 536-5227 ♦ www.huntingtonbeachca.gov
P
FFB i ieoe a° office of the City Clerk
/ Joan L. Flynn, City Clerk
July 18, 2012
California Statewide Communities Development Authority
c/o Harriet M. Welch, Esq.
Squire Sanders (US) LLP
555 South Flower St., Suite 3100
Los Angeles, CA 90071-2300
Dear Ms. Welch:
Enclosed please find a certified copy of Resolution No. 2012-39, entitled "A Resolution
of the City Council of the City of Huntington Beach Approving the Making of a Loan by
the California Statewide Communities Development Authority Variable Rate Demand
revenue Bonds(The Pegasus School), Series 2003, Issued 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" which includes as Exhibit A the
"Joint Exercise of Powers Agreement Relating to the California Municipal Finance
Authority."
Sincerely,
J L. Flynn
C Clerk
JF:pe
Enclosure
G:fo11owup:agrmt1tr
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