HomeMy WebLinkAbout6617RESOLUTION NO. 6617
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ARCADIA, CALIFORNIA, APPROVING ATAX-EXEMPT
BOND FINANCING TO BE ISSUED BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
TO BENEFIT METHODIST HOSPITAL OF SOUTHERN
CALIFORNIA
WHEREAS, Methodist Hospital of Southern California, a nonprofit public
benefit corporation, has requested that the California Statewide Communities
Development Authority (the "Authority") issue revenue bonds, in one or more
series, in an aggregate principal amount not to exceed $280,000,000 (the "Bonds")
for the purpose of, among other things, financing and refinancing the acquisition,
construction, improvement and equipping (the "Financing") of certain health
facilities (the "Facilities") owned or operated by Methodist Hospital of Southern
California (the "Corporation") and located in the City of Arcadia, California (the
"City"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of
1986 (the "Code"), the issuance of the Bonds by the Authority must be approved
by the City because the Facilities are located within the territorial limits of the
City; and
WHEREAS, the City Council of the City (the "City Council") is the elected
legislative body of the City and is one of the applicable elected representatives
required to approve the issuance of the Bonds under Section 147(f) of the Code;
and
WHEREAS, the Authority has requested that the City Council approve the
issuance of the Bonds by the Authority in order to satisfy the public approval
requirement of Section 147(fj of the Code and the requirements of Section 9 of the
Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1,
1988 (the "Agreement"), among certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has,
following notice duly given, held a public hearing regarding the issuance of the
Bonds, and now desires to approve the issuance of the Bonds by the Authority; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has,
following notice duly given, held a public hearing regarding the issuance of the
Bonds, and now desires to approve the issuance of the Bonds by the Authority; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
ARCADIA, CALIFORNIA, DOES HEREBY FIND, DETERMINE AND
RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby approves the issuance of the
Bonds by the Authority. It is the purpose and intent of the City Council that this
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Resolution constitute approval of the Financing and the issuance of the Bonds by
the Authority for the purposes of (a) Section 147(f) of the Code by the applicable
elected representative of the governmental unit having jurisdiction over the area in
which the Facilities are to be located, in accordance with said Section 147(f) and
(b) Section 9 of the Agreement. The costs of issuance for the Financing shall
include reasonable costs and fees incurred by the City in facilitating and assisting
in the Financing.
SECTION 2. 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 deem necessary or advisable in order to carry
out, give effect to and comply with the teens and intent of this Resolution and the
financing transaction approved hereby.
SECTION 3. Notwithstanding any other term or provision set forth in
this Resolution, the adoption of this Resolution does not, and shall not be deemed
to, constitute approval by the City of any plans and specifications for the Facilities,
or of any lease or amendment of lease of City owned property that might be
necessary for purposes of the Financing or the Facilities.
SECTION 4. This Resolution shall take effect immediately upon its
adoption.
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SECTION 5
Resolution.
The City Clerk shall certify to the adoption of this
Passed, approved and adopted this lsc
ATTEST:
Cft Clerk
Y
APPROVED AS TO FORM:
~~~ P i ~
Stephen P. Deitsch
City Attorney
day of April , 2008.
Mayor of th Cit of Arcadia
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES) SS:
CITY OF ARCADIA )
I, JAMES H. BARROWS, City Clerk of the City of Arcadia, hereby certifies
that the foregoing Resolution No. 6617 was passed and adopted by the City Council
of the City of Arcadia, signed by the Mayor and attested to by the City Clerk at a
regular meeting of said Council held on the 1st day of April, 2008 and that said
Resolution was adopted by the following vote, to wit:
AYES: Council Member Amundson, Chandler, Wuo and Segal
NOES: None
ABSENT: Council Member Harbicht
ity Clerk of the City of Arcadia
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