HomeMy WebLinkAboutRESO 9090Resolution No. 9090
Resolution of the Council of the City of Palo Alto Approving the
Issuance of the California Municipal Finance Authority Revenue
Bonds, Series 2010 in an Aggregate Principal Amount Not to Exceed
$20,000,000 for the Purpose of Financing and/or Refinancing the
Acquisition, Construction, Improvement and Equipping of
Educational Facilities For the Keys Family Day School
WHEREAS, Keys Family Day School, Inc. (the "Corporation"), a nonprofit public
benefit corporation and an organization described in Section 501 (c)(3) of the Internal Revenue
Code of 1986 (the "Corporation"), has requested that the California Municipal Finance Authority
(the· "Authority") participate in the issuance of one or more series of revenue bonds in an
aggregate principal amount not to exceed $20,000,000 (the "Bonds") for the Purpose of
Financing and/or Refinancing the Acquisition, Construction, Improvement and Equipping of
Educational Facilities and Certain Other Matters Relating Thereto (the "Project") to be owned
and operated by the Corporation and located at 3981 EI Camino Real, and 2890 Middlefield
Road, within the City of Palo Alto (the "City"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code"), the issuance of the Bonds by the Authority must be approved by the City because the
Project is located within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council") is the elected legislative
body of the City and is one of the "applicable elected representatives" required to approve the
issuance of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the issuance of
the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f)
of the Code and the requirements of Section 4 of the Joint Exercise of Powers Agreement
Relating to the California Municipal Finance Authority, dated as of January 1, 2004 (the
"Agreement"), among certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following
notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to
approve the issuance of the Bonds by the Authority;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Palo
Alto as follows:
SECTION 1. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitute approval
of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code
by the applicable elected representative of the governmental unit having jurisdiction over the
area in which the Project is located, in accordance with said Section 147(f) and (b) Section 4 of
the Agreement.
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