HomeMy WebLinkAboutResolution No. 10-7184 - Facility Revenue Bonds-solar energy panels Kohl's Dept. Store, StonewoodRESOLUTION NO. 10-7184
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING THE ISSUANCE BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY OF RECOVERY ZONE FACILITY
REVENUE BONDS FOR THE SUNEDISON CALIFORNIA PORTFOLIO (SOLAR
ENERGY PANELS AT 300 STONEWOOD CENTER, KOHL’S DEPARTMENT
STORE)
WHEREAS, the California Statewide Communities Development Authority (the “Authority”)
is authorized pursuant to the provisions of California Government Code Section 6500 et seq. and
the terms of an Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1,
1988 (the “Agreement”), among certain local agencies throughout the State of California, including
the City of Downey (the “City”), to issue revenue bonds for the purpose of promoting economic
development in the State of California; and
WHEREAS, SunEdison, LLC or related entities, has requested that the Authority adopt a
plan of financing providing for the issuance of recovery zone facility revenue bonds (the “Bonds”) in
one or more series issued from time to time, including bonds issued to refund such revenue bonds
in one or more series from time to time, and at no time to exceed $1,000,000 in outstanding
aggregate principal amount, to finance the construction of solar energy facilities located at the
following address in the City and generally known as SunEdison California Portfolio (the
“Project”): Kohl’s Department Store at 300 Stonewood Street, Downey, California; and
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WHEREAS, the Bonds or a portion thereof will be “private activity bonds” for purposes of
the Internal Revenue Code of 1 986 (the “Code”); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private activity
bonds are required to be approved by the “applicable elected representative” of the governmental
units on whose behalf such bonds are expected to be issued and by a governmental unit having
jurisdiction over the entire area in which any facility financed by such bonds is to be located, after a
public hearing held following reasonable public notice; and
WHEREAS, the members of this City Council (this “City Council”) are the applicable
elected representatives of the City; and
WHEREAS, there has been published, at least 14 days prior to the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding the Bonds
would be held on a date specified in such notice; and
WHEREAS, such public hearing was conducted on such date, at which time an opportunity
was provided to interested parties to present arguments both for and against the issuance of the
Bonds; and
WHEREAS, the Authority is also requesting that the City Council approve the issuance
of any refunding bonds hereafter issued by the Authority at no time to exceed $1,000,000 for the
purpose of refinancing the Bonds which financed the Project (the “Refunding Bonds”), but only
in such cases where federal tax laws would not require additional public hearings, consideration
or approval by the City Council; and
RESOLUTION NO. 10-7184
PAGE TWO
WHEREAS, it is intended that this Resolution shall constitute the approval of the issuance
of the Bonds required by Section 147(f) of the Code and Section 9 of the Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DOWNEY DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The above recitals are true and correct
SECTION 2. The City Council hereby approves the issuance of the Bonds and the
Refunding Bonds by the Authority. It is the purpose and intent of the City Council that this
Resolution constitute approval of the Bonds for the purposes of (a) Section 147(f) of the Code and
(b) Section 9 of the Agreement.
SECTION 3. 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 that 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 approved hereby.
SECTION 4. The Clerk of the City Council shall forward a certified copy of this Resolution
and a copy of the affidavit of publication of the hearing notice to:
Justin Cooper, Esq.
Orrick, Herrington & Sutcliffe LLP
405 Howard Street
San Francisco, California 94105
SECTION 5. This Resolution shall take effect immediately upon its passage.
APPROVED AND ADOPTED this 27th day of April, 2010.
ANa
ATTEST:
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KATHLEEN L. MIDSTOKKE, City Clerk
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RESOLUTION NO. 10-7184
PAGE THREE
I HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of
the City of Downey at a regular meeting held on the 27th day of April, 2010, by the following
vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN :
Council Members:
Council Member:
Council Member:
Council Member:
Brossmer, Gafin, Guerra, Mayor Bayer
None
Marquez
None
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KATHLEEN L. MIDSTOKKE, City Clerk
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