HomeMy WebLinkAboutRESO 9672170209 ms 0140176
Resolution No. 9672
Resolution of the City Council of the City of Palo Alto Approving the
Issuance of California Municipal Finance Authority Insured Revenue
Bonds in an Aggregate Principal Amount Not To Exceed $110,000,000 for
the Purpose of Financing and Refinancing the Acquisition, Construction,
Equipping and Furnishing of Improvements to Channing House and
Certain Other Matters Relating Thereto
R E C I T A L S
A. Channing House , a California nonprofit public benefit corporation
and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the
participate in the issuance of one or more series of revenue bonds in an aggregate principal
amount not to exceed $110,000,000 purpose of (i) refunding all or a
portion of the outstanding ABAG Finance Authority for Nonprofit Corporations Insured Revenue
finance and refinance certain costs related to the acquisition, construction, equipping and
furnishing of improvements to the Borrow
generally at and in the vicinity of 850 Webster Street, Palo Alto, California 94301; and (ii)
financing the acquisition, construction, equipping and furnishing of improvements at the
care retirement community located generally at and in the vicinity of 850
.
B. Pursuant to Section 147(f) of the Code, the issuance of the Bonds by the Authority
must be approved by because the Project is located within the
territorial limits of the City.
C. The City Council of the City City Council
City
the Bonds under Section 147(f) of the Code.
D. 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
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 Bonds, and now desires to approve
the issuance of the Bonds by the Authority.
NOW, THEREFORE, the City Council of the City of Palo Alto RESOLVES as follows:
SECTION 1. The foregoing resolutions are true and correct.
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170209 ms 0140176
SECTION 2. 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 to be located, in accordance with said Section 147(f) and
(b) Section 4 of the Agreement.
SECTION 3. The officers of the City are hereby authorized and directed, jointly and
severally, to do any and all things and to execute and deliver any and all documents which 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 transaction approved hereby.
SECTION 4. This resolution shall take effect immediately upon its adoption.
INTRODUCED AND PASSED: March 20, 2017
AYES: DUBOIS, FILSETH, FINE, HOLMAN, KOU, SCHARFF, TANAKA, WOLBACH
NOES:
ABSENT:
ABSTENTIONS: KNISS
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
City Attorney City Manager or Designee
Director of Administrative Services
OHSUSA:766422019
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