RESOLUTION NO. 25-__
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA, APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY FOR THE PURPOSE OF FINANCING THE
ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION AND EQUIPPING OF
CERTAIN EDUCATIONAL FACILITIES AND AMENITIES FOR THE BENEFIT OF THE MASTER’S UNIVERSITY AND SEMINARY AND CERTAIN OTHER MATTERS
PERTAINING THERETO
WHEREAS, pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the “Act”), certain public agencies (the “Members”) have entered into a Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority dated as of January 1, 2004 (the “Agreement”) in order to form the California Municipal Finance Authority (the “Authority”), for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members, including the issuance of bonds, notes or other evidences of indebtedness; and
WHEREAS, the City of Santa Clarita, California (the “City”) is a Member of the Authority; and
WHEREAS, 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 “Borrower”), has requested that the Authority issue and sell revenue bonds in an aggregate principal amount not to exceed $65,000,000 (the “Bonds”) for the purpose of making a loan to the Borrower 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 21900 and 22040 of Placerita Canyon Rd., 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 Borrower), (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 Borrower’s main campus (the “Campus”) generally located at 21726 Placerita Canyon Rd., Santa Clarita, California (together with the Properties, the “Projects”); (iii) to finance capitalized interest on the Bonds; and (iv) to pay costs of issuance with respect to the Bonds; WHEREAS, the Borrower has advised the City that the Properties will be used as housing for faculty, staff and temporary student housing primarily for upperclassmen enrolled at the
Borrower in a manner consistent with the Borrower’s approved Campus Master Plan, and any amendment to the Campus Master Plan that is approved by the City thereafter, and that proceeds of the Bonds will not be used to acquire additional single-family residential housing within the Placerita Canyon area of the City; 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 because the Projects are located and to be located within the territorial limits of the City; and WHEREAS, the City Council of the City (the “City 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 City Council approve the issuance of the Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Agreement, among certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to approve the issuance of the Bonds by the Authority; and
WHEREAS, the Authority has requested that the City Council approve the issuance of the Bonds by the Authority in order to satisfy the requirements of Section 4 of the Agreement.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. All of the above recitals are true and correct and the City Council so finds.
Section 2. The City Council hereby approves the issuance of the Bonds by the Authority. It is the purpose and intent of the City 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 Projects are located and are to be located, in accordance with said Section 147(f) and (b) Section 4 of the Agreement.
Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of all financing documents relating thereto to which the Authority is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds.
Section 4. The adoption of this resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Projects or any financing of the Projects; (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 Projects; (iii) make any contribution or advance any funds whatsoever to the Authority; or (iv) take any further action with respect to the Authority or its membership therein.
Section 5. The officers and staff of the City are hereby authorized and directed, jointly and severally, to do any and all things, to execute and deliver any and all documents, which in consultation with City Attorney, they may deem necessary or advisable in order to effectuate the purposes of this Resolution, and any and all such actions previously taken by such officers or staff members are hereby ratified and confirmed.
Section 6. This resolution shall take effect immediately upon its adoption.
Section 7. The City Clerk shall certify to the passage and adoption of this resolution.
PASSED, APPROVED, AND ADOPTED this 26th day of August 2025.
MAYOR
ATTEST:
CITY CLERK
DATE:
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that the foregoing Resolution 25- was duly adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on the 26th day of August 2025, by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
CITY CLERK