Resolution 15223CITY OF ALAMEDA RESOLUTION NO. 15223
APPROVING THE ISSUANCE BY THE CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY OF ITS REVENUE OBLIGATIONS FOR
THE BENEFIT OF BAY AREA CHINESE BIBLE CHURCH AND/OR A
RELATED ENTITY IN AN AGGREGATE AMOUNT NOT TO EXCEED
$12,000,000 FOR THE PURPOSE OF FINANCING AND REFINANCING
THE COST OF ACQUISITION, CONSTRUCTION, IMPROVEMENT AND
EQUIPPING OF CERTAIN PROPERTY, PROVIDING THE TERMS AND
CONDITIONS FOR SUCH OBLIGATIONS AND OTHER MATTERS
RELATING THERETO
WHEREAS, Bay Area Chinese Bible Church, a nonprofit religious corporation
(the "Borrower"), 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 and/or
taxable revenue obligations in an aggregate principal amount not to exceed $12,000,000
(the "Obligations") for the benefit of the Borrower, pursuant to Chapter 5 of Division 7 of
Title 1 of the Government Code of the State (commencing with Section 6500) (the "Act")
to (a) finance and refinance the acquisition, construction, improvement and equipping of
an approximately eight acre educational complex located at 1801 and 1803 North Loop
Road, Alameda, California 94502, consisting of an approximately 35,926 square foot,
two-story educational building with classrooms, offices and meeting rooms and an
approximately 30,231 square foot, one-story building with a gymnasium, multi-purpose
rooms, kitchen and nursery and pre-school; and (b) finance and refinance various capital
projects, including but not limited to, construction of a new kitchen to provide meals to
students and visitors, upgrades and expansions to sports fields and improvements to the
nursery and pre-school (collectively, the "Facilities"); and
WHEREAS, a portion of the proceeds of the Obligations will be used to pay
certain costs of issuance in connection with the financing; and
WHEREAS, the Borrower is an organization described in Section 501(c)(3) of
the Internal Revenue Code of 1986 (the "Code") and will own and operate the Facilities
in connection with its mission of providing a quality education to its students; and
WHEREAS, the issuance of the Obligations must be approved by the
governmental unit on behalf of which the Obligations are issued and a governmental unit
having jurisdiction over the territorial limits in which the Facilities are located pursuant to
the public approval requirement of Section 147(f) of the Code; and
WHEREAS, the Facilities are located within the territorial limits of the City of
Alameda (the "City"), and the City Council of the City (the "City Council") is the elected
legislative body of the City and is the "applicable elected representative" required to
approve the issuance of the Obligations under Section 147(f) of the Code; and
WHEREAS, the Authority and the Borrower have requested that the City Council
approve the issuance of the Obligations and the financing of the Facilities with the
proceeds of the Obligations for purposes of complying with Section 147(f) of the Code;
and
WHEREAS, a public hearing was held by the City Council on this 3rd day of
January, 2017, at the meeting which commenced at the hour of 7:00 p.m., in the Council
Chambers at City Hall, 2263 Santa Clara Avenue, Alameda, California 94501, following
duly published notice thereof in a newspaper of general circulation in the City of Alameda,
on December 20, 2016, and all persons desiring to be heard have been heard; and
WHEREAS, 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, BE IT RESOLVED, DETERMINED AND ORDERED by the
City Council of the City of Alameda, State of California as follows:
Section 1. The City Council hereby finds and determines that all of the 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 issued and having jurisdiction
over the area in which the Facilities are located, hereby approves the issuance of the
Obligations by the Authority, which Obligations may be tax-exempt and/or taxable as
approved by the Authority in its resolution, in an amount not to exceed $12,000,000 to
finance and refinance the cost of the Facilities. This resolution shall constitute "issuer"
approval and "host" approval of the issuance of the Obligations within the meaning of
Section 147(f) of the Code and approval of the issuance of the Obligations for purposes
of the Act; provided, however, that this Resolution shall not constitute an approval by the
City Council of the Facilities for any other purposes, including compliance thereof with
CEQA, nor does it constitute an approval of the underlying credit or financial structure of
the Obligations. The City shall not bear any responsibility for the issuance of the
Obligations, the tax-exempt status of the Obligations, the repayment of the Obligations or
any other matter related to the Obligations.
Section 2. All actions heretofore taken by the officers, employees and agents of
the City with respect to the approval of the issuance of the Obligations are hereby
approved, confirmed and ratified, and the officers and employees of the City and their
authorized deputies and agents are hereby authorized and directed, jointly and severally,
to do any and all things and to execute and deliver any and all certificates and documents
which they or bond counsel may deem necessary or advisable in order to consummate
the issuance of the Obligations and otherwise to effectuate the purposes of this
Resolution.
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Section 3. The adoption of this Resolution shall not obligate the City or any
department thereof to (a) provide any financing for the Facilities; (b) approve any
application or request for or take any other action in connection with any planning
approval, permit or other action necessary for the acquisition, rehabilitation or operation
of the Facilities; or (c) make any contribution or advance any funds whatsoever to the
Authority.
Section 4. This Resolution shall take effect from and after its adoption.
I, the undersigned, hereby certify that the foregoing Resolution was duly and
regularly adopted and passed by the Council of the City of Alameda in a regular meeting
assembled on 3rd day of January, 2017 by the following vote to wit:
AYES: Councilmembers Ezzy Ashore, Matarrese, Oddie, Vella and
Mayor Spencer — 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official
seal of said City this 4th day of January, 2017.
Jane Kern, City Attorney
City of Alameda
1.
Lara Weisiger, City Clerk
City of Alameda
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