HomeMy Public PortalAbout14-081RESOLUTION NO. 14-081
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARSON, CALIFORNIA, AUTHORIZING THE CITY TO ENTER
INTO A JOINT EXERCISE OF POWERS AGREEMENT WITH THE
CALIFORNIA MUNICIPAL FINANCE AUTHORITY AND
APPROVING THE ISSUANCE OF BONDS FOR THE BENEFIT OF
LITTLE BROTHERS BAKERY, LLC.
WHEREAS, pursuant Chapter 5 of Division 7 of Title I of the Government Code of the
State of California (the "Act"), certain public agencies (the "Members") have entered into a Joint
Exercise of Powers Agreement Relating to the California Municipal Finance Authority,, dated as
of January 1, 2004 (the "Agreement") in order to form the California Municipal Finance
Authority (the "Authority"), for the purpose of promoting economic, cultural and community
development, and in order to exercise any powers common to the Members, including the
issuance of bonds, notes or other evidences of indebtedness; and
WHEREAS, the City of Carson, California (the "City"'), has determined that it is in the
public interest and for the public benefit that the City become a Member of the Authority in order
to facilitate the promotion of economic., cultural and community development activities in the
City, including the financing of projects therefor by the Authority; and
WHEREAS, there is now before this City Council (the "City Council") the form of the
Agreement; and
WHEREAS, the Agreement has been filed with the City, and the members of the City
Council, with the assistance of its staff, have reviewed said document: and
WHEREAS, the Authority is authorized to issue and sell revenue bonds for the purpose,
among others, of financing or refinancing the construction of capital projects; and
WHEREAS, Little Brothers Bakery, LLC, a California limited liability company (the
"Borrower"), has requested that the Authority issue and sell revenue bonds in the maximum
principal amount of $7,000,000 (the "Bonds") for the purpose of making a loan to the Borrower,
to enable the Borrower to finance or refinance the costs of the acquisition and installation of new
bread processing facilities located in the City at 320 W. Alondra Blvd. (the "Project"); and
WHEREAS, in order for the interest on the Bonds to be tax-exempt, Section 147(f) of
the Internal Revenue Code of 1986, as amended (the "Code"), requires that an "applicable
elected representative" of the governmental unit, the geographic jurisdiction of which contains
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the site of facilities to be financed with the proceeds of the Bonds, hold a public hearing on the
issuance of the Bonds and approve the issuance of the Bonds following such hearing; and
WHEREAS, the Authority has determined that the City Council is an "'applicable elected
representative'" for purposes of holding such hearing,; and
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RESOLUTION NO. 14-081
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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 requirement of Section 147(f)
of the Code and, the requirements of Section 4 of the Agreement; and
WHEREAS, notice of such public hearing has been duly given as required by the Code,
and this City Council has heretofore held such public hearing at which all interested persons were
given an opportunity to be heard on all matters relative to the financing or refinancing of the
Project and the Authority's issuance of the Bonds therefor; and
WHEREAS, it is in the public interest and for the public benefit that the City Council
approve the issuance of the Bonds by the Authority for the aforesaid purposes;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CARSON DOES
HEREBY RESOLVE, AS FOLLOWS:
Section 1. The foregoing resolutions are true and correct.
Section 2. The Agreement is hereby approved and the Mayor, or the designee thereof,
is hereby authorized and directed to execute said document, and the City Clerk, or the designee
thereof, is hereby authorized and directed to attest thereto.
Section 3. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the City Council that this resolution constitute approval
of the issuance of the Bonds (a) by the "applicable elected representative" of the goverm-nental
unit having jurisdiction over the area in which the Project is to be located in accordance with
Section 147(f) of the Code and; (b) by the City Council in accordance with Section 4 of the
Agreement.
Section 4. 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 5. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or install the Project or any refinancing
of 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 for the acquisition, installation or
operation of the Project; (iii) make any contribution or advance any funds whatsoever to the
Authority; or (1v) take any further action with respect to the Authority or its membership therein.
Se-etion 6. The executing officer, the City Clerk and all other proper officers and
officials of the City are hereby authorized and directed to execute such other agreements,
documents and certificates, and to perform such other acts and deeds, as may be necessary or
convenient to effect the purposes of this Resolution and the transactions herein authorized.
Section 7. The City Clerk shall forward a copy of this Resolution and an originally
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executed Agreement to the Authority in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, A Professional Law Corporation
475 Sansome Street, Suite 1700
San Francisco, CA 94111
Section 8. This resolution shall take effect immediately upon its passage.
Section 9. The City Clerk shall certify to the adoption of this resolution.
PASSED, APPROVED and ADOPTED this 2nd day of September, 2014
ATTEST:
City Clerk Donesia L. Gause, CMC
APPROVED AS TO FORM:
Aleshire & Wynder, LLP.
— V). V)
City Attorney
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Mayor James L. Dear
RESOLUTION NO. 14-081
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STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss.
CITY OF CARSON
1, Donesia L. Gause, City Clerk of the City of Carson, California, do hereby certify that the
whole number of members of the City Council is five; that the foregoing resolution, being
Resolution No. 14-081 was duly and regularly adopted by said Council at a regular meeting duly
and regularly held on the 2nd of September, 2014, and that the same was passed and adopted by
the following vote:
AYES:
COUNCIL MEMBERS:
Mayor Dear, Santarina, Gipson, Davis -Holmes, and Robles
NOES:
COUNCIL MEMBERS:
None
ABSTAIN:
COUNCIL MEMBERS:
None
ABSENT:
COUNCIL MEMBERS:
None
City Clerk Donesia L. Gause, CMC