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Home My WebLink AboutRESO 9658161215 jb 0131571 Resolution No. 9658 Resolution of the City Council of the City of Palo Alto, California Approving the Issuance of the California Municipal Finance Authority 2017 Tax Exempt Loan (International School of the Peninsula) in an Aggregate Principal Amount Not To Exceed $7,500,000 for the Purpose of Refinancing the Acquisition, Construction, Improvement and Equipping of Various Educational Facilities for the International School of the Peninsula located in the City of Palo Alto, California And Certain Other Matters Relating Thereto A. Pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of tered into the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as ing economic, cultural and community development, and in order to exercise any powers common to the Members, including the issuance of bonds, notes or other evidences of indebtedness. B. T s a Member of the Authority. C. The Authority is authorized to make loans and to issue and sell revenue bonds and other evidences of indebtedness for the purpose, among others, of financing or refinancing the construction of capital projects. D. The Authority intends to obtain a be excluded from income of Lender for federal income tax purposes and exempt from State of California personal income taxes, for the purpose of making a loan to the Corporation (the others, of (a) financing and/or refinancing all or a portion of the acquisition, construction, improvement and equipping of certain educational facilities located in the City of Palo Alto, therewith, prepay and retire all of the outstanding California Statewide Communities Development Authority Refunding Revenue Bonds (International School of the Peninsula Project) Series 2006, previously issued to finance and refinance all or a portion of the ISTP Project; and (b) pay costs of issuance and certain interest with respect to the Loan (such items (a) . E. The owner of the Project will be the Borrower or an affiliate of the Borrower. F. The undertaking of the Loan by the Authority will effect demonstrable savings in interest rate and/or issuance costs which constitute significant public benefits pursuant to the Act. G. The Act and the Agreement require that the local agency within which a project to be financed and/or refinanced with the proceeds of the Loan is located, approves the financing and/or refinancing of the project by the Authority. DocuSign Envelope ID: 588466D5-261F-4B89-8B4C-EB073B24F6F7 161215 jb 0131571 H. T approve the financing of the Project by the Authority through the undertaking of the Loan in order to satisfy the approval requirement of the Act and the requirements of the Agreement. I. It is in the public interest and for the public benefit that the City Council approve the undertaking of the Loan by the Authority to finance and/or refinance the acquisition of the Project. NOW, THEREFORE, the Council of the City of Palo Alto hereby RESOLVES as follows: Section 1. The City Council hereby approves the financing and/or refinancing of the acquisition of the Project through the undertaking of the Loan by the Authority and finds that this method of financing will affect the significant public benefits of the type described in Section 6586(a) of the Act, as set forth above. It is the purpose and intent of the City Council that this resolution constitute approval by the City Council of the financing of the Project through the undertaking of the Loan in accordance with the Agreement and the Act. Section 2. The undertaking of the Loan shall be subject to the approval by the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Loan. Section 3. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or to refinance the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, rehabilitation or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein. Section 4. The executing officer, the City Clerk and all other proper officers and officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates, and to perform such other acts and deeds, as may be necessary or convenient to effect the purposes of this Resolution and the transactions herein authorized. Section 5. The City Clerk shall forward a certified copy of this Resolution to the Authority in care of its bond counsel: Nathan A. Treu, Esq. Squire Patton Boggs (US) LLP 275 Battery Street, Suite 2600 San Francisco, CA 94111 DocuSign Envelope ID: 588466D5-261F-4B89-8B4C-EB073B24F6F7 161215 jb 0131571 Section 6. This resolution shall take effect immediately upon its passage. INTRODUCED AND PASSED: January 9, 2017 AYES: DUBOIS, FILSETH, FINE, HOLMAN, KNISS, KOU, SCHARFF, TANAKA, WOLBACH NOES: ABSENT: ABSTENTIONS: ATTEST: City Clerk Mayor APPROVED AS TO FORM: APPROVED: City Attorney City Manager or Designee Director of Administrative Services DocuSign Envelope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