HomeMy WebLinkAboutMINUTES - 07212015 - D.3RECOMMENDATION(S):
1. a) OPEN a public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended;
b) CONSIDER public testimony concerning the proposed issuance by the California Enterprise Development
Authority of bonds in an aggregate principal amount not to exceed $16,400,000; and
c) CLOSE public hearing.
2. ADOPT Resolution No. 2015/279, approving the issuance of bonds by the California Enterprise Development
Authority to benefit The Athenian School. (Danville area).
FISCAL IMPACT:
Pursuant to the Internal Revenue Code, the issuance of the Bonds must be approved by the County because the
Facilities are located within the territorial limits of the County. There is no financial impact on the County.
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 07/21/2015 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
ABSENT:Federal D. Glover, District V
Supervisor
Contact: Timothy Ewell,
925-335-1036
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors
on the date shown.
ATTESTED: July 21, 2015
David Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc: Lisa Driscoll, County Administrator’s Office
D. 3
To:Board of Supervisors
From:David Twa, County Administrator
Date:July 21, 2015
Contra
Costa
County
Subject:TEFRA Hearing - The Athenian School
BACKGROUND:
The Borrower is a nonprofit public benefit corporation, duly organized and existing under the laws of the State of
California and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986. Since its
founding as an independent school in 1965, The Athenian School has grown into a community of 476 students
and 70 faculty. Athenian's 75-acre campus of rolling, oak-covered hills lies at the base of Mt. Diablo in Danville,
CA. 51 students from over 15 countries, and 25 teachers, staff, and their families live on campus.
The County of Contra Costa is an associate member of the California Enterprise Development Authority
(“CEDA”), a joint powers authority established by the California Association for Local Economic Development
(“CALED”) whose purpose is to issue tax-exempt and taxable conduit revenue bonds to fund commercial and
industrial development projects within member jurisdictions.
CEDA will loan the proceeds of the Obligations to the Borrower to (i) finance the construction, acquisition,
installation, renovation, rehabilitation, equipping and furnishing of certain educational facilities, including, but not
limited to, a main hall building comprising a multi-purpose space with an assembly capacity of 900 and seating
for 430, a science studio, a reception area, kitchen facilities, administrative facilities, and lounge spaces, a new
classroom building comprising nine classrooms, a science classroom, and teacher preparation space to be located
at 2100 Mt. Diablo Scenic Blvd, Danville, California 94506 and (ii) pay certain costs of issuance in connection
with the financing. The Facilities are and will be owned and operated by the Borrower in connection with its
educational mission providing an independent, nonprofit school educating both boarding and day students
enrolled in grades 6 through 12. Because the Facilities are located within the County’s jurisdiction and interest on
the Obligations may be tax-exempt, a public hearing and the approval of the Obligations by the Board of
Supervisors is required by the Internal Revenue Code of 1986.
Notice for today's hearing was published in the Contra Costa Times and the San Ramon Valley Times,
newspapers of general circulation, on July 7, 2015. Proof of Publication is attached for reference.
CONSEQUENCE OF NEGATIVE ACTION:
The California Enterprise Development Authority will not be able to issue bonds on behalf of The Athenian
School, which will delay or cancel planned construction and improvements to the facilties in Danville, California.
CHILDREN'S IMPACT STATEMENT:
The Athenian School educates approximately 476 boarding and day students enrolled in grades 6 through 12.
CLERK'S ADDENDUM
CLOSED public hearing; and ADOPTED recommendations as presented.
ATTACHMENTS
Resolution No. 2015/279
Body of Resolution No. 2015/279
Proof of Publication - Contra Costa Times and San Ramon Valley Times
2
newspaper of general circulation in the County of Contra Costa, on July 7, 2015, and all persons
desiring to be heard have been heard; and
WHEREAS, it is intended that this Resolution shall comply with the public approval
requirements of Section 147(f) of the Code; provided, however, that this Resolution is neither intended
to nor shall it constitute an approval by the Board of the Facilities for any other purpose, including, but
not limited to, compliance with the California Environmental Quality Act (California Public Resources
Code, Section 21100, et seq.) (“CEQA”);
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the
Board of Supervisors of the County of Contra Costa, State of California as follows:
Section 1. The Board hereby finds and determines that all of the recitals are true and
correct.
Section 2. The Board hereby approves the issuance of the Obligations by the Authority,
which Obligations may be tax-exempt and/or taxable as approved by the Authority in its resolution,
in an amount not to exceed $16,400,000 to finance and refinance the costs of the Facilities.
Section 3. That it is the purpose and intent of this Board that this resolution shall
constitute “host” approval of the issuance of the Obligations within the meaning of Section 147(f) of
the Code and shall constitute the approval of the issuance of the Obligations within the meaning of
the Act; provided, however, that this Resolution shall not constitute an approval by the Board of
Supervisors of the Facilities for any other purposes, including compliance thereof with CEQA, nor
does it constitute an approval of the underlying credit or financial structure of the Obligations.
Neither the County nor any department thereof shall bear any responsibility or liability whatsoever
for the issuance of the Obligations, the tax-exempt status of the Obligations, the repayment of the
Obligations, or any other matter related to the Obligations or the Facilities.
Section 4. That the Obligations shall not constitute a debt or obligation of the County
and the payment of the principal, prepayment premium, if any, and purchase price, if any, of and
interest on the Obligations shall be solely the responsibility of the Borrower.
Section 5. That adoption of this Resolution shall not obligate (i) the County to provide
financing to the Borrower for the acquisition, rehabilitation and development of the Facilities or to
issue the Obligations for purposes of such financing; (ii) the County to make any contribution or
advance any funds to the Authority; or (iii) the County or any department of the County to approve
any application or request for, or take any other action in connection with, any environmental,
General Plan, zoning or any other permit or other regulatory action sought in connection with the
Facilities.
Section 6. All actions heretofore taken by the officers, employees and agents of the
County with respect to the approval of the issuance of the Obligations are hereby approved,
confirmed and ratified, and the officers and employees of the County and their authorized deputies
and agents are hereby authorized and directed, jointly and severally, to do any and all things and to
execute and deliver any and all certificates and documents which they or bond counsel may deem
necessary or advisable in order to consummate the issuance of the Obligations and otherwise to
effectuate the purposes of this Resolution.
Body of Resolution No. 2015/279
3
Section 7. This Resolution shall take effect from and after its adoption.
BE IT FURTHER RESOLVED that the Clerk of the Board of Supervisors shall certify the
adoption of this resolution, and thenceforth and thereafter the same shall be in full force and effect.
Body of Resolution No. 2015/279