HomeMy WebLinkAboutReso 2012-019 - Approve Bonds
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RESOLUTION NO. 2012-019
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL
FINANCE AUTHORITY REVENUE BONDS (GOODWILL INDUSTRIES
. OF SACRAMENTO VALLEY & NORTHERN NEVADA), SERIES 2012 IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $30,000,000
FOR THE PURPOSE OF FINANCING THE ACQUISITION,
CONSTRUCTION, IMPROVEMENT, . RENOVATION, FURNISHING
AND/OR EQUIPPING OF CERTAIN RETAIL AND DONATION
FACILITIES AND CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, Goodwill Industries of Sacramento Valley & Northern Nevada, a California
non-profit corporation (the "Borrower"), has requested that the California Municipal Finance
Authority (the "Authority") participate in the issuance of one or more series of revenue bonds in
an aggregate principal amount not to exceed $30,000,000 (the "Bonds"). The proceeds of the
Bonds will be used as follows (collectively, the "Project"):
(1) for the acquisition, construction, improvement, renovation, furnishing and/or
equipping of certain retail and donation facilities to be located at:
(a) 1643 Hilltop Drive, Redding, California 96002;
(b) 2985 Victor Ave, Redding, California 96002;
( c) 910 Cypress Ave, Redding, California 96001; and
(d) 317 Lake Blvd, Redding, California 96003.
(2) establish a debt service reserve fund for the Bonds; and
(3) to pay certain expenses incurred in connection with the issuance of the Bonds.
The Project is to be owned and operated by the Borrower and located within the City of
Redding (the "City"); and
WHEREAS, pursuant to Section 147(t) 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
Project is to be located within the territorial limits of the City; and
WHEREAS, 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 ofthe Bonds under Section 147(t) ofthe Code; and
WHEREAS, the Authority has requested that the City 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 the
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California Municipal Finance Authority, dated as of January 1, 2004 (the "Agreement"), among
certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City 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, BE IT RESOLVED, by the City Council of the City of Redding
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 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 Council are hereby authorized, 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.
I HEREBY CERTIFY that the foregoing resolution was introduced and read at a regular
meeting of the City Council of the City of Redding on the 6th day of March, 2012, and was duly
adopted at said meeting by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBER: Bosetti, Jones, McArthur, Sullivan, and Dickerson
COUNCIL MEMBER: None
COUNCIL MEMBER: None
COUNCIL MEMBER: None
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DICK DICKERSON, Mayor
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APPROVED AS TO FORM:
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