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HomeMy WebLinkAboutMINUTES - 06122001 - SD.6 to: BOARD OF SUPERVISORS ' CONTRA COSTA FROM: '` JOHN SWEETEN, COUNTY ADMINISTRATOR . COUNTY DATE: June 12, 2001 ' SUBJECT: TEHIYAH DAY SCHOOL FINANCING SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION RECOMMENDATION: 1. Hold a public hearing on the proposed financing by the California Statewide Communities Development Authority (the "Authority"). 2. Approve the obligations to be undertaken by the Authority to benefit the Tehiyah Day School in an amount not to exceed $6,250,000 for the financing and refinancing of the of the acquisition, construction, rehabilitation and equipping of various education facilities, including additional classrooms, an auditorium, library, art and science rooms, computer/math center and new athletic areas. 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 Tehiyah Day School, located at 2603 Tassajara Avenue in EI Cerrito, California, is an independent school that qualifies as a non-profit 501(c)3 educational organization. CONTINUED ON ATTACHMENT: X YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR -RECOMME.NDA31ON OF BOARD Cd IO TTEE ✓APPROVE OTHER SIGNATURE(S): ACTION OF BOAR O APPROVED AS RECOMMENDED OTHER VOTE OF SUPERVISORS 1 HEREBY CERTIFY THAT THIS IS A UNANIMOUS(ABSENT _) TRUE AND CORRECT COPY OF AN AYES: NOES: ACTION TAKEN AND E TERED ABSENT: ABSTAIN: ON THE MINUTES O HE BOARD OF SUPERVISORS O CF DATE SHOWN. ATTESTED N SWEETE ,CL RK O HE BOARD OF SUPERVISORS AND COUNTY ADMINISTRATOR BY DEPUTY Contact: Laura Lockwood, CAa—Capital Facilities and Debt Ma gement, 335-1093 cc: CAO—Capital Facilities& Debt Management , F Ja�,�+�;� r: I. �a r:t•� '.� :L-.'�'..f!. `Is�.s l.'.+.. a :s't,. .....:rt` � ._. ,.. � t••.t ti. .. •:f•'l. ..•t�,.... •�I:' ... .. 'S'' r ...r, t. tt� .. .. _ �T 1.-1�,i':'r. ,. _. .. i�Ai i.. �lr�`� etb.^i i �,`.:• 'moi' 7Ct�:11 i7,... ...•� l .:,��• .i�,i� �. r T .7... �..j 1..� ... 1 '. �1 � . 1.� � •;!. n. ..i .'7l1 '.7:i!S ',�� -iir'R1• I ._ .r. '6.'!� .� -1� :i. ,7 '.r': :i •ir`r' r ',r'•';i�.�Y 7.•<'I• iV=''L.t � ;'• ;1' .,/}.t.. .l ,'7::f .•!3�,. +i�•:� !1!.�.. ... .ai�. ./ ,. `.7"�;: .'�� .. , ..��!;:. „lr. rr1:". Al:I .art.}! .1'. ����Ij'.Ir ;y1/.,. J,.. ..:r' ,'::� ...'�: .ti �?f,..�I:.'��.�/Ijl' .�i,,, :1'�'r'f.:: .. ,.: 1. .. .. "•t'.:i•�7� `<i i`r.• .. i l _i. ;�.t�,4r _ .r!�^: •.....- I:iJ I•:'til : F:� .r fit 51 TPA •r/.yw..us e._.,7'• Sim :.5 C.: ..'7.'�:w.. _ t'i7•. iF.r�11, • ...�.y��:['r .. ....Iv`.�'I:i ._.rV��•F... ..t :.:l.i•:,. . r... ti,i .. .r.. .��7'. t i. r.._ ,c: ...r., i�_ __ �.. . _'�t, .. iS.: ..:"l e:t ,.:7'. ...��!4i.`s i �•... .'f�:Fi s: '.I :•�'..�5'.., .. '�.il ..:ti!,(� . f.r.. �?<:' .. .. it ^.�`�i✓ .< •i�;t ��� i.•. .. ^ ;�., .,1 ice. � 11.7 �;;� � "t'••' - i ARK!K. ..'s: .xl yu .:. Q ... .sw.i..i;:. 1; ,:'lai. .:r. 'i., _ _ .. .i .,.. ... ... .. . ...:�JY.i�/...�t,/�' , .r.. :(.:t:'. ri �r.'It _ ..:�:t .i •� .. �' .� ��'�:' ���•:�.i,i�,. ,. ..._ .. .. .r ._. .. ., �F"i.�� .''?i :i. .,.:1�.? I1_:.7 •-/ {i' yvw& li. .. A0210 .,.o.,S(:,,,:::/ 'Out! 111YOW .. _. . 100 isvp ON 100011 Paw,AM? -2. i:... . a. ... .... P+�.. il;.+,�.1 d•'..::I•� .. :,i .':''•:�.,J,. .. .. �r _ .....il.::�f.�..+:.%...: I�r tS.:.,._ -. ....,. .. n. �... ,. :.to .-�?:' ,'.`:i•.. t:':�5�. ... .."> i�•• ;•..;�. ,. � _ .. ...., The school currently operates a single-campus, independent school for students in grades K-8 on the site of a former Richmond Unified School District overflow classroom facility. The project would provide funding to increase the school's interior area by 10,000 square feet of classrooms and provide funds for new exterior courtyards, covered walkways, upgraded athletic areas and new play structures. The additional buildings would include an auditorium, library, art room, computer/math center, science rooms and other classrooms. 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 building of the school. BOARD OF SUPERVISORS OF THE COUNTY OF CONTRA COSTA RESOLUTION NO. 2001/239 RESOLUTION APPROVING THE .ISSUANCE OF QUALIFIED 50.1(c)(3) REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR THE TEHIYAH DAY SCHOOL WHEREAS, the California Statewide Communities Development Authority (the "Authority") is authorized pursuant to the provisions of California Government Code Section 6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1, 1988 (the "Agreement"), among certain local agencies throughout the State of California, including the County of Contra Costa (the "County"), to issue revenue bonds in accordance with the Agreement and California law; and WHEREAS, the Tehiyah Day School (the `Borrower"), a nonprofit corporation under Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Code"), has requested that the Authority issue qualified 501(c)(3) revenue bonds in an aggregate principal amount not to exceed $6,250,000 (the `Bonds') to finance or refinance the acquisition, construction, rehabilitation and equipping of various educational facilities, including additional facilities for additional classrooms, an auditorium, library, art and science rooms, computer/math center, and new athletic areas, located at 2603 Tassajara Avenue, El Cerrito, California (the "Project"); and WHEREAS, the Bonds will be "private activity bonds" for purposes of the Code; and WHEREAS, pursuant to Section 147(f) of the Code private activity bonds are required to be approved by the "applicable elected representative" of the governmental units on whose behalf such bonds are expected to be issued and by a governmental unit having jurisdiction over the entire area in which any facility financed or refinanced by such bonds is to be located, prior to their issuance and after a public hearing held following reasonable public notice; and WHEREAS, the members of this Board of Supervisors (this `Board") are the applicable elected representatives of the County; and WHEREAS, there has been published at least 14 days prior to the date hereof, in a newspaper of general circulation within the County, a notice that a public hearing regarding the Bonds would be held on the date hereof, and WHEREAS, such public hearing was conducted on said date by this Board, at which time an opportunity was provided to interested parties to present arguments both for and against the nature and location of the Project and the issuance of the Bonds; and WHEREAS, it is intended that this resolution shall constitute the approval of the issuance of the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement, as applicable; NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the County of Contra Costa, as follows: Section 1. The above recitals are true and correct. Section 2. The Board hereby approves the issuance of the Bonds by the Authority for the Project. It is the purpose and intent of the Board that this resolution constitute approval of the Bonds for purposes of(a) Section 147(f) of the Code and (b) Section 9 of the Agreement. Section 3. The officers of the County are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents that 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 approved hereby. Section 4. The Clerk of the Board is hereby directed to forward a certified copy of this Resolution to: Ana Marie del Rio, Esq. Orrick, Herrington and Sutcliffe Old Federal Reserve Bank Building 400 Sansome Street San Francisco, CA 94111-3143 Section 5. This resolution shall take effect immediately upon its passage. PASSED AND ADOPTED this 12'h day of June, 2001. Ch of the Bo of Supervisors County of Contra Costa, California [Seal] ATTEST: Clerk of the Bo d of Supervisors and County Administrator By Deputy erk of the Board of Supe ors of the County of Contra Costa, State of California NOTICE OF PUBLIC HEARING REGARDING THE ISSUANCE OF REVENUE BONDS FOR THE TEHIYAH DAY SCHOOL NOTICE IS HEREBY GIVEN that, at 9:30 a.m., or as soon thereafter as the matter can be heard, on Tuesday, June 12, 2001, in the Board of Supervisors Chambers, Hall, 651 Pine Street, Martinez, California, the Board of Supervisors of the County of Contra Costa(the "County") will conduct a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 (the "Code"), at which it will hear and consider information concerning the proposed issuance by the California Statewide Communities Development Authority of not to exceed $6.25 million aggregate principal amount of revenue bonds to finance and refinance the acquisition, construction, renovations and equipping of certain educational facilities, including additional facilities for additional classrooms, an auditorium, library, art and science rooms, computer/math center, and new athletic areas, located at 2603 Tassajara Avenue, El Cerrito, California (the "Project"), to fund reserves and to pay other costs related thereto. The Project is owned and operated by the Tehiyah Day School, a California nonprofit corporation described in section 501(c)(3) of the Code. Those wishing to comment on the proposed financing and the nature and location of the Project may either appear in person at the public hearing or submit written comments, which must be received by the County prior to the hearing. Written comments should be sent to Laura Lockwood, Director of Capital Facilities and Debt Management, County of Contra Costa, 651 Pine Street, 6th Floor,Martinez, California 94553-1290. COUNTY OF CONTRA COSTA Dated: May 25, 2001 DOCSSF1:531144.3 40929-198 ADI REQUEST TO SPEAR FORM (THREE (3) MINUTE LIMIT) Complete this form and place it in the box near the speakers' rostrum before addressing the Board. 1 % a-33 - 3b�3 Name: Phone: Address: Z(96--1 1 city: 'Ell I am speaking for myself or organization: —Fe- (name of organization) CHECK ONE: I/ I wish to speak on Agenda Item # S� Date: to lZ- 1vl My comments will be: general for against I wish to speak on the subject of I do not wish to speak but leave these comments for the Board to consider: SPEAKERS 1. Deposit the "Request to Speak" form (on the reverse side) in the box next to the speaker's microphone before your agenda item is to be considered. 2 . You will be called on to make your presentation. Please speak into the microphone at the podium. 3. Begin by stating your name and address and whether you are speaking for yourself or as the representative of an organization. 4 . Give the Clerk a copy of your presentation or support documentation if available before speaking. 5. Limit your presentation to three minutes. Avoid repeating comments made by previous speakers. (The Chair may limit length of presentations so all persons may be heard) .