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Lease Agreement Viewing Instructions This file has been indexed or bookmarked to simplify navigation between documents. If you are unable to view the document index, download the file to your local drive and open it using your PDF reader (e.g. Adobe Reader). I I Jo {5 -~loll~ McSwain Union Elementary School District J RESOLUTION 2016-08 RESOLUTION OF T:EI.E BOARD ()F TRUSTEES OF THE McSWAIN UNION ELEMENTARY SCHOOL ))1STR1CT Al'J>ROVINGLEASE FINANCING DOCUMENl'S RELATlNGTQ l'l~~ ~~~,1\YlVfll!N'to:l<' CERTAIN LEAS~ PAYMENT OBPGATIO'NsOJ.ITIIE.DlSTR1CTAND}U;FJNANCINGOF.CERTIFICATESOF PARTICIPATION (2iJOS FlNA,N()lNQ ~RQJECi') ,\Nn CERTlFICATlts OF PARTICIPATION (:Z007 FlNANClNG PROJECT), AND AUTHOlUZING AND DIRECTING ACTIONS WITHRESPECTTHERETO WHEREAS, hi order to finance certain school facilities (the "Project''), the McSwain Union Elementary School District (the "District'') and the McSwain Union Elementary School District Financing Corporation (the "Corporation) preViously entered into a Lease Agreement dated as of May I, 2000, as amended by that ce11ain First Amendment to Lease Agreement, dated as of Deoe1!1ber I, 2005 (collectively, the "2005 Lease"), and pursuant to a Trust Agreement dated as of December I, 2005 (the "2005 Tru.st Agreement"), by and among The Bank of New York Trust Company, N.A., predecesor trustee to The Bank of New York Melk>n Trust Company, N.A., as trustee (the "Trustee"), the District and the Corpol'ation, the Trustee executed and delivered Certificates of Participation (2005 Financh1g Project) in the original principal amount of $3,200,000 (the "2005 Certificates"), evidencit1g the right of the owners thereof to receive lease payments payable by the District under the 2005 Lease (the "2005 Lease Payments"}; and · WHEREAS, the District held a special election on February 8, 2005, on the question of whether bonded indebtedness in tbe amount of $3,000,000 should be incurred to pay for the Project, payable from special taxes to be levied within the District's Community Facilities District No. 2004 (the "CFD"), and at said election, more than two-thirds of the registered voters in the CFD approved the levy of a special tax (the "Special Tax") in the CFD, and the incurrence of up to $:3,000,000 in bonded indebtedness payable from the Special Tax to finance the Project; and WHEREAS, Section 53317 of the Gove.rnlnent Code authorizes the proceeds of a special tax levied in a community facilities district to be used to pay lease payments and the District authorized the· payment of tho 2005 Lease Payments in prut from the proceeds of the Special Tax; and WHEREAS, the District and the Corporation previously entered into a Lease Agreement dated as of June I, 2007 (the "2007 Lease"), and pursuant tc a Trust Agreement dated as of June I, 2007 (the "2007 Trust Agreement"), by and among the Trustee, the District and the Corporation, the Trustee executed and delivered Certificates of Participation (2007 Fihimcing Project) in the original principal amount of $2,445,000 (the "2007 Certificates" and, together wi1h · the 2005 Certificates, the "Prior Certificates"), evidencing the right of the owners thet.e\ij'toreceive le~se payments payable by the District under the 2007 Lease (the "2007 Lease Payments" and, together with the 2005 Lease Payments, the "Prior Lease Payments"); and WHEREAS, Corporation has been formed to. assist the District in financing and refinaucing the acquisition, construction and improvement of property used for the educational purposes of the District; and WHEREAS, the District now desires to prepay (i) all of its 2005 Lease Payments obligation under the 2005 Lease, and thereby refinance all of the outstanding 2005 Certificates, and (ii) a portion of its 2007 Lease Payments obligation under the 2007 Lease, and thereby refinance a portion of the 2007 Certificates; and WHEREAS, in order to raise funds to prepay the Prior Lease Payments and refinance the Prior Certificates, the District will, pursuant to a Site Lease, dated as of December 1, 2015 (the "Site Lease"), between the District, as lessor, and the Corporation, as lessee, lease to the Corporation that certain property known as the East Campus, located at 785 Scott Road, Merced, California (the "Leased Property"); and WHEREAS, the Corporation proposes to lease the Leased Property back to the District pursuant to a Lease Agreement, dated as of December 1, 2015 (the "Lease Agreemenf'), between the Corporation, as lessor, and the District, as lessee, and to assign its rights under the Lease Agreement, including its right to receive lease payments payable by the District under the Lease Agreement (the "Lease Payments") to Capital One Public Funding, LLC (the "Bank"), pursuant to that cettain Assignment Agreement, dated as of December 1, 2015, by and between the Corporation and the Bank; and WHEREAS, in consideration of such assignment, the Bank will pay a site lease payment in an amount not to exceed $3,620,000, the proceeds of which will be applied by the District to: (i) cunently refund all of the outstanding 2005 Certificates; and (ii) advance refund a porlion of the 2007 Cettificates maturing on and after October 1, 2024 on October 1, 2016, pursuant to an Escrow Deposit and Trust Agreement between the District and the Tmstee (the "Escrow Agreement"), acting as escrow bank thereunder; and WHEREAS, the District intends to pay the lease payments due under the Lease Agreement in part from the proceeds of the Special Tax; and WHEREAS, the Board of Trustees wishes at this time to authorize all proceedings relating to the lease financing and prepayment of the Prior Lease Payments and refinancing of the Prior Certificates as described herein and the execution and delivery of all agreements and documents relating thereto; NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of the McSwain Union Elementary School District as follows: Section I. Approval of Site Lease and Lease Agreement. The Board hereby approves the refinancing plan outlined above. To that end, the Board hereby approves the lease of the Leased Property to the Corporation pursuant to the Site Lease, between the District and the Corporation, and the lease. back of the Leased Property pursuant to the Lease Agreement between the Corporation and the District, in substantially the forms on file with the Superintendent, together with any changes therein or additions thereto deemed advisable by the Superintendent or the Chief Business Official of the District (each, a "District Representative"). A District Representative is hereby authorized and directed for and in the name and on behalf of the District to execute the final foO'lls of the Site Lease and Lease Agreement. Section 2. Material Terms of Lease Agreement. The Lease Agreement shall be for a term that does not extend beyond October I, 203 5 (unless extended in the event of abatement of Lease Payments or default) and in the maximum principal amount of $3,620,000. Section 3. Approval of Escrow Agreement. The Board hereby approves the Escrow Agreement, in substantially the fonn on file with the Superintendent, together with any changes therein or additions thereto deemed advisable by a District Representative. A District Representative is hereby authorized and directed for and in the name and on behalf of the District to execute the final form of the Escrow Agreement. Section 4. Official Actions. The President of the Board, the Superintendent, the Chief Business Official, the Secretary, and any and all other officers of the District are hereby authorized and directed, for and in the name and on behalf of the District, to do any and all things and take any and all actions, including execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, wan-ants and other documents, which they, or any of them, may deem necessary or advisable in order to consummate any of the transactions contemplated by the 2 Resolution 2016-08 documents approved pursuant to this resolution. Whenever in thjs resolution any action is authorized to be taken by an officer of the District and stich officer is abseil! or ullilvailable, such action may be taken on behalf of the District by any designee of such officer. Section 5, Effective Date. This resolution shall take effect from and after the date of its passage I and adoption. * * * * ~ * '* * * * PASSED AND ADOPTED this 15th day of December, 2015, by the following vote: AYES: NOES: ABSENT: Helio Brasil, Secretary 3 Resolution 2016~08 ;) D !S-~ [pCfC( McSWAIN UNION ELEMENTARY SCHOOL DISTRICT FINANCING CORPORATION RESOLUTION 2016-09 RESOLUTION OF THE BOARD OF DIRECTORS OF THE McSWAIN UNION ELEMENTARY SCHOOL DISTRICT FINANCING CORPORATION APPROVING LEASE FINANCING OF CAPITAL IMPROVEMENTS WITH THE McSWAIN UNION ELEMENTARY SCHOOL DISTRICT, AUTHORIZING EXECUTION OF RELATED DOCUMENTS AND MATTERS WHEREAS, the McSwain Union Elementary School ·District Financing Corporation (the "Corporation") was formed for purposes which include assisting the McSwain Union Elementaty School District (the "District") in financing and refinancing the acquisition, construction and improvement of property which is used for the educational purposes of the District; and WHEREAS, in order to finance certain school facilities (the "Project"), the Corporation and the District previously entered into a Lease Agreement dated as of May I, 2000, as amended by that certain First Amendment to Lease Agreement, dated as of December I, 2005 (collectively, the "2005 Lease"), and pursuant to
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