Resolution No.
STOCKTON CITY COUNCIL
RESOLUTION APPROVING THE ISSUANCE BY THE CALFORNIA ENTERPRISE DEVELOPMENT AUTHORITY OF NOT TO EXCEED $14,500,000 AGGREGATE PRINCIPAL AMOUNT OF THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY’S REVENUE OBLIGATIONS FOR THE PURPOSE OF FINANCING, REFINANCING AND/OR REIMBURSING THE COST OF ACQUISITION, CONSTRUCTION, INSTALLATION, EQUIPPING AND FURNISHING OF CERTAIN FACILITIES FOR THE BENEFIT OF GOODWILL INDUSTRIES OF SAN JOAQUIN VALLEY, INC. AND OTHER MATTERS RELATING THERETO HEREIN SPECIFIED Goodwill Industries of San Joaquin Valley, Inc., a California nonprofit public benefit corporation and an organization described in section 501(c)(3) of the Code (the “Borrower”), has requested the California Enterprise Development Authority (the “Authority”) to issue, from time to time, pursuant to a plan of finance, of one or more series of its tax-exempt bonds, notes, or other evidence of indebtedness in an amount not to exceed $14,500,000 (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”); and All or a portion of the proceeds of the Obligations loaned to the Borrower will be applied to (a) finance, refinance and/or reimburse the cost of acquiring, constructing, improving, equipping and furnishing a commercial facility located at 4533 Alitalia Avenue, Stockton, California 95206 (the “Facility”), for use as the Borrower’s corporate headquarters and as a distribution facility; and (b) paying capitalized interest and certain costs of issuance in connection with the Obligations (collectively, the “Project”); and Pursuant to section 147(f) of the Internal Revenue Code of 1986 (the “Code”), the issuance of the Obligations by the Authority must be approved by the City Council of the City of Stockton (the “City”) because the Project is to be located within the territorial limits of the City; and 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 Obligations under section 147(f) of the Code; and The Authority has requested that the City Council approve the issuance of the Obligations by the Authority in order to satisfy the public approval requirements of section 147(f) of the Code; and 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 Obligations, and now desires to approve the issuance of the Obligations by the Authority; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:
The foregoing recitals are true and correct.
The City Council hereby approves the issuance, in one or more series, from time to time, pursuant to a plan of finance, of tax-exempt and/or taxable Obligations by the Authority in an amount not to exceed $14,500,000 for financing, refinancing and/or reimbursing the cost of the Project. It is the purpose and intent of the City Council that this resolution constitutes approval of the issuance of the Obligations by the Authority for the purposes of section 147(f) of the Code by an applicable elected representative of the governmental unit having jurisdiction over the area in which the Project is located, in accordance with said section 147(f). This resolution shall also constitute the approval of the issuance of the Obligations by the Authority within the meaning of the Act.
The issuance of the Obligations 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 Obligations.
The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing with respect to the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary with respect to the Project; (iii) make any contribution or advance any funds whatsoever to the Authority or the Borrower; or (iv) take any further action with respect to the Authority or its membership therein.
The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all documents which they deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this resolution and the financing transaction approved hereby.
This resolution shall take effect immediately upon its adoption. //
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The City Manager, or designee, is hereby authorized to take whatever actions are necessary and appropriate to carry out the purpose and intent of this Resolution.
PASSED, APPROVED, and ADOPTED: November 15, 2022 .
KEVIN J. LINCOLN II
Mayor of the City of Stockton
ATTEST:
ELIZA R. GARZA, CMC
City Clerk of the City of Stockton