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HomeMy WebLinkAbout6644RESOLUTION NO. 6644 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 $330,000,000 (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(fl 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 Ciry 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(f) 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(fj 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. 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 2 6644 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 terms 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. 3 6644 SECTION 5. The City Clerk shall certify to the adoption of this Resolution. Passed, approved and adopted this 16th day of September, 2008. ~~~~.~~ Mayor of the City of Arcadia ATTEST: -~ City Clerk APPROVED AS TO FORM: Stephen P. Deitsch City Attorney 4 6644 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. 6644 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 16th day of September, 2008 and that said Resolution was adopted by the following vote, to wit: AYES: Council Member Amundson, Chandler, Kovacic, Wuo and Harbicht NOES: None ABSENT: None ity Clerk of the City of Arcadia 5 6644