HomeMy WebLinkAbout12 - Authorization to Issue Obligations by the California Enterprise Development Authority to Benefit the Discovery Science Center of Orange County - Public HearingNOTICE OF PUBLIC HEARING PURSUANT TO SECTION 147(f)
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED,
FOR THE FINANCING AND REFINANCING OF CERTAIN
FACILITIES FROM THE SALE OF TAX-EXEMPT OBLIGATIONS
NOTICE IS HEREBY GIVEN that at 7:00 p.m., or as soon thereafter as the matter may be heard, on March
28, 2017, in the City Council Chambers, 100 Civic Center Drive, Newport Beach, California, the City of
Newport City Council (the "City Council") will conduct a public hearing (the "Public Hearing") at which the
City Council will hear and consider information concerning the issuance, from time to time, pursuant to a plan
of finance, of one or more series of tax-exempt obligations by the California Enterprise Development
Authority (the "Issuer") in an aggregate principal amount not to exceed Six Million Dollars ($6,000,000) (the
"Obligations"). Proceeds of the Obligations will be loaned to Discovery Science Center of Orange County, a
California nonprofit public benefit corporation (together with any affiliate thereof or successor thereto, the
"Borrower"), pursuant to one or more loan agreements (the "Loan Agreement"). The Borrower plans to use
the proceeds of the Obligations to refinance the cost of acquiring, constructing, developing, installing,
improving, equipping and furnishing a portion of the Borrower's Ocean Quest facility located at 600 East
Bay Avenue, Newport Beach, California 92661 (the "Facilities"). The Facilities consist of approximately
16,666 square feet on a 0.79 -acre site, and include education and meeting space, administrative offices, a
dock, several retail and entertainment venues which are leased by the Borrower to various third parties, and
other ancillary facilities. The Borrower will also use a portion of the proceeds of the Obligations to pay certain
costs of issuance in connection with the Obligations. The Facilities will be used to further the Borrower's
mission to inspire and educate young minds through science based programs and exhibits and to create a
meaningful impact on the communities served by the Borrower.
The Obligations will be paid entirely from repayments by the Borrower under the Loan Agreement. Neither
the faith and credit nor the taxing power of the City of Newport Beach (the "City"), the Issuer and its members,
the State of California (the "State"), or any other political corporation, subdivision or agency of the State is
pledged to the payment of the principal of, premium, if any, or interest on, the Obligations, nor shall the City,
the Issuer and its members, the State or any other political corporation, subdivision or agency of the State be
liable or obligated to pay the principal of, premium, if any, or interest on, the Obligations.
The Public Hearing is intended to comply with the public approval requirements of Section 147(f) of the
Code.
Those wishing to comment on the issuance of the Obligations, proposed nature and location of the Facilities
or the plan of finance 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 by the Clerk of the City, at City of Newport
Beach, 100 Civic Center Drive, Newport Beach, California 92660.
Date: March 11, 2017
/s/ Leilani I. Brown, MMC, City Clerk
cFc�a City of Newport Beach
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.QCIC$ Mmes
ME D I A G ROU P
Sold To:
City of Newport Beach - C000072031
100 Civic Center Dr
Newport Beach,CA 92660
Bill To:
City of Newport Beach - C000072031
100 Civic Center Dr
Newport Beach,CA 92660
NOTICE OF PUBLIC HEARING PURSUANT TO
SECTION 147(8
OF THE INTERNAL REVENUE CODE OF 1986, AS
AMENDED,
FOR THE FINANCING AND REFINANCING OF
CERTAIN
FACILITIES FROM THE SALE OF TAX-EXEMPT
OBLIGATIONS
NOTICE IS HEREBY GIVEN that at 7,.00 p.m., or as soon thereafter as the
matter may be heard, on March 28, 2017, m the City Council Chambers,
100 Cl Center Ddve, Newport Beach, California, the City of Newport
City County! (the "City Coundl'l w;?1 conducta puh: c hearing (the'li
Hearing) at which the City Council veli hear and consider information
coricemi ng tte issuance from Vmete time, pursuant to a plan offiriance,
of one or more sones of rax -exempt ab':gabens by the Ca!domw
Enrerprse Development Authanty (the "Issuer) in an aggregate
principal amount not to exceed SM 1.11ion Dollars (5600,0001 (the
"Obligabdns 1. Proceeds of the Obligations enll be Iwned to Discovery
Sconce Comer of Orange County, a California rwnprofit public benefit
caporarian ftogether "It any af6'iate thereof cur successor thereto, the
'Bcnawer'l, pursuant to ane or more loan agreements (the `Loan
Agraement"l, The Borrower pans to use the lummels of the Obligations
to refinance the cost of acquiring, corstruumg, deve'oping, Installing,
Imprtmr g, equipping and fumtstuJig a portion of the Barrower's Ocean
Quest facility located a: 600 East gay Avenue, Newson Roca&, Ca'_'orrw
926611& "Facitihes"l. The Fav -Sties sarnat of approximately 16,666
square feet on a 0,79•3ae site, and include educacon and meeting
space, administrative offices. a dock, several retail and entertainment
venues which are leased by the Borrcarer to various third parties, and
other ancillary factIves. The Burrower w!l also use a portion of The
procetEb of the Obhganans to pay certain costs of issuance in connection
with Che 0bhgaticns. ire €amities will be used to further the Borrower s
mission to inspire and edtsmte young mads through science based
programs and exhibits aria to create a mearin gfut impact on the
communitlesserved byte Barrotrer,
The Ohigabcns vvtl be paid entirely from repayments by tte Borrower
under the Loan Agreement. I*lber the faith and credit nor the taxing
powyr of the City of Newport Beady (the 'Crty 1, the Issuer and its
members. the State of Caldarnia (the 'Statia 1. or any alter political
to parahan, subdivision or agencyefthi State is pledged to the paymeirs
of the principal of, premium, 4 ark, or interest on, the Obigailors, not
shall die City, the Issuerandsb members; the State or any other political
corporation, subdivision or agency of tte State be liable or obligated to
pay th a prinnpal of, premium. V acry, ormtarest on. the Obligations.
The Puhlle Nearing is intended to comply with the pubbc approval
requirements of Section 1471.,, of the Code
Those v Shing to comment on the issuance of the CIMpalnrs, proposed
nature and lucabon of the Facilities or the plan of finance may either
appearm person atthe timeand place indicated abovecr submawritten
carnmern, which must be received prior to the Pubis[ Hearing by the
Clerk of the City, at City of Newport Beach, 100 Cmc Center Drive.
Nzwpon Bead•, California 92660.
Date: Vzrch 11, 2617
c si
i
1, Ceram 1. Brown, MUC, [cry Clerk
City of Newport Beads
4826487 - Newport Harbor News Press Combined With Daily Pilot
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Zagk\n aletz
ME D I A G
R 0 U P
PROOF OF PUBLICATION
(2015.5 C.C.P.)
STATE OF ILLINOIS
County of Cook
I am a citizen of the United States and a resident of the County aforesaid; I am over the age of
eighteen years, and not a party to or interested in the action for which the attached notice was published.
I am a principal clerk of the Newport Harbor News Press Combined With Daily Pilot, which was adjudged a
newspaper of general circulation on June 19, 1952, Cases A24831 for the City of Newport Beach, County of Orange,
and State of California. Attached to this Affidavit is a true and complete copy as was printed and published on the
following date(s):
Mar 11, 2017
I certify (or declare) under penalty of perjury
under the laws of the State of California that the foregoing is true and correct.
Dated at Chicago, Illinois
on this_a day of � , 20_L1.
re]
435 N. Michigan Ave.
Chicago, IL 60611
4826487 - Newport Harbor News Press Combined With Daily Pilot
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