HomeMy WebLinkAbout5745_CCv0001.pdf RESOLUTION NO. 5745
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS, CALIFORNIA,
REGARDING THE HOLDING OF A PUBLIC HEARING -IN CONNECTION WITH THE
ISSUANCE AND DELIVERY OF SENIOR HOUSING REVENUE BONDS EVIDENCING
AN OBLIGATION OF THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY TO FINANCE CERTAIN FACILITIES TO BE OWNED BY REGENT
ASSISTED LIVING, INC.
WHEREAS, to finance acquisition, rehabilitation and conversion of certain assisted
living facility to be constructed by Regent Assisted Living, Inc., located on Fern Avenue in the
City of Redlands, the California Statewide Communities Development Community (the
"Authority") has expressed its intent to enter into a Loan Agreement and Trust Indenture,
obligating itself to make certain payments that will be evidenced by senior housing revenue
bonds in the aggregate principal amount not to exceed $14,000,000.00 (the"Bonds"); and
WHEREAS, this City Council is the elected legislative body of the City of Redlands (the
"City"); and
WHEREAS, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), the Clerk of the City Council provided for the publication of a Notice of
Public Hearing, to the effect that a public hearing would be held by this City Council on
March 21, 2000, issuance of the Bonds and the nature and the location of the Project described as
follows: an assisted living facility, which will be located in the southeast quadrant of Fern
Avenue and La Verne Street;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDLANDS DOES
RESOLVE AS FOLLOWS:
SECTION ONE: This City Council does hereby find and declare that the above-
referenced recitals are true and correct.
SECTION TWO: Pursuant to Section 1147(f) of the Internal Revenue Code of 1986, this
City Council held a public hearing on this day and provided an opportunity to present arguments
both for and against the issuance of the Bonds and the nature and location of the Project. This
City Council has further considered all testimony and comments submitted in connection with
the execution and delivery of the Bonds and the nature and location of the Project at the public
hearing.
SECTION THREE: After consideration of comments received at the public hearing, the
City Council hereby approves the issuance of the Bonds and the operation of the Authority
within the City to provide financing for the Project.
SECTION FOUR: It is the purpose and intent of the City that this Resolution constitute
approval by the applicable elected representative in accordance with the terms of Section 147(f)
of the Code.
SECTION FIVE: This Resolution shall take effect from and after the date of its passage
and adoption. The City Clerk shall certify to the adoption of the Resolution.
ADOPTED, SIGNED AND APPROVED this 21st day of March, 2000.
Pat Gilbreath, Mayor
ATTEST:
Lori Poyzer,
I, Lorrie Poyzer; City Cierk of the City of Redlands hereby certify that the foregoing resolution
was adopted by the City Council at a regular meeting thereof on the 21 st day of March, 2000, by
the following vote:
AYES: Councilmembers George, Freedman, Haws;
Mayor Gilbreath
NOES: None
ABSENT: Councilmember Peppler
Lorri oyzer, ��erk
Redlands, Cal; o�nia