2018/04/24 City Council Resolution 2018-061RESOLUTION NO. 2018-061
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK, CALIFORNIA,
APPROVING THE ISSUANCE BY THE CALIFORNIA PUBLIC FINANCE AUTHORITY OF
CHARTER SCHOOL REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT
EXCEEDING $6,400,000 FOR THE PURPOSE OF FINANCING IMPROVEMENTS AND THE
ACQUISITION OF FURNITURE, FIXTURES AND EQUIPMENT FOR THE USE OF CREDO
HIGH SCHOOL, REFINANCING CERTAIN OUTSTANDING BONDS, AND CERTAIN OTHER
MATTERS RELATING THERETO
WHEREAS, Credo High School (the "Borrower"), a California nonprofit corporation (or
any successor or assigns thereto), has requested that the California Public Finance Authority
(the "Authority") participate in the issuance of one or more series of revenue bonds in an
aggregate principal amount not to exceed $6,400,000 (the "Bonds") and loan the proceeds of
the Bonds to the Borrower to (i) finance tenant improvements and acquire furniture, fixtures and
equipment for the use of newly expanded space for Credo High School located at 1300 Valley
House Drive #100, Rohnert Park, California (the "2018 Project"); (ii) redeem the principal
amount of existing Bonds previously issued by the Authority for the benefit of the Applicant,
which were issued to finance tenant improvements and acquire furniture, fixtures and equipment
for Credo High School (collectively, with the 2018 Project, referred to hereafter as the "Project");
(iii) make a deposit to a debt service reserve fund, and fund a capitalized interest account, if
either or both is required; and (iv) pay the costs of issuance of the Bonds and certain other costs
incurred in connection with the issuance of the Bonds; and
WHEREAS, the Project will be owned by the Borrower for federal income tax purposes
and will be located at the address described in the Notice of Public Hearing attached as Exhibit
"A" (the "Notice"); and
WHEREAS, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), the issuance of the Bonds must be approved by the "Applicable Elected
Representative" of the City of Rohnert Park, California (the "City"), as the host jurisdiction for the
Project; and
WHEREAS, the City Council of the City (the "City Council") is the elected legislative
body of the City and is the "Applicable Elected Representative" of the City; and
WHEREAS, the City previously became an Additional Member of the Joint Exercise of
Power Agreement Relating to the California Public Finance Authority pursuant to the California
Government Code for purposes of this Approval; and
WHEREAS, the Borrower has requested that the City Council approve the financing of
the Project and the issuance of the Bonds in order to satisfy the requirements of the Code; and
WHEREAS, in accordance with Section 147(f) of the Code, the City Council, as host
jurisdiction for the Project, must provide public notice of and conduct a public hearing
concerning the Authority's intention to issue the Bonds, and approve the issue; and
WHEREAS, the Notice was given as set forth in Exhibit A (the "Notice"), in the
newspaper shown on Exhibit A; and
WHEREAS, the City Council conducted a public hearing, pursuant to the Notice, on
Tuesday, April 24, 2018, at 6:00 p.m.; and
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Rohnert Park
as follows:
Section 1. APPROVAL OF ISSUANCE OF BONDS: The City Council hereby
approves the issuance of the Bonds by the Authority for the purpose of financing and
refinancing the Project. It is the purpose and intent of the City Council that this Resolution
constitute approval of the issuance of the Bonds by the City, which is the governmental unit
having jurisdiction over the area in which the Project is located, in accordance with
Section 147(f) of the Code.
Section. 2. GENERAL AUTHORITY. The officers of the City Council are hereby
authorized and directed, jointly and severally, to do any and all things and execute and deliver
any and all documents, certificates and other instruments 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. Any actions heretofore taken by
such officers are hereby ratified and approved.
Section 3. LIMITATION. The City Council expressly conditions its approval of this
Resolution on its understanding that the City shall have no obligation whatsoever to pay any
principal, interest, fees or any other costs associated with the Authority's issuance of the Bonds
for the financing of the Project.
Section 4. EFFECTIVE DATE. This Resolution shall take effect from and after its
passage and approval.
Section 5. ENVIRONMENTAL REVIEW. This action is exempt from the California
Environmental Quality Act pursuant to Public Resources Code section 21084 and Title 14 of the
California Code of Regulations section 15301, which exempts interior alterations of existing
facilities, and section 15302, which exempt projects involving the replacement or reconstruction
of existing structures and facilities where the new structure will be located on the same site and
have substantially the same purpose and capacity as the structure replaced.
DULY AND REGULARLY ADOPTED this 24th day of April, 2018.
CITY OF ROHNERT PARK
Pam Stafford, Mayor
ATTEST:
� J Phi
J Anne M. Buergler, City Clerk
Attachments: Exhibit A
AHANOTU: �� BELFORTE:
A -1 C MACKENZIE: " �? CALLINAN: A-1 e
STAFFORD: `
AYES: ( S
) NOES: ( 0 ) ABSENT: ( 0 )
ABSTAIN: ( O )
2018-061
EXHIBIT "A"
NOTICE OF PUBLIC HEARING
LEGAL NOTICE
CALIFORNIA PUBLIC FINANCE AUTHORITY
NOTICE OF PUBLIC HEARING
The City Council of Rohnert Park, California (the "City") will hold a public hearing on
Tuesday, April 24, 2018 at 6:00 p.m., or as soon thereafter as possible, in the City Council
Chambers located at 130 Avram Avenue, Rohnert Park, California 94928, to discuss a project
involving a qualified private activity bond financing. Anyone having an interest in this matter
may attend the meeting to give their comments.
Applicant: Credo High School
1300 Valley House Dr. #100
Rohnert Park, California 94928
Project Description: Charter School Revenue Bonds, in one or more series (the
"Bonds"), expected to be issued by California Public Finance
Authority (the "Authority"), and the proceeds loaned to the
Applicant for the following:
Project Location:
Project Owner:
(a) finance facility tenant improvements and the acquisition of
furniture, fixtures, and educational equipment and supplies for use
of Applicant in newly leased space at Credo High School;
(b) make a deposit to a debt service reserve fund, if required;
(c) pay capitalized interest on the bonds, if required;
(d) redeem (pay-off) the amount due under the Authority's
previously issued Charter School Revenue Bonds ("Credo High
School Project") Non -Taxable Series 2017A and Charter School
Revenue Bonds ("Credo High School Project") Taxable Series
2017B, which were previously issued to finance certain costs of
Tenant improvements, furniture, fixtures, and equipment at
Applicant's Charter School located at 1300 Valley House Drive,
#100 Rohnert Park, California, 94928.
(e) pay the costs of issuance of the Bonds and certain other
costs incurred in connection with the issuance of the Bonds.
1300 Valley House Dr. # 100
Rohnert Park, California 94928
Applicant
2018-061
Maximum Aggregate Face
Amount of Tax Exempt
Obligations Requested: Not to exceed $6,400,000
The Bonds are expected to be issued by the Authority pursuant to the provisions of the
Joint Exercise of Powers Act, comprising Articles 1, 2, 3 and 4 of Chapter 5 of Division 7 of
Title 1 (commencing with Section 6500) of the Government Code of the State of California. The
Bonds will be special limited obligations of the Authority payable solely from the loan
repayments to be made by the Applicant to the Authority, and certain funds and accounts held in
trust under the bond agreement for the Bonds. All of the facilities to be financed with the
proceeds of the Bonds will be owned by the Applicant.
Notice is further given that the Applicant has filed an application with the Authority in
connection with the proposed issuance of the Bonds to finance the Project, and reference is
hereby made to such application for further particulars.
Interested persons wishing to express their views on the issuance of the Bonds or the
nature and location of the Project will be given an opportunity to do so at the public hearing, or
may, prior to the time of the hearing, submit written comments to the City Clerk at the address
above. The public hearing is being held in the City as the host jurisdiction pursuant to the
Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code").
This notice is published in accordance with the public notice requirements of Section
147(f) of the Code and the Tax Equity and Fiscal Responsibility Act of 1982.
Dated: April , 2018
Published: April 6, 2018
4
2018-061
JoAnne Buergler, City Clerk