CC RES 2012-083 RESOLUTION NO. 2012-83
A RESOLUTION OF THE COUNCIL OF THE CITY OF RANCHO PALOS VERDES
APPROVING THE ISSUANCE OF THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY REVENUE REFUNDING BONDS, SERIES 2012 (EPISCOPAL
COMMUNITIES & SERVICES) IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$85,000,000 FOR THE PURPOSE OF REFINANCING THE ACQUISITION, CONSTRUCTION
AND EQUIPPING OF CONTINUING CARE RETIREMENT COMMUNITIES FOR EPISCOPAL
COMMUNITIES & SERVICES AND OTHER MATTERS RELATING THERETO.
WHEREAS, Episcopal Communities & Services for Seniors, dba Episcopal Communities
& Services, a nonprofit public benefit corporation incorporated under the laws of the State of
California (the "Corporation"), has requested that the California Statewide Communities
Development Authority (the "Authority") issue bonds in one or more series in an aggregate
principal amount not to exceed $85,000,000 (the "Bonds"), the proceeds of which will be used to
(a) refinance indebtedness used to finance the cost of the acquisition, construction and
equipping of a continuing care retirement community in Rancho Palos Verdes known as "The
Canterbury," located generally at 5801 Crestridge Road, Rancho Palos Verdes, California
90275 (the "Facilities"), to be owned and operated by the Corporation (the "Project"), (b) fund a
debt service reserve fund, if deemed necessary or advisable by the Authority or the Corporation,
and (c) pay certain costs of issuing the Bonds; 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 of Rancho
Palos Verdes (the "City") because the Project is located within the territorial limits of.the-City;
and
WHEREAS, the Council of the City (the "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 Council approve the issuance of the
Bonds by the Authority for the purposes of refinancing the Project in order to Satisfy the public
approval requirement of Section 147(f) of the Code and the requirements of Section 9 of the
Amended and Restated Joint Exercise of Power Agreement, dated as of June 1, 1988 (the
"Agreement") among the Authority and certain local agencies, including the City; and
WHEREAS, there has been published, at least 14 days before the date hereof, in a
newspaper of general circulation within the City, a notice that a public hearing regarding the
Bands would be held on the date hereof; and
WHEREAS,;=pursuant to Section 147(f) of the Code, the Council, following notice duly
given has held a public hearing regarding the issuance of the Bonds, in which interested
persons were provided an opportunity to present arguments both for and against the issuance
of the Bonds; and
WHEREAS, the Council now desires to approve the issuance of the Bonds by the
Authority, and the approval is intended to constitute the approval required by Section 147(f) of
the Code and Section 9 of the Agreement;
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of Rancho Palos
Verdes as follows:
Section 1. The Council accepts the above recitals as true and correct.
Section 2. The Council hereby approves the issuance of the Bonds by the Authority for
the purposes of refinancing the Project. It is the purpose and intent of the Council that this
Resolution constitute approval of the issuance of the Bonds by the Authority, for the purposes of
(a) Section 147(f) of the Code by the applicable elected representative of the governmental unit
having jurisdiction over the area in which the Facilities are located, in accordance with said
Section 147(f) and (b) Section 9 of the Agreement.
Section 3. The City Clerk of the City shall forward a certified copy of this Resolution and
a copy of the affidavit of publication of the hearing notice to:
S. Louise Rankin
Jones Day
555 California Street, 26th Floor
San Francisco, California 94104-1500
Section 4. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED, this 7th day of November, 2012.
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City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF'RANCHO PALOS VERDES )
I, Carla Morreale, City Clerk of the City of Rancho Palos Verdes, hereby certify that the above
Resolution No. 2012-83 was duly and regularly passed and adopted by the said City Council at
a regular meeting thereof held on November 7, 2012.
&_t et.a L 7)?
City Clerk
1505662v2
Resolution No. 2012-83
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