PUBLIC HEARING AND RESO 071819 B

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RESOLUTION NO. 071918-B A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CONEJO RECREATION AND PARK DISTRICT MAKING A FINDING OF SIGNIFICANT PUBLIC BENEFIT AND OTHER FINDINGS IN CONNECTION WITH A PROPOSED REVOLVING CREDIT AGREEMENT FOR, AND ISSUANCE OF RELATED PROMISSORY NOTES BY, THE MOUNTAINS RECREATION AND CONSERVATION AUTHORITY TO FINANCE THE AUTHORITY'S GRANTS AND ANNUAL OPERATING COSTS RECITALS WHEREAS, pursuant to the Mountains Recreation and Conservation Authority Joint Exercise of Powers Agreement (the "JPA Agreement"), entered into pursuant to the provisions of the Joint Exercise of Powers Act, comprising Articles 1, 2, 3 and 4 of Chapter 5 of Division 7 of Title 1 (commencing with Section 6500) of the California Government Code (the "JPA Law"), among the Santa Monica Mountains Conservancy, a public agency of the State of California, the Conejo Recreation and Park District (the "District"), a public agency and duly constituted body corporate and politic of the State of California established pursuant to Chapter 4, Division 5, of the California Public Resources Code, and the Rancho Simi Recreation and Park District, a public agency and duly constituted body corporate and politic of the State of California established pursuant to Chapter 4, Division 5, of the California Public Resources Code, the Mountains Recreation and Conservation Authority (the "MRCA") is authorized to jointly exercise any power common to such contracting parties, including, without limitation, the power to acquire and dispose of real property; and WHEREAS, the JPA Agreement provides that the MRCA shall have such additional powers as apply generally to separate public entities established pursuant to the JPA Law; and WHEREAS, the MRCA has previously entered into a revolving credit agreement with Zions First National Bank (the "Prior Lender"), which provided for two revolving lines of credit (the "Prior MRCA Loans"), as further evidenced by two promissory notes in favor of the Prior Lender to finance, respectively, (a) land acquisitions and certain construction projects, including but not limited to projects that may be located within the geographic boundaries of the District; and (b) temporary operating cost shortfalls of the MBCA; and WHEREAS, the MRCA's ability to request disbursements under the Prior MRCA Loans expires on September 1, 2019; and WHEREAS, the MRCA desires to maintain a fmancing arrangement to fmance its projects for which grant monies are awarded to the MRCA (collectively, the "Projects") and temporary operating cost shortfalls of the MRCA; and WHEREAS, following a request for proposals process with potential lenders, the MRCA has determined that the financing terms proposed by BBVA USA (the "Lender") are most advantageous and will provide the lowest cost of borrowing to the MRCA; and -1- 10265-004612310609v3.doc