HomeMy WebLinkAbout4353_CCv0001.pdf RESOLUTION NO. 4353
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF REDLANDS INDICATING ITS
INTENT TO PROVIDE FOR THE ISSUANCE
OF OBLIGATIONS TO PROVIDE ASSISTANCE
IN FINANCING AN EDUCATIONAL FACILITY
(ARROWHEAD CHRISTIAN ACADEMY)
WHEREAS, Arrowhead Christian Academy ( the "Devel-
oper" ) has requested assistance in financing the acquisition
and construction of an educational facility to be located on
approximately 10 . 4 acres on Texas Street near Pioneer Avenue
in the City ( the "Project" ) ; and
WHEREAS, this City Council, in order to encourage
and foster educational opportunities within the City and as
an aid and inducement to the Developer , is willing to autho-
rize the issuance of obligations in an amount sufficient to
provide financing for the Project subject to the restric-
tions of all applicable California and federal laws as they
presently exist, provided that the Project receives all
necessary local government approvals of the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Redlands as follows:
Section 1 . Findings. This City Council hereby
determines that the undertaking of the financing of the
proposed Project by the City will be a substantial factor in
the accrual of public benefits to be received from the Proj-
ect, should the Project be approved and constructed.
Section 2 . Issuance of Obligations . Subject to
the completion of the proceedings and other matters relating
thereto to the full satisfaction of this City Council, and
subject to the proposed Project receiving all necessary
local governmental approvals, this City Council hereby
agrees to provide financing to the Developer and its assigns
or such other person or entity approved by the City for the
Project through the issuance of obligations as described in
Section 3 of this Resolution in an amount of to exceed
$2, 000, 000 .
Section 3. Nature of Obligations. The obliga-
tions to be issued shall be special obligations of the City
payable solely from revenues to be received by the City
pursuant to all agreements in connection with the financing
of the Project , all in a form acceptable to the City, and
shall not be a general obligation of the City, the State of
California, or any political subdivision thereof.
Section 4. Official Action. It is intended
that this Resolution shall constitute "some other similar
official action" toward the issuance of indebtedness within
the meaning of Sections 103 and 141 through 145 of the
Internal Revenue Code of 1986, as amended, and the regula-
tions thereunder .
Section 5. Other Approvals. The adoption of
this Resolution shall not bind the City to issue bonds or
other obligatons until and unless all other necessary
actions and approvals are taken or received in accordance
with all applicable laws . The adoption of this Resolution
does not and shall not limit in any manner whatever the
City' s full discretion to deny any further permit or
approval that may be necessary for ultimate completion of
the proposed Project . In this connection:
(a) All contracts relating to the acquisi-
tion, construction, installation and equipping of the Proj-
ect shall be solicited, negotiated, awarded and executed by
the Developer for its own account, subject to applicable
federal , state and local laws .
(b) The City shall have no pecuniary liabil-
ity to the Developer for any fees in connection with the
Project .
(c) The City shall recover any and all costs
to City which are incurred in furtherance of or attributable
to the issuance of its obligations. If no obligations are
issued, all such costs shall be paid by the Developer .
Section 6 . Bond Counsel . The law firm of Best,
Best & Krieger is hereby retained as Bond Counsel .
Section 7 . Effective Date. This Resolution
shall take effect immediately upon adoption.
Mayor of the City of Redlands,
California
ATTEST:
City Clerk of the City of
Redlands, California
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I , Lorrie Poyzer , City Clerk of the City of Redlands,
California, do hereby certify that the foregoing Resolution
No. 4353 was regularly introduced and adopted by the City of
Redlands, California , at a regular meeting thereof held on
the 16th day of February , 1988, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAINED:
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the City of Redlands, Califor-
nia, this 15th day of February , 1988.
City Clerk of the City of
Redlands
F
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