HomeMy WebLinkAboutRES CC 2006 2544 2006 1206RESOLUTION NO. 2006 -2544
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, APPROVING ISSUANCE BY
THE REDEVELOPMENT AGENCY OF THE CITY OF
MOORPARK OF QUALIFIED 501(C)(3) TAX EXEMPT
OBLIGATIONS
WHEREAS, the Redevelopment Agency of the City of Moorpark expects to issue
tax - exempt obligations in the aggregate principal amount of approximately $11,200,000
(the "Obligations "), the proceeds of which will be applied to finance the acquisition and
construction of an approximately 15,000 square foot building for the proposed Ruben
Castro Human Services Center (the "Project "). The owner of the property will be the City
of Moorpark or the Redevelopment Agency of the City of Moorpark. The City of
Moorpark or the Redevelopment Agency will operate the Project and will occupy space
in the Project; and
WHEREAS, substantial portions of the property are expected to be used under
leases to organizations qualified as exempt from income tax under Section 501(c)(3) of
the Internal Revenue Code; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 (the "Code ")
requires that the "applicable elected representative" of the governmental unit having
jurisdiction over the area in which the Project is located to hold a public hearing on the
issuance and delivery of the Obligations; and
WHEREAS, the City Council of the City of Moorpark (the "Council "), as the
"applicable elected representative" to hold said public hearing, has held said public
hearing at which all those interested in speaking with respect to the financing of the
Project were heard; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Council hereby finds and determines that the foregoing
recitals are true and correct.
SECTION 2. The Council hereby approves the issuance of the
Obligations with respect to the proposed Project.
SECTION 3. The issuance and delivery of the Obligations shall be subject
to the approval of and execution by the Agency of all financing documents relating
thereto to which the Agency is a party and subject to the sale of the Obligations by the
Agency.
Resolution No. 2006 -2544
Page 2
SECTION 4. This Council hereby determines that it is appropriate for the
Agency to cause the issuance of the Obligations to finance the acquisition, construction
and development of the Project and hereby approves the issuance of the Obligations.
SECTION 5. The City Clerks ertify to the adoption of this resolution
and cause a certified resolution to be fi in the b69k of original resolutions.
PASSED AND ADOPTEVthis 6th day of Degbmber, 20
ATTEST:
Deborah S. Traffenstedt, itv Clerk
yor
Resolution No. 2006 -2544
Page 3
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Deborah S. Traffenstedt, City Clerk of the City of Moorpark, California, do
hereby certify under penalty of perjury that the foregoing Resolution No. 2006 -2544 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the 6th
day of December, 2006, and that the same was adopted by the following vote:
AYES: Councilmembers Mikos, Millhouse, Parvin, Van Dam, and Mayor
Hunter
NOES: None
ABSENT: None
ABSTAIN: None
2006.
WITNESS my hand and the official seal of said City this 15th day of December,
Deborah S. Traffenstedt, by Clerk
(seal)