The URL can be used to link to this page

Home My WebLink AboutRESO 995020191104 th 0140205 Resolution No. 9950 Resolution of the City Council of the City of Palo Alto Approving the Deemed Reissuance of Certain Revenue Obligations of the California Enterprise Development Authority in an Aggregate Principal Amount Not- To- Exceed $37,800,000 for the Purpose of Refinancing the Acquisition, Construction, Improvement, Furnishing and Equipping of a Community Center for Oshman Family Jewish Community Center, and Certain Other Matters Relating Thereto R E C I T A L S A. Pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the “Act”), certain public agencies (the “Members”) have entered into a Joint Exercise of Powers Agreement relating to the California Enterprise Development Authority, dated as of June 1, 2006 (the “Agreement”), in order to form the California Enterprise Development Authority (the “Authority”), for the purpose of promoting economic, cultural and community development, and in order to exercise powers common to the Members, including the issuance of bonds, notes and other evidences of indebtedness; and B. The City of Palo Alto (the “City”) is a Member of the Authority; and C. The Authority is authorized to issue and sell revenue bonds or other obligations for the purpose, among others, of financing and refinancing the construction of capital projects; and D. Oshman Family Jewish Community Center, a California nonprofit public benefit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the “Borrower”), has requested that the Authority participate in the reissuance (for federal income tax purposes) of certain revenue obligations in an aggregate principal amount not to exceed $37,800,000 (the “Obligations”), which will be deemed to refinance the cost of the acquisition, construction, improvement, furnishing and equipping by the Borrower of a 171,000- square-foot community center, which includes: a cultural arts hall, a pre-school, meeting rooms, classrooms, indoor and outdoor pools, a fitness center including a gymnasium, a teen center, a café, a playground and playing field, and regional offices, all located at 3921 Fabian Way, Palo Alto, California 94303 (collectively, the “Project”). The owner and operator of the Project has been and will be the Borrower; and E. The deemed reissuance of the Obligations must be approved by the governmental unit on behalf of which the Obligations are deemed reissued and a governmental unit having jurisdiction over the territorial limits in which the Project is located pursuant to the public approval requirement of Section 147(f) of the Code and the Treasury Regulations thereunder; and DocuSign Envelope ID: 8D1C3BD5-B906-4880-AC7A-82A2918BBCE7 20191104 th 0140205 F. The Project is located within the territorial limits of the City, and the City Council is the elected legislative body of the City on behalf of which the Obligations are being reissued and is therefore the “applicable elected representative” required to approve the deemed reissuance of the Obligations under Section 147(f) of the Code and the Treasury Regulations thereunder; and G. The Authority has requested that the City Council approve the deemed reissuance of the Obligations by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the Treasury Regulations thereunder; and H. Pursuant to Section 147(f) of the Code and the Treasury Regulations thereunder, the City Council has, following notice duly given, held a public hearing regarding the deemed reissuance of the Obligations, and now desires to approve such reissuance of the Obligations by the Authority; 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 finds and determines that all of the above recitals are true and correct. The City Council, as the “applicable elected representative” of the governmental unit on behalf of which the Obligations will be reissued and having jurisdiction over the territorial limits in which the Project is located, hereby approves the deemed reissuance of the Obligations by the Authority, which Obligations are in an amount not to exceed $37,800,000, which are deemed to be used to refinance the Project. This Resolution shall constitute “issuer” approval and “host” approval of the deemed reissuance of the Obligations within the meaning of Section 147(f) of the Code and the Treasury Regulations thereunder, and shall constitute the approval of the deemed reissuance of the Obligations within the meaning of the Act. Neither the City nor any officer of the City shall bear any responsibility for the deemed reissuance of the Obligations, the tax-exempt status of the Obligations, the repayment of the Obligations or any other matter related to the Obligations. SECTION 3. The deemed reissuance of the Obligations shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. Neither the City nor any officer of the City shall bear any responsibility or liability whatsoever with respect to the Obligations. Neither the City nor any officer of the City has prepared or reviewed the financing documents related to the Obligations, and the City Council and the various officers of the City take no responsibility for the contents thereof. SECTION 4. The adoption of this Resolution shall not obligate the City or any officer thereof to (i) provide any refinancing of the Project; (ii) make any contribution or advance any funds whatsoever to the Authority; or (iii) take any further action with respect to the Authority or its membership therein. DocuSign Envelope ID: 8D1C3BD5-B906-4880-AC7A-82A2918BBCE7 20191104 th 0140205 SECTION 5. 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 6. This Resolution shall take effect immediately upon its adoption. INTRODUCED AND PASSED: April 26, 2021 AYES: BURT, CORMACK, DUBOIS, FILSETH, KOU, STONE, 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: 8D1C3BD5-B906-4880-AC7A-82A2918BBCE7 Certificate Of Completion Envelope Id: 8D1C3BD5B9064880AC7A82A2918BBCE7 Status: Completed Subject: Please DocuSign: RESO 9950 TEFRA Resolution for Oshman Jewish Community Center.docx Source Envelope: Document Pages: 3 Signatures: 5 Envelope Originator: Certificate Pages: 2 Initials: 0 Danielle Kang AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC-08:00) Pacific Time (US & Canada) 250 Hamilton Ave Palo Alto , CA 94301 Danielle.Kang@cityofpaloalto.org IP Address: 199.33.32.254 Record Tracking Status: Original 4/28/2021 7:40:35 AM Holder: Danielle Kang Danielle.Kang@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: 199.33.32.254 Sent: 4/28/2021 7:43:33 AM Viewed: 4/28/2021 9:46:31 AM Signed: 4/28/2021 9:46:49 AM 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: 199.33.32.254 Sent: 4/28/2021 9:46:50 AM Resent: 4/29/2021 7:49:41 AM Resent: 4/29/2021 10:36:11 AM Viewed: 4/29/2021 10:56:30 AM Signed: 4/29/2021 10:56:36 AM 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: 98.42.3.200 Sent: 4/29/2021 10:56:38 AM Resent: 4/29/2021 2:39:21 PM Resent: 4/29/2021 2:55:52 PM Viewed: 4/29/2021 3:59:05 PM Signed: 4/29/2021 3:59:12 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Tom DuBois tomforcouncil@gmail.com Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 172.56.12.51 Signed using mobile Sent: 4/29/2021 3:59:13 PM Resent: 4/30/2021 10:23:52 AM Viewed: 4/30/2021 11:35:50 AM Signed: 4/30/2021 11:36:02 AM 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: 174.194.141.47 Signed using mobile Sent: 4/30/2021 11:36:04 AM Viewed: 4/30/2021 11:49:26 AM Signed: 4/30/2021 11:49:36 AM 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 Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 4/28/2021 7:43:33 AM Certified Delivered Security Checked 4/30/2021 11:49:26 AM Signing Complete Security Checked 4/30/2021 11:49:36 AM Completed Security Checked 4/30/2021 11:49:36 AM Payment Events Status Timestamps