NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that on Tuesday, August 26, 2025, a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”) will be held by the City Council of the City of Santa Clarita (the “City”) with respect to the proposed issuance by the California Municipal Finance Authority (the “Authority”) of its revenue bonds, in one or more series, as part of a plan of finance, in a maximum aggregate principal amount not to exceed $65,000,000 (the “Bonds”). The proceeds of the Bonds will be loaned by the Authority to The Master’s University and Seminary, a nonprofit religious corporation duly organized and existing under the laws of the State of California and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the “University”) to be applied as follows: (i)(a) approximately $ 21 million to refinance the costs to purchase and modestly improve certain single-family residential properties located within the 21600 block of Cleardale St, between 24806 and 24864 of Meadview Ave., within the 21700 block of Oak Orchard Rd ., within the 21300 and 21600 blocks of Placerita Canyon Rd., and between 2190 0 and 22040 of Placerita Canyon R d., between 21705 and 21759, and 21804 and 21926 of Placeritos Blvd., and within the 24700 block of Quigley Canyon Rd. (all previously acquired for the educational purposes of the University), (b) approximately $7.2 million to refinance the costs to purchase, improve and equip an apartment complex located at 22710 8th St., and (c) approximately $ 10 million to finance the acquisition, improvement and equipping of one or more apartment complexes located within one-half mile of the 22710 8th St. complex (all of the above, the “Properties”) all located within the territorial limits of the City; (ii) approximately $13 million to finance or refinance the acquisition, construction, improvement, renovation and equipping of certain educational facilities and amenities including capital improvements and expenditures to academic, student support and related facilities on the University’s main campus (the “Campus ”) generally located at 21726 Placerita Canyon Rd., Santa Clarita, California (together with the Properties, the “Projects”); (i ii) to finance capitalized interest on the Bonds; and (iv) to pay costs of issuance with respect to the Bonds.
The Properties are expected to be used as Campus housing for faculty, staff and temporary student housing primarily for upperclassmen enrolled at the University. Proceeds of the Bonds will not be used to acquire additional single-family residential housing within the Placerita Canyon area of the City. The facilities so financed and refinanced consisting of the Projects will be used for exempt educational purposes of the University, and will be owned and operated by, and used by, the University or a related subsidiary.
The Projects will be used in a manner consistent with the University’s Campus Master Plan, as approved by the City, and any amendment to such plan that is approved by the City.
The Bonds and the obligation to pay principal of and interest thereon and any redemption premium with respect thereto do not constitute indebtedness or an obligation of the City, the Authority, the State of California or any political subdivision thereof, within the meaning of any constitutional or statutory debt limitation, or a charge against the general credit or taxing powers of any of them. The Bonds shall be a limited obligation of the Authority, payable solely from certain revenues duly pledged therefor and generally representing amounts paid by the University.
The public hearing will commence at 6:00 p.m., local time, or as soon thereafter as the matter can be heard and will be held at the City Council Chambers of the City of Santa Clarita, at 23920 Valencia Blvd., 1 st Floor, Santa Clarita, CA 91355. The public h earing is intended to comply with the public approval requirements of Section 147(f) of the Code.
Inquiries concerning the Projects may be directed to The Master’s University and Seminary, 21726 Placerita Canyon Rd., Santa Clarita, CA 91321, Telephone: (66 1) 259-3540, Attention: John Russell, Controller.
2 At the public hearing, the testimony of all interested persons will be heard. Persons who require accommodation for any audio, visual or other disability in order to participate in a public hearing of the City Council may obtain assistance by requesting such accommodation in writing addressed to the City Clerk, 23920 Valencia Boulevard, Santa Clarita, CA 91355 or telephonically by calling (661) 255 -4391.
Any such request for accommodation should be made at least 48 hours prior to the scheduled meeting for which assistance is requested.
Those wishing to comment on the sale, execution and delivery of the Bonds or on the proposed nature and description of the Projects and the financing and refinancing of the P rojects with the proceeds of the Bonds may either appear in person at the time and place indicated above or submit written comments, which must be received prior to the public hearing, to the City, c/o Michael Villegas, Assistant to the City Manager, at 23920 Valencia Blvd., 1st Floor, Santa Clarita, CA 91355.
Date: August 15, 2025
Mary Cusick, MMC
City Clerk
Published: The Signal – August 19, 2025