HomeMy WebLinkAbout14 - Authorization to Issue Obligations by the California Municipal Finance Authority for an Additional Loan Benefiting Harbor Day School - Public Hearingr A�W r
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PUBLIC NOTICE
CITY OF NEWPORT BEACH
NOTICE OF PUBLIC HEARING PURSUANT TO SECTION 147(f) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED, FOR THE FINANCING
OF CERTAIN IMPROVEMENTS TO FACILITIES FROM THE ISSUANCE OF TAX-EXEMPT OBLIGATIONS.
NOTICE IS HEREBY GIVEN that on Tuesday, October 25, 2022 at 4:00 p.m., or soon thereafter as
the matter shall be heard, at the City Council Chambers of the City of Newport Beach, California (the "City")
located at 100 Civic Center Drive, Newport Beach, California 92660, the City Council of the City of Newport
Beach will conduct a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Public Hearing") at which the City will hear and consider information concerning the proposed
tax-exempt loan (the "Loan") by Farmers & Merchants Bank (the "Lender") to the California Municipal Finance
Authority (the "Authority"), in a principal amount not to exceed Five Million Dollars ($5,000,000) pursuant to a
First Amendment to Loan Agreement, among the Lender, the Authority and Harbor Day School (the "School"),
a California nonprofit public benefit corporation and an organization described in Section 501(c)(3) of the
Internal Revenue Code of 1986, as amended. The Authority will lend the proceeds of the Loan to the School
to finance additional costs relating to the demolition of the School's existing facilities and the construction of a
new, approximately 100,000 square foot campus, which will include several buildings, and all associated
design, engineering and planning costs related thereto, of a school commonly known as Harbor Day School
and located at 3443 Pacific View Drive, Corona del Mar, California and related capital project costs (the
"Facilities") and paying related expenses incurred with respect to the Loan (collectively, the "Project"). The
owner and operator of the Facilities will be the School.
The Loan will be paid entirely from repayments made by the School under the First Amendment to
Loan Agreement. Neither the full faith and credit nor the taxing power, if any, of the City, the Authority, 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 with respect to the Loan, nor shall the City, the
Authority, 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 with respect to the Loan.
Those wishing to comment on the making of the Loan or on the proposed nature and location of any of
the Project and the financing of the Project with the proceeds of the Loan 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 Leilani I. Brown, City Clerk, at the address indicated above.
For further information, contact the Office of the City Clerk at (949) 644-3005.
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tea'`° /s/ Leilani I. Brown, MMC, City Clerk, City of Newport Beach
dos .Angeles Time's
lE DI.
G R O U P
PROOF OF PUBLICATION
(2015.5 C.C.P.)
STATE OF CALIFORNIA
County of Orange
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):
Oct 15, 2022
I certify (or declare) under penalty of perjury that the foregoing is true
and correct.
Dated at Fountain Valley, California
on this 20th day of October, 2022.
[sig ature]
10540 Talbert Avenue
Fountain Valley, CA 92708
7891400 - Newport Harbor News Press Combined With Daily Pilot
Page 1 of 2
dos .Angeles Times
IE D I A
Sold To-
G R O U P
City of Newport Beach - CA11072031
100 Civic Center Dr
Newport Beach,CA 92660-3267
Bill To:
City of Newport Beach - CA11072031
100 Civic Center Dr
Newport Beach,CA 92660-3267
LEGAL NOTICE
SEW'
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PUBLIC NOTICE
CITY OF NEWPORT BEACH
NOTICE OF PUBLIC HEARING PURSUANT TO SECTION 147(f) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED, FOR THE FINANCING
OF CERTAIN IMPROVEMENTS TO FACILITIES FROM THE ISSUANCE OF
TAX-EXEMPT OBLIGATIONS.
NOTICE IS HEREBY GIVEN that on Tuesday, October 25, 2022 at 4:00 p.m., or
soon thereafter as the matter shall be heard, at the City Council Chambers ofthe City of
Newport Beach, California (the "City") located at 100 Civic Center Drive, Newport Beach,
California 92660, the City Council of the City of Newport Beach will conduct a public
hearing as required by Section 147(f) ofthe Internal Revenue Code of 1986, as amended
(the "Public Hearing") at which the City will hear and consider information concerning
the proposed tax-exempt loan (the "Loan") by Farmers & Merchants Bank (the "Lender')
to the California Municipal Finance Authonty (the "Authority"), in a principal amount not
to exceed Five Million Dollars ($5, 000,000) pursuant to a First Amendment to Loan
Agreement, among the Lender, the Authority and Harbor Day School (the School') a
California ronprofd public benefit corporation and an organization described in Section
501(c)(3) ofthe Internal Revenue Code of 1986, as amended. The Authority will Tend the
proceeds of the Loan to the School to finance additional costs relating to the demolition
ofthe School's existing facilities and the construction of new, approximately 100,000
square foot campus, which will include several buildings, and all associated design,
engineering and planning costs related thereto, ofa school commonly known as Harbor
Day School and located at 3443 Pacific View Dnve, Corona del Mar, California and
related capital project costs (the "Facilities") and paying related expenses incurred with
respectto the Loan (collectively, the "Project"). The ownerand operator ofthe Facilities
will be the School.
The Loan will be paid entirely from repayments made bythe School underthe First
Amendment to Loan Agreement. Neitherthe full faith and credit northe taxing power,
if any, of the City, the Authonty, the State of California (the "State") or any other political
corporation, subdivision oragency oftite State is pledged tothe payment ofthe principal
of, premium, if any, or interestwith respect to the Loan, nor shall the City, the Authority,
the State, orany other political corporation, subdivision or agency ofthe State be liable
or obligated to paythe principal of, premium, if any, orinterestwith respect to the Loan.
Those wishing to comment on the making of the Lear or or the proposed nature
and location of any of the Project and the financing of the Project with the proceeds of
the Loan may either appear in person at the time and place indicated above or submit
wntten comments, which must be received prior to the Public Hearing, to the City, c/o
Leilani I. Brown, City Clerk, at the address indicated above.
For further information, contact the Office of the City Clerk at (949) 644-3005.
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°��w�•. IsI Leilani I_ Brown, MMC, City Clerk, City of Newport Beach
7891400 - Newport Harbor News Press Combined With Daily Pilot
Page 2 of 2