HomeMy WebLinkAbout6763_CCv0001.pdf RESOLUTION NO. 6763
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF REDLANDS APPROVING HEALTH CARE REVENUE BONDS TO BE
ISSUED BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY TO BENEFIT MOUNTAIN SHADOWS SUPPORT GROUP, INC., FOR
THE PURPOSE OF FINANCING THE ACQUISITION OF LICENSED HEALTH CARE
FACILITIES
WHEREAS, the California Statewide Communities Development Authority (the
"Authority") is authorized by the laws of the State of California (the "Law") to execute and
deliver health care revenue obligations for the purpose of financing the acquisition of health care
facilities located within the area of operation of the Authority; and
WHEREAS, Mountain. Shadows Support Group, Inc., a California nonprofit
public benefit corporation (the "Borrower"), has requested the Authority to issue and deliver
health care revenue obligations in the anticipated principal amount of approximately
$55,000,000 (the "Obligations"), a portion of the proceeds of which shall be used for the purpose
of financing the acquisition of a licensed health care facility commonly known as Buchanan
House located at 1543 N. University Street in the City of Redlands, California (the "Project");
and
WHEREAS, the Obligations to be issued and delivered to finance the acquisition
of the Project will be considered "qualified 501 (c) (3) bonds" under Section 145 of the Internal
Revenue Code of 1986, as amended (the "Code"), and Section 147 (f) of the Code requires that
the "applicable elected representative" with respect to the Project hold a public hearing on the
issuance and delivery of the Obligations; and
WHEREAS, the City Council of the City of Redlands, as the "applicable elected
representatives" to hold said public hearing, has held said public hearing at which all those
interested in speaking with respect to the financing were heard;
NOW THEREFORE, BE IT RESOLVED AND ORDERED by the City
Council of the City of Redlands as follows:
1. The City Council hereby fords and detennines that the foregoing recitals
are true and correct.
?. The City Council hereby approves the financing of the Project by the
Authority with the proceeds of the Obligations.
3. The issuance and delivery of the Obligations shall be subject to the
approval of and execution by the Authority of all financing documents relating thereto to which
the Authority is a party and subject to the sale of the Obligations by the Authority.
1:\cc1e&Resolutions\6763'rFFRA Reso.doe
4. The Clerk of the City Council is hereby directed to forward a certified
copy of this Resolution and a copy of the affidavit of publication of the notice of public hearing
to:
Thomas r'A Downey
Jones Hall, A Professional Law Corporation
650 California Street, 18`" Floor
San Francisco, California 94108
5. The adoption of this Resolution is solely for the purpose of meeting the
requirements of the provisions of the Internal Revenue Code of 1986, as amended, and shall not
be construed in any other manner, with neither the City nor its staff having fully reviewed or
considered the financial feasibility of the Project or the expected operation of the Project with
regards to any State of California statutory requirements, and such adoption shall not obligate,
without further formal action to be taken by this City Council, including but not limited to, the
approval of the financing documents by the City Council by resolution, (i) the City to provide
financing to the Borrower for the acquisition of the Project or to issue the Obligations for
Purposes of such financing; or (ii) the City, or any department of the City, to approve any
application or request for, or take any other action in connection with, any environmental,
General Plan, zoning or any other permit or other action necessary for the acquisition or
operation of the Project.
6. This Resolution shall take effect immediately upon its adoption.
ADOPTED, SIGNED AND APPROVED this 7th day of October, 2008.
CITY OF REDLANDS, CALIFORNIA
r
ayor
ATTEST: -�
Lo 'e Poyzer, Jerk
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1, Morrie Poyzer, City Clerk of the City of Redlands, hereby certify that the foregoing resolution
was duly adopted by the City Council at a regular meeting thereof held on the 7th day of
October,2008,by the following vote:
AYES: Councilmembers Gilbreath, Gallagher, Aguilar, Bean, Mayor Harrison
NOES: None
ABSENT: None
ABSTAIN: None
Lo Poyzer, Ci e.
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