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HomeMy WebLinkAbout4913 u RESOLUTION NO. 4913 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF CITY OF ARCADIA HOSPITAL REVENUE BONDS (METHODIST HOSPITAL OF SOUTHERN CALIFORNIA), SERIES A, THE EXECUTION AND DELIVERY OF AN INDENTURE, LOAN AGREEMENT, BOND PURCHASE AGREEMENT, OFFICIAL STATEMENT AND CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH. WHEREAS, the City Council of the City of Arcadia (the "City") has, by Ordinance No. 1700, adopted by the Council on April 1, 1980, enacted the City of Arcadia Health Facilities Revenue Bond Law (herein called the "Law"), establishing a program and procedure for the authorization, sale and issuance of revenue bonds by the City for the purpose of making loans to participating health institutions to finance and refinance health facilities; and WHEREAS, the City Council of the City has, by Resolution No. 4893, adopted by the Council on March 18, 1980, given preliminary approval for the issuance of such bonds to fund a loan to Methodist Hospital of Southern California (the "Hospital") to finance expansion and improvement at the Hospital, and authorized proper officers of the City to proceed to prepare, or cause to be prepared, the documentation necessary for such purpose; NOW,' THEREFORE, BE IT RESOLVED by the Counc il of the City of Arcadia, as follows: 1. Pursuant to the Law, revenue bonds of the City, designated as "City of Arcadia Hospital Revenue Bonds (Methodist Hospital of Southern California), Series A,. in 4913 the aggregate principal amount of $22,900,000 (herein called the "Bonds"), are authorized to be issued. 2. The proposed form of loan agreement, dated as of August 1, 1980, between the City and the Hospital, presented to this meeting, is hereby approved. The Council hereby specifically finds and declares that the findings of the City set forth in Section 2.2 of said form of loan agreement are true and correct. The Mayor is hereby authorized and directed, for and in the name and on behalf of the City, to execute, acknowledge and deliver a loan agreement in substantially said form, with such changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. 3. The proposed form of indencure, datea as of Security Pacific August 1, 1980, between the City and NRtionRl RRnk , as trustee (herein called the "Trustee"), presented to this meeting, is hereby approved. The Mayor is hereby authorized and directed, for and in the name and on behalf of the City, to execute, acknowledge and deliver to the Trustee an indenture in substantially said form, with such changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. The date, maturity dates, interest rate or rates, interest payment dates, denominations, forms, registrqtion privileges, manner of execution, place or places of payment, terms of redemption and other terms of the Bonds and coupons 2 4913 appertaining thereto shall be as provided in said indenture, as finally executed. 4. The proposed form of bond purchase agreement, dated August 5, 1980, between the City and Ziegler Securities, fnc., as representative (the "Representative") of the underwriters referred to therein (the "underwriters"), presented to this meeting, is hereby approved. The Mayor is hereby authorized and directed to execute and deliver to the Representative said bond purchase agreement in substantially said form, with such changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. 5. The proposed form of official statement relating to the Bonds, presented to this meeti~g, is hereby approved. The Mayor is hereby authorized, fot and in the name and on behalf of the City, to execute an official statement, in substantially said form, with such changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution thereof. The Underwriters are hereby authorized to distribute copies of said official statement, as finally executed, to persons who may be interested in the purchase of the Bonds and are directed to deliver such copies to all actual purchasers of the Bonds. 6. Forms of the proposed loan agreement, indenture, bond purchase agreement and official statement are on file in the Office of the City Clerk. 3 4913 7. Bonds in the aggregate principal amount of $22,900,000 shall be executed by the facsimile signature of the Mayor, the facsimile of the seal of the City shall be reproduced thereon and attested by the facsimile signature of the City Clerk, and the interest coupons attached thereto shall be executed by the facsimile signature of the Treasurer, in forms set forth in and otherwise in accoraance with said indenture. 8. The Bonds, when so executed, shall be delivered to the Trustee for authentication. The Trustee is hereby requested and directed to authenticate the Bonas by executing the Trustee's certificate of authentication appearing thereon, and to deliver the Bonds, when duly executed ana authenticated, to the Underwriters in accordance with written instructions executed on behalf of the City by the Mayor or City Manager, which instructions said officer is hereby authorized and directed, for and in the name and on behalf of the City, to execute and deliver to the Trustee. Such instructions shall provide for the delivery of the Bonds to the underwriters in accordance with said bond purchase agreement, upon payment of the purchase price thereof. 9. The City Clerk is hereby authorized and directed to attest the signature of the Mayor and to affix and attest the seal of the City as may be required in connection with the execution and delivery of the Bonds and said loan agreement, indenture and bond purchase agreement in accordance with this resolution. 4 4913 10. 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 may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Bonds and otherwise to carrY,out, give effect to and comply with the terms and intent of this resolution, the Bonds and said loan agreement, indenture and bond purchase agreement. 11. This resolution shall take effect immediately upon its passage. I HEREBY CERTIFY that the foregoing resolution was adopted at' a regular meeting of the City Council of the City of Arcadia duly, regularly and legally held at the regular meeting place thereof on this 5th day of August, 1980, by the affirmative vote of at least three Councilmen, to wit: AYES: COUNCIUlEN GILB, SAELID, PELLEGRINO NOES: COUNCILMEN DRING, HALTOM ABSENT: NONE SIGNED AND ~~~~ City Clerk of the City of Arcadia APPROVED ~-i-- day OfUuO.l/7-r-JC12o ~rdet. C{I Mayor of the rcadia ~d~ ~~ c"y,," 5 4913