HomeMy WebLinkAboutMINUTES - 10162001 - D.2 To: BOARD OF SUPERVISORS CONTRA
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FROM: JOHN SWEETEN, COUNTY ADMINISTRATOR �k. . "�", COSTACOUNTY
DATE: October 9, 2001
SUBJECT: BENTLEY SCHOOL FINANCING
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
1. Approve the obligations to be undertaken by the California Statewide Communities
Development Authority (the "Authority) to benefit the Bentley School in an amount not to
exceed $27,000,0.00 for the refinancing of existing tax-exempt debt obligations and the
financing of renovations to existing school facilities and construction of certain new structures.
2. Hold a PUBLIC HEARING on the proposed financing by the Authority, to satisfy Section 147(f)
of the Internal Revenue Code of 1986.
BACKGROUND:
California Statewide Communities Development Authority (CSCDA) is a joint powers authority
consisting of numerous California cities, counties and special districts, including the County of
Contra Costa. The Authority is authorized to assist in the financing of facilities for non-profit public
benefit corporations.
In order to initiate a financing, the member participant in which proposed facilities will be located
must (i) conduct a public hearing and (ii) approve the Authority's issuance of indebtedness.
The Bentley School is a co-educational independent school located on two campuses, one in
Oakland and Berkeley. California, which provides primary education to students in grades K-8, and
the other in Lafayette, California, which provides secondary education to students in grades 9
through 12. The Bentley School was founded in Berkeley in .1920 incorporated in 1969 as an
independent school that qualifies as a non-profit 501(c)3 educational organization.
CONTINUED ON ATTACHMENT: -X _YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD OMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
SEE ADDENDUM FOR BOARD ACTION
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS(ABSENT TRUE AND CORRECT COPY OFAN
AYES: NOES: ACTION TAKEN AND ENTERED
ABSENT: ABSTAIN: ON THE MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
ATTESTED DC n X.,,.iP/"/, 2nf2zZ
JOHN SWEETEN,CLERK OF
THE BOARD OF SUPERVISORS AND
COUNTY ADMINISTRATOR
BY DEPUTY
Contact: Laura Lockwood, CAO—Capital Facilities and Debt Manag ent, 335-1093
cc: CAO–Capital Facilities& Debt Management
5
Bentley is governed by a self-perpetuating Board of Trustees responsible for setting goals and
policies for the school, fiscal management, and the appointment of the school's officers, including the
Headmaster. In 1992, the Bentley Board of Trustees began a search for a second campus for a high
school. On October 17, 1995, Bentley School and the Lafayette School District entered into a
Purchase and Sale Agreement for an unused public school facility, the former Vallecitos School,
located at 1000 Upper Happy Valley Road in Lafayette. The site is approximately 10.3 acres and
has been master planned for a total enrollment of 500 students.
In March 1997, the Bentley School issued $8,730,000 of tax-exempt certificates of participation to
fund the purchase and refurbishment of the Lafayette campus. Bentley School's Lafayette campus
opened to its first students in the fall of 1998. Since that time, Bentley has built 5 tennis courts, 2
science classrooms, 1 art classroom and a parking lot on this campus.
With this financing, the School is continuing its plans to complete the master plan for the campus,
including the construction of a gymnasium, performing arts building, additional classrooms,
additional site improvements, and parking facilities. A small portion of the financing will also provide
for improvements to its existing Hiller campus in Oakland and Berkeley.
The Bentley School has filed an application for Conduit Financing through the California Statewide
Communities Development Authority in order to allow it to arrange for tax-exempt financing for this
project. Since the financing involves improvements to both its Contra Costa and Alameda County
campuses, approval is required by both counties.
The County is not liable for repayment of any part of the debt service associated with these
obligations. Rather, the security for the debt obligations will be a pledge of gross revenues from
operations of the school and a first deed security interest in the land and buildings of the school on
both the Hiller and Lafayette campuses.
' 1
ADDENDUM
D.2
October 16, 2001
On this date, the Board of Supervisors conducted a public hearing, continued from October 9,
2001, to approve Resolution No. 2001/467 authorizing obligations to be undertaken by the
California Statewide Communities Development Authority to benefit the Bentley School in an
amount not to exceed $27,000,000 for the refinancing of existing tax-exempt debt obligations
and the financing of renovations to existing school facilities and construction of certain new
structures.
The Chair, Supervisor Uilkema, invited the public to comment. There were no requests from the
public to speak on this matter.
Following discussion the Board took the following actions:
1. Amended Resolution No. 2001/467 by adding the paragraph
"WHEREAS, a significant portion of the Bond proceeds will be spent on
capital improvements at the Lafayette campus of the Bentley School on
projects approved by the City of Lafayette, and under the City's land
use jurisdiction in conformance with land use permit L3-96 and
L3-96CC and it's conditions;"
2. CLOSED the public hearing;
3. And ADOPTED Resolution No. 2001/467 as amended.
(AYES: I, III, IV, V and 11 NOES: none ABSENT: none ABSTAIN: none )
RESOLUTION NO._2001,/467_
COUNTY OF CONTRA COSTA, CALIFORNIA
RESOLUTION APPROVING EXECUTION AND DELIVERY BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY OF REVENUE BONDS FOR
THE BENTLEY SCHOOL
WHEREAS, the California Statewide Communities Development Authority, a joint exercise
of powers authority established under the laws of the State of California (the "Authority"), proposes
to issue revenue bonds (the "Bonds") in an amount not to exceed $27,000,000 and to lend the
proceeds thereof to the Bentley School, a California nonprofit public benefit corporation (the
"Borrower") which is recognized as an exempt entity under Section 501(c)(3) of the Internal
Revenue Code of 1986, as amended (the "Code');
WHEREAS, the proceeds of the Bonds will assist in (a) refinancing the renovation and
construction of Bentley School's high school campus located at 1000 Upper Happy Valley Road in
Lafayette, California, and (b) financing the construction and development of certain improvements
to the high school campus, which are anticipated to include a gymnasium, classrooms, a
performing arts facility, a parking lot and a circulation road, and certain improvements to Bentley
School's lower school campus located in Berkeley and Oakland,California,which are anticipated to
include modifications to the main entrance, expansion of the existing library, and renovation of the
administration building (collectively, the "Project"), all of which are owned and operated by the
Borrower;
WHEREAS, the Indenture under which the Bonds will be issued requires that the Bonds
may only be sold to "approved institutional buyers," such as: institutional investors that own and
invest on a discretionary basis at least $100 million in securities; registered securities dealers that
own and invest on a discretionary basis at least $10 million in securities; investment companies
registered under the Investment Company Act that are part of a family of investment companies
which own in the aggregate at least $100 million in securities; banks and savings and loan
associations that own and invest on a discretionary basis at least $100 million in securities and that
have an audited net worth of at least$25 million; and trusts with total assets in excess of$5,000,000,
and who are directed to purchase the Bonds by person with such knowledge and experience in
financial and business matters that such person is capable of evaluating the merits and risks of the
prospective investment.
WHEREAS, the portion of the Project located in Lafayette, California, is within the
jurisdiction of the County;
WHEREAS, Section 147(f) of the Code requires that, in order for interest on the Bonds to
qualify as tax-exempt under Section 103 of the Code, the Board of Supervisors (the "Board"), as the
elected representative of the County, approve the issuance of the Bonds after a public hearing has
been held following reasonable notice;
WHEREAS,the County is a member of the Authority; and
WHEREAS, the Authority has requested the Board to approve the issuance of the Bonds in
order to satisfy the public approval requirements of Section 147(f) of the Code;
WHEREAS, notice of the public hearing was published on September 24, 2001, in the Contra
Costa Times,a newspaper of general circulation in the County;
WHEREAS, the public hearing was held by the Board on the 9th day of October, 2001, at the
Board's meeting which commenced at the hour of 9:00 a.m., in the County Administration Building,
651 Pine Street, Room 107, Martinez, California, and was continued to the 16th day of October,
2001,commencing at the hour of 9:00 a.m., and all persons desiring to be heard have been heard;
WHEREAS,it is in the public interest and for the public benefit that the Board, as the elected
representative of the County,approve the issuance and delivery by the Authority of the Bonds;
WHEREAS, a significant portion of the Bond proceeds will be spent on capital
improvements at the Lafayette campus of the Bentley School on projects approved by the City of
Lafayette, and under the City's land use jurisdiction in conformance with land use permit L3-96
and L3-96CC and it's conditions;
NOW, THEREFORE, BE IT RESOLVED that the Board of Supervisors of the County of
Contra Costa hereby finds, determines and declares that issuance by the Authority of the Bonds in
the maximum principal amount of $27,000,000, for the purposes described above, is hereby
approved.
RESOLVED, FURTHER, that the approval of the issuance of the Bonds by the Authority is
neither an approval of the underlying credit issues of the proposed Project nor an approval of the
financial structure of the Bonds.
RESOLVED, FURTHER, that the Bonds will not constitute an indebtedness or obligation, or
a pledge of the faith and credit of, the County, as the Bonds are special, limited obligations of the
Authority, payable solely from the revenues of the Borrower.
************
I, the undersigned Clerk of the Board of Supervisors of the County of Contra Costa, hereby
certify that the foregoing is a full, true and correct copy of a resolution duly adopted by the Board
of Supervisors of the County at a meeting thereof on the 16th day of October, 2001 by the following
vote of the members thereof:
AYES: SUPERVISORS GIOIA,GERBER,DESAULNIER,GLOVER and UILKEMA
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
Chair, Board Supervisors
ATT ST:
Clerk of the Board of Super iso
Resolution No. 2001/467
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OCT-11-01 14:53 From:CITY OF LAFAYETTE 9252843169 T-672 P-01/01 Job-251
-To be,
(2,(nn-lzo A e,
'j2001
CITY COUNCIL
lVor Samson,mayor
oon Talzin.vice mayor
Carol Federlghi
ErlingHorn
LAFATIErVIG Jay Strauss
October 11,2001
Supervisor 0ayIc D.Uilkema
Contra Costa County Board of Supervisors
651 Pine Street,R(x)m 108A
Martinez,CA 94553
Dear Supervisor Uilkema:
The City of Lafayette underfitands that the Contra Costa County Board of Supervisors is considering a
resolution to approve the issuance of revenue bonds for the Benticy School.The bond prov=ls are to be
used to finance: improvements at the school's L.Lfayette campus. Following is a summary of the
approvals granted to the Benticy School by the Lafayette planning Commission:
In 1996, the City of Lafayette's Planning Commission approved a land use permit to allow Bentley
School to operate a privaw high schoest un Upper I-Lppy Valley Road for a maximum of 500 students.
The approval was subject to several ctinditions, including one that required the school to adhere to an
approvad master plan clAtrd April 22, 19<)6.The mister plan included the following uses:a gymnasium,
classnxims,a theater,and attendant parking lots and accesses.The project was to be built in four phases,
each returning to the City'&Design Review Commission for final approval.
In 1999.an amendment to the master plan was approved to incorporate additional land that the school
had purchased for parking purpows.While the uses remained the same,the layout was modified.Since
then,tho first two phases of the toaster plan have been built.The gymnasium,swimming pool and theater
are pan of Plimes,3 and 4.As stated previously,both phases must return to the City for final approval.
The uses that are listed in the Board resolution conform to the master plan. However, the exact
plaLvrnent and aesthetics of the individual buildings will only be determined alter the Design Review
Commission hm reviewed and approved the find plans. To ensure that the bond proceeds are used
appropriately,may I suggq%t that reference be made in the Board resolution to the City's approved land
use permit(0-96 and 1-3-96CQ and its conditions?
I hope this information will be useful in your consideration of the resolution.
if you have any questions,picaw do not hesitate to contact me or the City Manager at 284.1968.
Sincerely,
Don Tatzin
Vice-Mayor
cc.Steven Falk
POST OFFICE BOX 1969
3675 MT.DIABLO BLVD.,SUITF 210,LAFAYErM CA 94549-1%9
TELEPHONE-(925)284-1%8 FAX:(925)284-3169
http//;www.ci,lafayette.ca.tis
COUNTY OF CONTRA COSTA
` BOARD OF SUPERVISORS MINUTES REVIEW
FY 2000/01
�f W/P
' DATE DESCRIPTION Ref
i
(Hearing required to satisfy Section 147(f) of the Internal Revenue
Code of 1986.) (District IV).
i
AUTHORIZE the negotiation of a joint powers agreement with the
cities of Antioch, Brentwood and Oakley to create a new joint powers
agency for the purpose of funding expanded regional transportation
projects in eastern Contra Costa County, as recommended by
Supervisor Glover. (Districts III and V).
1.0/16/01 APPROVE Resolution No. 2001/467 authorizing obligations to be
undertaken by the California Statewide Communities Development
Authority to benefit the Bentley School in an amount not to exceedu
$27,000,000 for the refinancing of existing tax-exempt debt
obligations and the .financing of renovations to existing school
J , / facilities and construction of certain new structures, (Hearing required
to satisfy Section 147(f) of the Internal Revenue Code of 1986).
I
(County Administrator) (District II).
AUTHORIZE new revenue in the amount of$6,024,860 from the 2001
Series A Contra Costa County Public Financing Authority Certificates
of Participation and APPROPRIATE for the acquisition/construction of
4549 Delta Fair Blvd., Antioch for the Employment and Human
Services Department. (All Districts).
AUTHORIZE new revenue in the amount of$10,311,740 from the
Cn 1999 and 2001 Series A Contra Costa County Public Financing �+
,v Authority Certificates of Participation and APPROPRIATE for the
construction of a Family Law Center facility in Martinez. (All Districts). C
AUTHORIZE new revenue in the amount of$1,163,777 from the
1999 Series A Contra Costa County Public Financing Authority ��.
Certificates of Participation and APPROPRIATE for various
building improvements to 4545 Delta Fair, Antioch. (All Districts).
AUTHORIZE new revenue in the amount of$9,970,000 from the 1997
and 1999 Series A Contra Costa County Public Financing Authority �(,f
Certificates of Participation and APPROPRIATE for the construction
of a new Juvenile Hall in Martinez. (All Districts).