The URL can be used to link to this page

Home My WebLink AboutRESO 986520191104 th 0140205 Resolution No. 9865 A Resolution of the City Council of the City of Palo Alto Approving the Issuance Tax-Exempt Revenue Bonds by the California Enterprise Development Authority in an Aggregate Principal Amount not to Exceed $30,000,000 to Finance and Refinance the Cost of the Acquisition, Development, Construction, Installation, Equipping and Furnishing of School Facilities for Bowman International School, and other Matters Relating Thereto A. Bowman International School, a California nonprofit public benefit corporation (the “School”), duly organized and existing under the laws of the State of California (the “State”), has requested that the California Enterprise Development Authority (the “Authority”) issue, from time to time, pursuant to a plan of finance, its tax-exempt revenue obligations in an aggregate principal amount not to exceed $30,000,000 (the “Bonds”) for the benefit of the School, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State (commencing with Section 6500) (the “Act”) for the purpose of (a) (i) refinancing outstanding indebtedness incurred by the School, the proceeds of which were used to finance and refinance the cost of the acquisition, construction, development, equipping and furnishing of educational facilities located at 4000 Terman Drive, Palo Alto, California, and (ii) finance the cost of the acquisition, construction, development, equipping and furnishing of an approximately 16,340 square foot academic village located at 693 Arastradero Road, Palo Alto, California consisting of a building with additional classrooms, a multi-purpose building with an auditorium and offices and other related facilities (collectively, the “Facilities”) and (b) paying certain costs of issuance in connection with such financing; and B. The School is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) and will own and operate the Facilities in connection with its mission of providing an independent, college preparatory school that exists to develop and inspire students; and C. 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 Facilities are located within the territorial limits of the City; and D. 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 E. 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 the Joint Exercise of Powers Agreement Relating to the California Enterprise Development Authority, dated as June 1, 2006(the “Agreement”), among certain local agencies, including the City; and DocuSign Envelope ID: 4812283B-65C9-46B5-8100-30AC5DA5EFC6 20191104 th 0140205 F. 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. G. It is intended that this Resolution shall comply with the public approval requirements of Section 147(f) of the Code; provided, however, that this Resolution is neither intended to nor shall it constitute an approval by the City Council of the Facilities for any other purpose, including, but not limited to, compliance with the California Environmental Quality Act (California Public Resources Code, Section 21100, et seq.) (“CEQA”); NOW, THEREFORE, the City Council of the City of Palo Alto RESOLVES as follows: SECTION 1. The foregoing recitals are true and correct. 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 Facilities are located, in accordance with said Section 147(f) and (b) the Agreement. SECTION 3. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing for the Facilities; (ii) approve any application or request for or take any other action in connection with any land use entitlements, permit or other action necessary for the acquisition, rehabilitation or operation of the Facilities; or (iii) make any contribution or advance any funds whatsoever to the Authority. / / / / / / / / / / / / / / / / / / / / DocuSign Envelope ID: 4812283B-65C9-46B5-8100-30AC5DA5EFC6 20191104 th 0140205 SECTION 4. This Resolution shall take effect from and after its adoption. INTRODUCED AND PASSED: November 4, 2019 AYES: CORMACK, DUBOIS, FILSETH, FINE, KNISS, KOU, TANAKA NOES: ABSENT: ABSTENTIONS: ATTEST: City Clerk Mayor APPROVED AS TO FORM: City Attorney City Manager or Designee Director of Administrative Services DocuSign Envelope ID: 4812283B-65C9-46B5-8100-30AC5DA5EFC6 Certificate Of Completion Envelope Id: 4812283B65C946B5810030AC5DA5EFC6 Status: Completed Subject: Please DocuSign: RESO 9865 TEFRA Resolution for Bowman International School.docx Source Envelope: Document Pages: 3 Signatures: 5 Envelope Originator: Certificate Pages: 2 Initials: 0 Kim Lunt AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC-08:00) Pacific Time (US & Canada) 250 Hamilton Ave Palo Alto , CA 94301 kimberly.lunt@cityofpaloalto.org IP Address: 12.220.157.20 Record Tracking Status: Original 12/2/2019 1:39:34 PM Holder: Kim Lunt kimberly.lunt@cityofpaloalto.org Location: DocuSign Security Appliance Status: Connected Pool: StateLocal Storage Appliance Status: Connected Pool: City of Palo Alto Location: DocuSign Signer Events Signature Timestamp Molly Stump Molly.Stump@CityofPaloAlto.org City Attorney City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 12.220.157.20 Sent: 12/2/2019 1:43:12 PM Viewed: 12/2/2019 4:54:49 PM Signed: 12/2/2019 4:55:24 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Kiely Nose kiely.nose@cityofpaloalto.org Director, Administrative Services/CFO City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Uploaded Signature Image Using IP Address: 12.220.157.20 Sent: 12/2/2019 4:55:26 PM Viewed: 12/2/2019 7:51:17 PM Signed: 12/2/2019 7:58:08 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Ed Shikada ed.shikada@cityofpaloalto.org Ed Shikada, City Manager City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 12.220.157.20 Sent: 12/2/2019 7:58:09 PM Viewed: 12/4/2019 8:27:40 AM Signed: 12/4/2019 8:29:02 AM Electronic Record and Signature Disclosure: Not Offered via DocuSign Eric Filseth eric.filseth@cityofpaloalto.org Mayor Security Level: Email, Account Authentication (None)Signature Adoption: Pre-selected Style Using IP Address: 172.58.43.60 Signed using mobile Sent: 12/4/2019 8:29:04 AM Viewed: 12/4/2019 12:39:20 PM Signed: 12/4/2019 12:39:50 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Signer Events Signature Timestamp Beth Minor Beth.Minor@CityofPaloAlto.org City Clerk City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 12.220.157.20 Sent: 12/4/2019 12:39:51 PM Viewed: 12/4/2019 1:38:52 PM Signed: 12/4/2019 1:39:05 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestamp Tarun Narayan Tarun.Narayan@CityofPaloAlto.org Manager of Treasury, Debt & Investment City of Palo Alto Security Level: Email, Account Authentication (None) Sent: 12/4/2019 1:39:07 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 12/4/2019 1:39:08 PM Certified Delivered Security Checked 12/4/2019 1:39:08 PM Signing Complete Security Checked 12/4/2019 1:39:08 PM Completed Security Checked 12/4/2019 1:39:08 PM Payment Events Status Timestamps