HomeMy WebLinkAbout5413_CCv0001.pdf RESOLUTION NO. 5413
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS, CALIFORNIA
APPROVING THE FINANCING OF A CONTINUING CARE RETIREMENT FACILITY BY
THE ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS
WHEREAS, the ABAG Finance Authority for Nonprofit Corporations (the "Authority")
is authorized by the laws of the State of California (the "Law") to execute and deliver certificates
of participation for the purpose of financing or refinancing continuing care retirement facilities
located within the area of operation of the Authority; and
WHEREAS, American Baptist Homes of the West, a 501(c)(3) corporation providing
housing, healthcare and supportive services for older persons (the "Corporation") has requested
the Authority to execute and deliver certificates of participation (the "Certificates"), the proceeds
of which shall be used for the purpose of refinancing eight separate continuing care retirement
facilities located in the State of California, one of which is located in the City of Redlands (the
"City") at 900 Salem Drive (the "Project"), thereby reducing debt service payments payable by the
Corporation and allowing the Corporation to make repairs and improvements to the Project; and
WHEREAS, in furtherance thereof and to facilitate such request, the City desires to
become a cooperating member of the Association of Bay Area Governments ("ABAG") and an
associate member of the Authority; and
WHEREAS, the form of associate membership agreement (the "Associate Membership
Agreement") between the City and the Authority has been filed with the City and has been
reviewed, and
WHEREAS, the Certificates executed and delivered to refinance the Project will be
considered to be "qualified 501(c)(3) bonds" under Section 145(x) of the Internal Revenue Code
of 1986, as amended (the "Code"), and Section 147(0 of the Code requires that the "applicable
elected representatives" with respect to the Project hold a public hearing on the execution and
delivery of the Certificates; and
WHEREAS, the Authority has determined that the City Council is the "applicable elected
representatives" to hold said public hearing.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF REDLANDS DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION I: The City Council hereby finds and determines that the foregoing recitals are
true and correct.
SECTION II: The City Council hereby approves the refinancing of the Project by the
Authority with a portion of the proceeds of the Certificates.
SECTION III: The City Council hereby approves cooperating membership by the City in
ABAG. The City Council hereby authorizes the Mayor, the City Manager or other appropriate
officer or official of the city to formally request such cooperating membership.
SECTION IV: The City Council hereby approves associate membership by the City in the
Authority.
SECTION V: The City Council hereby approves the form of, and authorizes the Mayor,
the City Manager or any designee of such officers, to execute the Associate Membership
Agreement and authorizes the City Clerk to attest to such signature, in substantially the form on
file with the City Clerk, together with any changes therein deemed advisable by the official signing
the Associate Membership Agreement.
SECTION VI: The Mayor, the City Manager, the City Clerk and other officers and
officials of the City, are hereby authorized and directed to take all actions and do all things
necessary or desirable hereunder with respect to associate membership in the Authority including
but not limited to the execution and delivery of any and all agreements, certificates, instruments
and other documents which they, or any of them, may deem necessary or desirable and not
inconsistent with the purposes of this resolution.
SECTION VII: The execution and delivery of the Certificates shall be subject to approval
by the Authority of all financing documents relating thereto to which the Authority is a party and
subject to the sale of the Certificates by the Authority to the underwriter thereof
SECTION VIII: This resolution shall take effect immediately.
ADOPTED, SIGNED AND APPROVED this 16'h day of Sept b r 97.
Mayor of the City of Redlands
ATTEST:
City Jerk
I Morrie Poyzer, city Clerk of the City of Redlands, hereby certify that the foregoing resolution
was duly adopted at a regular meeting thereof held on the 16th day of September 1997 by the
following vote:
AYES: Councilmembers Gilbreath, Cunningham, Gil, Banda; Mayor Larson
NOES: None
ABSENT: None
City C k CIO