HomeMy WebLinkAbout5680_CCv0001.pdf RESOLUTION NO. 5680
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDLANDS, CALIFORNIA (THE COUNCIL) DECLARING THE
COUNCIL'S INTENT TO ISSUE AN AMOUNT NOT TO EXCEED
$6,700,000 OF ITS VARIABLE RATE DEMAND MORTGAGE
REVENUE BONDS TO PROVIDE FINANCING FOR AN ASSISTED
LIVING FACILITY TO BE OWNED AND OPERATED BY MOUNTAIN
VIEW ACRES, INC. AND KNOWN AS MOUNTAIN VIEW ACRES.
WHEREAS, Mountain View Acres, Inc. a California nonprofit public
benefit corporation, (the "Borrower") has requested the City of
Redlands, California (the City') issue its Variable Rate Demand
Mortgage Revenue Bonds (the "Bonds") in an initial principal amount
not to exceed $6,700,000 for the purpose of financing the acquisition,
construction and equipping of an assisted living facility to be owned
and operated by the Borrower and to be located on the east side of
Wabash Avenue between Fifth Avenue and Highland Avenue in the
City of Redlands, County of San Bernardino, California and known as
Mountain View Acres (the "Project") and paying certain costs of
issuing such bonds; and
WHEREAS, the City is the proposed issuer of the Bonds and this
Resolution constitutes action giving approval for the issuance of the
bonds; and
WHEREAS, it is in the public interest and public benefit that the
Council approve the issuance of the Bonds.
NOW, THEREFORE, the City Council of the City of Redlands does
hereby find, determine and order as follows:
1 . The recitals hereinabove set forth are true and correct.
2. The Council hereby evidences its intent to issue the Bonds, in an
initial principal amount not to exceed $6,700,000 to make a loan to
the Borrower to provide financing for the Project.
3. The bonds shall state on their face: THE BONDS ARE NOT AND
WILL NEVER BECOME GENERAL OBLIGATIONS OF THE
ISSUER BUT ARE LIMITED OBLIGATIONS OF THE ISSUER
AND PAYABLE SOLELY FROM AND SECURED BY A PLEDGE
OF THE TRUST ESTATE. THE BONDS AND THE PREMIUM, IF
ANY, AND INTEREST THEREON DO NOT CONSTITUTE A
DEBT OR AN INDEBTEDNESS OR AN OBLIGATION OF THE
ISSUER OR THE STATE OF 11 CALIFORNIA ("THE STATE") OR
ANY COUNTY, CITY OR OTHER MUNICIPAL OR POLITICAL
CORPORATION OR SUBDIVISION OF THE STATE OR A LOAN
OF THE FAITH OR CREDIT OR THE TAXING POWER OF ANY
OF THEM, WITHIN THE MEANING OF ANY CONSTITUTIONAL
OR STATUTORY PROVISIONS, NOR SHALL THE BONDS BE
CONSTRUED TO CREATE ANY MORAL OBLIGATION ON THE
PART OF THE ISSUER OR ANY COUNTY, CITY OR OTHER
MUNICIPAL OR POLITICAL CORPORATION OR SUBDIVISION
OF THE STATE WITH RESPECT TO THE PAYMENT OF THE
BONDS. THE BONDS SHALL NOT BE PAYABLE FROM THE
GENERAL REVENUES OF THE ISSUER, AND NEITHER THE
ISSUER NOR THE STATE NOR ANY POLITICAL
CORPORATION, SUBDIVISION OR AGENCY THEREOF WILL
BE LIABLE THEREON, NOR IN ANY EVENT SHALL THE
BONDS BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES
OTHER THAN THOSE SPECIFICALLY PLEDGED THEREFOR.
4. The issuance and sale of the Bonds shall be subject to the final
approval by the Council of the terms and conditions of the bond
financing and the documents related thereto.
5. This Resolution is intended to and shall constitute a declaration of
official intent to issue the bonds for the Project for all purposes of
the Internal Revenue Code of 1986, as amended.
6. This Resolution shall take effect immediately upon its passage and
adoption.
ADOPTED, SIGNED AND APPROVED this 3rd day of August, 1999.
Ma) ar f the City of Redlan
ATTEST:
City 'i'rk, Red l. alifornia
I, Lorrie 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 3rd day of August, 1999, by the following
vote:
AYES:. Counciimembers Banda, Gilbreath, George , Freedman;
Mayor Cunningham
NOES; None
ABSENT: None
ABSTAIN: None
City Clea-,-Redlands, arnia