HomeMy WebLinkAbout7670 RESOLUTION NO. 7670
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS APPROVING
THE ISSUANCE FROM TIME TO TIME OF ONE OR MORE SERIES OF THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
REVENUE BONDS (REDLANDS COMMUNITY HOSPITAL) IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $110,000,000, OF WHICH A PORTION OF
THE PROCEEDS WILL BE USED BY REDLANDS COMMUNITY HOSPITAL
AND/OR CERTAIN AFFILIATES TO FINANCE OR REFINANCE THE
ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION AND/OR
EQUIPPING OF HEALTH CARE AND SUPPORT FACILITIES LOCATED IN THE
CITY OF REDLANDS AND CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, Redlands Community Hospital, a 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 from
time to time in an aggregate principal amount not to exceed $110,000,000(the"Bonds"), of which
a portion of the proceeds will be used to finance or refinance the acquisition, construction,
improvement, renovation and/or equipping of certain health care and support facilities (the
"Facilities") to be owned and/or operated by the Corporation (the "Project") and located within
the City of Redlands (the "City"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code"), the issuance of one or more series of the Bonds by the Authority from time to time must
be approved by the City because the Facilities are located within the territorial limits of the City;
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(fl of the Code; and
WHEREAS,the Authority has requested that the City Council approve the issuance
of one or more series of the Bonds by the Authority from tune to time for the purposes of financing
or refinancing 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, 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 to finance
or refinance the Project, and now desires to approve the issuance of the Bonds by the Authority;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Redlands as follows:
Section 1. The City Council hereby approves the issuance from time to time of one
or more series of the Bonds by the Authority for the purposes of financing or refinancing the
Project. It is the purpose and intent of the City Council that this resolution constitute approval of
the issuance of one or snore series of the Bonds from time to time by the Authority, and of the
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financing or refinancing 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 located, in accordance with said Section 147(f)
and (b) Section 9 of the Agreement.
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 whicli they
deein necessary or advisable in order to carry out, give effect to and comply with the terins and
intent of this resolution and the financing transaction approved hereby.
Section 3,. This resolution shall take effect immediately upon its adoption.
ADOPTED, SIGNED AND APPROVED this 20th day of September, 2016.
Paul W. Foster, Mayor
ATTEST:
t tv
Clerk
y
Sam Irwitf,'
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I, San Irwin, City Clerk of the City of Redlands, hereby certify that the foregoing resolution was
adopted by the City Council at a regular meeting thereof held on the 20°i day of September, 2016
by the following vote:
AYES: Councilmembers Gilbreath, Barich, James; Mayor Foster
NOES: None
.ABSENT: Councihnembers Harrison
ABSTAIN: None
Sam Irwin, City Clerk
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