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6 CITY OF SAN MATEO
RESOLUTION NO. ____ (2026)
APPROVING TAX EXEMPT FINANCING FOR THE CAREY SCHOOL FOR THE PURPOSE OF FINANCING,
REFINANCING AND/OR REIMBURSING THE COST OF ACQUIRING, DEVELOPING, CONSTRUCTING,
INSTALLING, EQUIPPING AND FURNISHING EDUCATIONAL FACILITIES IN AN AGGREGATE AMOUNT NOT TO EXCEED $18,000,000
WHEREAS, The Carey School, a nonprofit public benefit corporation (the “Borrower”), duly organized and existing under the laws of the State of California (the “State”), has requested that the California Enterprise Development Authority (the “Authority”) issue, from time to time, pursuant to a plan of finance, its tax-exempt and/or taxable revenue obligations in an aggregate principal amount not to exceed $18,000,000 (the “Obligations”) for the benefit of the Borrower, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State (commencing with Section 6500) (the “Act”) to (a) finance, refinance and/or reimburse the cost of acquiring, developing, constructing, installing, equipping and furnishing educational facilities located at (i) 2033 La Salle Drive, San Mateo, California 94403 and (ii) 1 Carey School Lane, San Mateo, California 94403 (collectively, the “Facilities”) and (b) pay certain costs of issuance in connection with such financing; and
WHEREAS, the Borrower is an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) and will own and operate the Facilities in connection with its mission to educate each child through an academically challenging and balanced pre-kindergarten to fifth grade educational curriculum based on the fundamentals of reading, language arts, and math; and WHEREAS, the issuance of the Obligations must be approved by the governmental unit on behalf of which the Obligations are issued and a governmental unit having jurisdiction over the territorial limits in which the Facilities are located pursuant to the public approval requirement of Section 147(f) of the Code; and WHEREAS, the Facilities are located within the territorial limits of the City of San Mateo (the “City”), and the City Council (the “City Council”) is the elected legislative body of the City and is the “applicable elected representative” required to approve the issuance of the Obligations under Section 147(f) of the Code; and WHEREAS, the Authority and the Borrower have requested that the City Council approve the issuance of the Obligations and the financing or refinancing of the Facilities with the proceeds of the Obligations solely for purposes of complying with Section 147(f) of the Code; and WHEREAS, a public hearing was held by the City Council on this 6th day of April, 2026, at the meeting which commenced at the hour of 7:00 p.m., City Hall Council Chambers, 330 West 20th Avenue, San Mateo, California 94403, following duly published notice thereof in a newspaper of general circulation in the City of San Mateo, and all persons desiring to be heard have been heard; and WHEREAS, it is intended that this Resolution shall comply with the public approval requirements of Section 147(f) of the Code; provided, however, that this Resolution is neither intended to nor shall it constitute an approval by the City Council of the Facilities for any other purpose, including, but not limited to, compliance with the California Environmental Quality Act (California Public Resources Code, Section 21100, et seq.) (“CEQA”).
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City Council of the City of San Mateo, State of California as follows:
1. The City Council hereby finds and determines that all of the recitals are true and correct.
The City Council, as the “applicable elected representative” of the governmental unit on behalf of which the Obligations will be issued and having jurisdiction over the area in which the Facilities are located,
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6 hereby approves the issuance of the Obligations by the Authority, which Obligations may be tax-exempt and/or taxable as approved by the Authority in its resolution, in an amount not to exceed $18,000,000 to finance, refinance and/or reimburse the costs of the Facilities. This resolution shall constitute approval of the issuance of the Obligations within the meaning of Section 147(f) of the Code and shall constitute the approval of the issuance of the Obligations within the meaning of the Act; provided, however, that this Resolution shall not constitute an approval by the City Council of the Facilities for any other purposes, including compliance thereof with CEQA, nor does it constitute an approval of the underlying credit or financial structure of the Obligations. The City Council shall not bear any responsibility for the issuance of the Obligations, the tax-exempt status of the Obligations, the repayment of the Obligations or any other matter related to the Obligations.
2. All actions heretofore taken by the officers, employees and agents of the City with respect to the approval of the issuance of the Obligations are hereby approved, confirmed and ratified, and the officers and employees of the City and their authorized deputies and agents are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all certificates and documents which they or bond counsel may deem necessary or advisable in order to consummate the issuance of the Obligations and otherwise to effectuate the purposes of this Resolution.
3. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing for the Facilities; (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, rehabilitation or operation of the Facilities; or (iii) make any contribution or advance any funds whatsoever to the Authority.
4. This Resolution shall take effect from and after its adoption.