HomeMy WebLinkAboutReso. 2026-062 - Cal Development Authority Bond Issuance for Redding School of the Arts 5�,1�U'I`I�ll�t I��, 2Q26-062
SQLUTI�I�i C►F' TH� CITY CUUN�IL, U�+' TI�E CITY O�' DI�ING
�PP OVING THE ISSUANCE t�� T E CALIFCJ IA ENTE RISE
DE�EL�P'NdENT �UTH47 TY t�iUALIF�E�► �Ol(�)(3} BOI�DS IN AN
AG� GATE P NCIFAL AMUUN'T N(7'T Tt7► EXCEEI� �13,000,004 FO►I�
T E FU l�SE �lF i�INAN�'ING r�NI11C�R FIl��i1�1CTl�iG T
AC+(�I1ISI'TZON, +�'C3NSTRIT�"T�UN, HABILITATIUN, IMPI�CI►VEMENT,
AI�1� E�UII'1'Il'�G �F DDIN� SCHC}CJ►L OF THE AR'TS �.NT} CERTAIN
O'I'HE12 MA'Y"TERS LATING THE TU
��IE AS,RSA Facilities; LLC(the"Borrower")whose sc�le member is Redding School af the
Arts, a �alifarnia nonprofit public benefit corporatic�n and an organization described in Section
501(c}(3) of the �nternal Revenue Code of 1986 (the "Cc�de"j has requ�sted that the California
Enterprise Develaprnent Authority (the "Authoiity") adopt a plan of financing providing far the
issuance c�f qual�fied SO 1(�)(3}bonds as defined in Section 145 of the C�de in one or mQr�series
issued from time to time, and at no time to exceed $13,OOO,Q00 in aggregate principal amount(the
"Bonds"')> to: {l) finance andlar refinance the acqu�isition, construction; expansic�n, remodeling,
renovation, improvernent, furnishing and/or equipping of the chai°ter schoal educational faciliti�s
knc�wn as Redding Schoal af the Arts and RSA Early Cc�llege Hi�h School, located �t 955
Inspiratian Place, Redding� +CA 96043 {the "Existing Campus") and to be located at an adjacent
parcel lt�cated st�uth t�f the Existing Carnpus and east c�f Gibraitar Road (the "Adjacent Parcel"
and, together r�vith the Existing Campus> the "Froject"), (2)to pay certain �xp�nses incu�red in
connectifln with the issuance of the Bands, (3)to fund capitalized interest relating to th� Bonds;
and (4)to fund a debt service reserve fund with respect to the Bonds; and
HE AS, pursuant to Section 147(fj c�f the Code, the issuance of the F3onds by the Authority
must be approved by �he City of Reddin� {the "Cit�,"� beca�ase the Prc�ject is locat�d vUithin t�e
territorial limits of the�ity; and
W E AS, the City Council of the City (the `°City Council") is the elected legislative body af
the City and is one of the "applicable elected representatives'' required ttr approve the issuance c�f
the Bc�nds under �ection 147(fj of the Code; and
WHE AS, the Authority has requested that the City Council apprave the issuance c�f the Bc�nds
by the Autht�rity in ord�r to s�.tisfy the public appr�val requirement of Section 147{� of the Code
ancl the ret�uirements of [Section � c�f the Joint Exercise af I'c�wers Agreement Relating to The
California Enterprise Uevel�pment Authority, dated as of February 17, 2015 (the "agreez�nent°')>
amang cer�ain lt�cal agencies, including the City, and
WHE AS, pursuant to Sectic�n 14�{f) of the Code, following notice duly given, the Authority
held a public hearing regarding the issuance af the Bonds, the prt�ceedings of which were
summarized and provided to the City Council, and now the City Council desires tc� approve the
issuance of the Bonds by the Authoriry;
N�tV6', "�"I�E F�? , B� IT '5��.,�E , �Y T E CTT3I C(�IJ��IL QF THE �IT3�' ()�
DDIN� AS FC}IC.L+Oi�S:
Sectir�n 1: The fore;c�ing recitals are true and cc�rrect,
S�ction �: The City Council hereby approves the issuance of the Bonds by the Authority:
It is the purpase and inte�t of the Cit� Council tl�at this resoluti�n constitlttes approval of the
issuance of th� Bonds by the Authority, for the purp�s�s of(a) Section �47(#� of the Code by the
applicable elected representati�ve of the governmental unit havin� jurisdiction over the area in
w�iich the Project is located, in accordance with said Section 14�{f) and Section 4 of the
Agreemer�t.
Section 3: The �ssuance o�f the Bonds shall be subject to the appro�va� of the Authority of
all financir�g documents relating thereto ta which the Autharity is a party. The City shall have no
responsibility or liability whatsoever with respect to the Bands.
Secti+�n 4: The adoption of this Resolution shall n�t obligate the City or any department
thereaf to (i) prc�vide any financing to acquire or construct the Prc�ject or �iny ref nancing of the
Project; {ii) apprave any application c�r request far trr take any c�ther action in c�nnection with any
plannin�approval,permit ar other action�ecessary for the�cquisition,constx-uction,rehabilitatic�n;
installation or operation of the I'rc�ject; (iii} make any contributian or advance any funds
whatsc�ever to the Au�hority; or {iv) take any further actian with respect to the Authority or its
membership thereii�.
5ectic�n 5: The officers ofthe City are here6y authorized and directed,jointiy and severaliy,
to do any and all things and to ex�cute and deliver any and a11 dt�cuments which they deem
necessary or advisable in order to carry t�ut, give effect to and cc�mply with the terms and intent of
this resc�lution and the financing transaction approved hereby.
�ectifln 6: This resc�lution shall take effect immediately upon its adoption.
I HE BY ��R'�"IFY that the foregoing rescrlution was introduced and adt�pted at a regular
meetin��f the City Gouncil of the City of Redding an the 21 st day of July,2026, by the fc�llowing
vote:
AI'ES; �OU��IL MEMBERS. - Audette,�►r.�hanuka,Munns,�2esner,and Littau
NOESr �OUNCIL MEM�ERS': _Nane
AB�ENT: �OITNCIL MEMBETtS: -Non�
ABSTAIN. C+QUNCTL MEMSERS� -None
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MII�E �ITTA[T,Mayor
ATTES'I': APl'120VED AS TU F� ' .
���� ��� ��.w���`��°� �-
-'�SHA EN� TIPTON, �ity Cl�rk B�ENJA Ili� , T+DCK, Interim ity Attorney