HomeMy WebLinkAbout7226 RESOLUTION NO. 7226
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA,
CALIFORNIA, APPROVING THE ISSUANCE OF THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY HOSPITAL
REVENUE REFUNDING BONDS (METHODIST HOSPITAL OF
SOUTHERN CALIFORNIA), SERIES 2018 IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $300,000,000 FOR THE
PURPOSE OF FINANCING AND REFINANCING THE ACQUISITION,
CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF VARIOUS
HEALTHCARE FACILITIES AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Methodist Hospital of Southern California, a California nonprofit
public benefit corporation (the "Corporation"), has requested that the California
Statewide Communities Development Authority (the "Authority") participate in the
issuance of one or more series of revenue bonds in an aggregate principal amount not
to exceed $300,000,000 (the "Bonds") as part of a plan of financing to finance and
refinance costs of the acquisition, construction, improvement, and equipping of hospital
and other health care facilities (the "Facilities") owned and/or operated by the
Corporation (collectively, the "Project") and located at 300 W. Huntington Drive within
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 or will be 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 and the related plan of financing by the Authority for the
purposes of financing the Project 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, the Authority is also requesting that the City Council approve the
issuance of any refunding bonds hereafter issued by the Authority for the purpose of
refinancing the Bonds which financed the Facilities (the "Refunding Bonds"), but only in
such cases where federal tax laws would not require additional consideration or
approval by the City Council; 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.
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 and
Refunding Bonds and the related plan of financing by the Authority for the purposes of
financing the Project. It is the purpose and intent of the City Council that this resolution
constitute approval of the issuance of the Bonds and Refunding Bonds by the Authority
and of the financing of the Project, for the purposes of (a) Section 147(f) of the Code by
the applicable elected representative of the issuer of the Bonds and the governmental
unit having jurisdiction over the area in which the Facilities are or will be located, in
accordance with said Section 147(f) and (b) Section 9 of the Agreement.
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SECTION 2. The issuance of the Bonds shall be subject to approval of the
Authority of all financing documents relating thereto to which the Authority is a party. The
City shall have no responsibility or liability whatsoever with respect to repayment or
administration of the Bonds.
SECTION 3. The Mayor is authorized and directed to execute and deliver any and
all documents which are determined by the City Manager and the City Attorney to be
reasonable and necessary to effectuate the terms and intent of this Resolution and the
financing transaction approved hereby.
SECTION 4. This Resolution shall take effect upon its adoption.
SECTION 5. The City Clerk shall certify to the adoption of this Resolution.
Passed, approved and adopted this 17th day of July , 2018
.I11101
Mayor of the City of Arcadia
ATTEST:
Cl;• —.OW
APPROVED AS TO FORM:
e
Stephen P. Deitsch
City Attorney
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF ARCADIA )
I, GENE GLASCO, City Clerk of the City of Arcadia, hereby certifies that the
foregoing Resolution No. 7226 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 17th day of July, 2018 and that said Resolution was adopted by the
following vote, to wit:
AYES: Amundson, Beck, Chandler, Verlato, and Tay
NOES: None
ABSENT: None
Cit C = o the ity of Arcadia
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