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HomeMy WebLinkAbout6718_CCv0001.pdf RESOLUTION NO. 6718 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY, NOT TO EXCEED $15,000,000 AGGREGATE PRINCIPAL AMOUNT, FOR THE BENEFIT OF LOMA LINDA UNIVERSITY BEHAVIORAL MEDICINE CENTER FOR THE PURPOSE OF FINANCING THE COST OF ACQUISITION, CONSTRUCTION, EQUIPPING AND FURNISHING OF A CERTAIN BEHAVIORAL MEDICAL CENTER AND MEDICAL OFFICE BUILDING, PROVIDING THE TERMS AND CONDITIONS FOR SUCH OBLIGATIONS AND OTHER MATTERS RELATING THERETO WHEREAS, Loma Linda University Behavioral Medicine Center, a nonprofit corporation duly organized and existing under the laws of the State of California (the "Corporation"), has submitted and the California Enterprise Development Authority(the "Authority") has accepted, an application requesting the Authority to issue its tax-exempt and/or taxable revenue obligations in an aggregate principal amount not to exceed $18,000,000 (the "Obligations") for the benefit of the Corporation pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State, (commencing with Section 5500) (the "Act") the proceeds of which will be used in part to finance or reimburse the Corporation for the cost of acquiring, constructing, equipping and furnishing an approximately 46,000 square foot behavioral medicine center and medical office building to be located at 1690 Barton Road, Redlands, California (the "Facilities") and the payment certain costs of issuance in corinection with the Obligations; and WHEREAS, the issuance of the Obligations must be approved by the governmental unit on behalf of which the Obligations are issued and a governmental unit having jurisdiction over the territorial limits in which the Facilities are located pursuant to the public approval requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the"Code'); WHEREAS, the Facilities are located within the territorial limits of City of Redlands (the "City") and the City Council of the City (the "City Council") is the elected legislative body of the City; and WHEREAS, the Facilities are expected to provide significant benefits to the residents of the City through the services to be provided by the Corporation and the Facilities will also create employment opportunities for residents of the City over the long term; and WHEREAS, the Authority and the Corporation have requested that the City Council approve the issuance of the Obligations by the Authority and the financing of the Facilities with the proceeds of the Obligations pursuant to Section 147(/) of the Code; and WHEREAS, the Authority' s issuance of the Obligations will result in a more economical and efficient issuance process because of the Authority's expertise in the issuance of conduit revenue bonds; and WHEREAS, it is intended that this Resolution shall comply with the public approval requirements of Section 147(f) of the Code; provided, however; that this Resolution is neither intended to nor shall it constitute an approval by the City Council of the Facilities for any other purpose; and WHEREAS, a public hearing was held by the City Council on this P day of,Tune, 2008, at the meeting which commenced at the hour of 3:00 p.m., at the City of Redlands, Council Chambers, located at Civic Center, 35 Cajon Street, Redlands, California 92373, following duly published notice thereof in a newspaper of general circulation in the City of Redlands, on May 19, 2008, and all persons desiring to be heard have been heard.. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City Council of the City as follows: Section 1. The City Council hereby finds and determines that all of the recitals are true and correct. The City Council hereby approves the issuance of the Obligations by the Authority, which Obligations may be tax-exempt and/or taxable as approved by the Authority in its resolution, in an amount not to exceed $18,000,000 to finance the costs of the Facilities. This resolution shall constitute "host" approval of the issuance of the Obligations within the meaning of Section 147(0 of the Code and shall constitute the approval of the issuance of the Obligations within the meaning of the Act; provided, however, that this Resolution shall not constitute an approval by the City Council of the Facilities for any other purpose. Section 2. All actions heretofore taken by the officers, employees and agents of the City with respect to the approval of the Obligations are hereby approved, confirmed and ratified, and the officers and employees of the City and their authorized deputies and agents are hereby authorized and directed, jointly and severally, to do any and all things and to execute and deliver any and all certificates and documents which they or bond counsel may deem necessary or advisable in order to consummate the Obligations and otherwise to effectuate the purposes of this Resolution. Section 3. This Resolution shall take effect from and after its adoption. 2 RESOLVED FURTHER, the City Clerk of the City of Redlands shall certify the adoption of this resolution, and thenceforth and thereafter the same shall be in full force and effect. ADOPTED, SIGNED AND APPROVED this 17'h day of June, 2008 by the following vote: AYES: Councilmembers Gilbreath, Gallagher, Aguilar, Bean; Mayor Harrison NOES: None ABSTAIN: None ABSENT: None P t J Harrison, Mayor ATTEST: Lor `e Poyze , ry lerk CERTIFICATE OF THE CI'T'Y CLERK 1, Lorrie Poyzer, City Clerk of the City of Redlands, California, hereby certify that the foregoing is a full, true and correct copy of a resolution duly adopted at the meeting of the City Council of the City of Redlands duly and regularly held in Redlands, California, on June 17, 2008, of which meeting all of the members of said City Council had due notice. I further certify that i have carefully compared the foregoing copy with the original minutes of said meeting on file and of record in my office; that said copy is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and that said resolution has not been amended, modified, rescinded or revoked in any manner since the date of its adoption, and the same is now in full force and effect, IN WITNESS WHEREOF, I have executed this certificate and affixed the seal of the City of Redlands hereto this 17'x' day of June, 2008. .0­ 1�e�j Lo r' Poyzer, Of�erk 3