Resolution - 2022-126RESOLUTION NO. 2022-126
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA, CALIFORNIA, APPROVING THE
ISSUANCE BY THE CALIFORNIA ENTERPRISE
DEVELOPMENT AUTHORITY OF NOT TO EXCEED
$20,000,000 AGGREGATE PRINCIPAL AMOUNT OF THE
CALIFORNIA ENTERPRISE DEVELOPMENT
AUTHORITY'S REVENUE BONDS FOR THE PURPOSE OF
FINANCING, REFINANCING AND/OR REIMBURSING THE
COST OF ACQUISITION, CONSTRUCTION,
INSTALLATION, EQUIPPING AND FURNISHING OF
CERTAIN FACILITIES FOR THE BENEFIT OF OPTIONS
FOR LEARNING, CONTINGENT UPON EXECUTION OF A
PAYMENT IN LIEU OF TAXES AGREEMENT BETWEEN
THE CITY AND OPTIONS FOR LEARNING, AND OTHER
MATTERS RELATING THERETO HEREIN SPECIFIED
WHEREAS, Options for Learning, 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 the California Enterprise Development Authority (the
"Authority") to issue, from time to time, pursuant to a plan of finance, one or more series
of its tax-exempt bonds, notes, or other evidence of indebtedness in an amount not to
exceed $20,000,0000 (the "Bonds") for the benefit of the Borrower pursuant to the Joint
Exercise of Powers Act, Chapter 5 of Division 7 of Title 1 of the California Government
Code (commencing with Section 6500) (the "Act"); and
WHEREAS, all or a portion of the proceeds of the Bonds loaned to the Borrower
will be applied to (a) finance, refinance and/or reimburse the cost of acquiring,
constructing, installing, equipping and furnishing a three-story office building with
approximately 108,000 square feet located at 2934 East Garvey Avenue S., West Covina,
California 91791 (the "Facility"), for use as the Borrower's administrative headquarters;
and (b) paying capitalized interest and certain costs of issuance in connection with the
Bonds (collectively, the "Project"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code"), the issuance of the Bonds by the Authority must be approved by the City Council
of the City of West Covina (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 of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the
issuance of the Bonds by the Authority in order to satisfy the public approval requirements
of Section 147(f) of the Code; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council 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, THE CITY COUNCIL OF THE CITY OF WEST COVINA,
CALIFORNIA DOES RESOLVE AS FOLLOWS:
SECTION 1. The foregoing recitals are true and correct.
SECTION 2. The City Council hereby approves the issuance, in one or more
series, from time to time, pursuant to a plan of finance, of tax-exempt and/or taxable Bonds
by the Authority in an amount not to exceed $20,000,0000 for financing, refinancing
and/or reimbursing the cost of the Project, contingent upon the execution of a payment in
lieu of taxes agreement between City and Borrower. It is the purpose and intent of the
City Council that this resolution constitutes approval of the issuance of the Bonds by the
Authority for the purposes of Section 147(f) of the Code by an applicable elected
representative of the governmental unit having jurisdiction over the area in which the
Project is located, in accordance with said Section 147(f), contingent upon the execution
of a payment in lieu of taxes agreement between City and Borrower. This resolution shall
also constitute the approval of the issuance of the Bonds by the Authority within the
meaning of the Act, contingent upon the execution of a payment in lieu of taxes agreement
between the City and Borrower.
SECTION 3. The issuance of the Bonds shall be subject to the approval of the
Authority of all financing documents relating thereto to which the Authority is a party. The
City shall have no responsibility or liability whatsoever with respect to the Bonds.
SECTION 4. The adoption of this resolution shall not obligate the City or any
department thereof to (i) provide any financing with respect to the Project; (ii) approve
any application or request for or take any other action in connection with any planning
approval, permit or other action necessary with respect to the Project; (iii) make any
contribution or advance any funds whatsoever to the Authority or the Borrower; or (iv)
take any further action with respect to the Authority or its membership therein.
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. The City Manager is hereby authorized to take whatever actions are
necessary and appropriate to carry out the purpose and intent of this resolution.
SECTION 7. The City Clerk shall certify to the adoption of this resolution and shall
enter the same in the book of original resolutions and it shall become effective
immediately.
APPROVED AND ADOPTED this 6th day of December, 2022.
Da o Castellanos
Mayor
APPROVED TO FORM
Thomas P. DTarte
City Attorney
ATTEST
Lisa Sh r i k
Assista t City Clerk
I, LISA SHERRICK, Assistant City Clerk of the City of West Covina, California, do
hereby certify that the foregoing Resolution No. 2022-126 was duly adopted by the City
Council of the City of West Covina, California, at a regular meeting thereof held on the
6th day of December 2022, by the following vote of the City Council:
AYES: Castellanos, Diaz, Lopez-Viado, Wu
NOES: Tabatabai
ABSENT: None
ABSTAIN: None
Lisa Sh ick
Assistan City Clerk