HomeMy WebLinkAboutRESO 9382Resolution No. 9382
Resolution of the City Council of the City of Palo Alto Approving the Issuance of Tax-
Exempt Obligations of the California Municipal Finance Authority in an Aggregate
Principal Amount Not To Exceed $14,000,000 for the Purpose of Financing and
Refinancing the Acquisition, Construction, Improvement and Equipping of Various
Educational Facilities and Certain Other Matters Relating Thereto
A. Gideon Hausner Jewish Day School, a California nonprofit religious corporation and
an organization described in Section 501(c)(3) ofthe Internal Revenue Code of 1986, as
amended (the "School"), has requested that the California Municipal Finance Authority (the
"Authority") participate in the issuance of one or more series of tax exempt loans in an
aggregate principal amount not to exceed $14,000,000 (collectively, the "Loan") for the
purposes of (1) redeeming in full the California Municipal Finance Authority Variable Rate
Demand Revenue Bonds (Gideon Hausner Jewish Day School) Series 2008; (2) paying and/or
reimbursing the School for the costs of constructing, improving, renovating, furnishing and/or
equipping of educational facilities and related administrative and support facilities at the
School's campus located at 450, 470, 490 and 560 San Antonio Road, Palo Alto, California
94306, including but not limited to the demolition of pre-existing buildings and construction of
additional educational facilities, including but not limited to a full size gymnasium, a performing
arts facility and multipurpose facilities; and (3) paying costs of issuance with respect to the Loan
(collectively, the "Project").
B. Pursuant to Section 147(f) ofthe Internal Revenue Code of 1986 (the "Code"), the
issuance of the Loan by the Authority must be approved by the City because the Project is to be
located within the territorial limits ofthe City.
C. The City Council of the City (the /lCity Council") is the elected legislative body of the
City and is one of the /lapplicable elected representatives" required to approve the issuance of
the Loan under Section 147(f) of the Code.
D. The Authority has requested that the City Council approve the issuance of the Loan
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 /lAgreement"),
among certain local agencies, including the City.
E. 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 Loan, and now desires to approve the
issuance of the Loan by the Authority.
The City Council of the City of Palo Alto RESOLVES as follows:
SECTION 1. The City Council hereby approves the issuance of the Loan by the Authority.
It is the purpose and intent of the City Council that this resolution constitute approval ofthe
issuance ofthe Loan 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
131029 jb 0131150