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HomeMy WebLinkAboutRESOLUTIONS - 01012001 - 2001-467 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. 1, 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 GIOIAf GERBER,DFSAULNIER,GLOVER and UILKEMA NOES: NONE ABSTAIN: NONE ABSENT: NONE Chair,Yo 'r of pervisors ?rd4-of u�peis®rs ATTES Super so�rsV 7—Clerk of the Board of Super so Resolution No.2001/467