HomeMy WebLinkAbout6449_CCv0001.pdf RESOLUTION NO. 6449
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS
APPROVING A TAX-EXEMPT BOND FINANCING TO BE ISSUED BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY TO
BENEFIT AMERICAN BAPTIST HOMES OF THE WEST AND CERTAIN
AFFILIATES
WHEREAS, American Baptist Homes of the West, a nonprofit public benefit corporation
incorporated under the laws of the State of California (the "Health Institution"), has requested
that the California Statewide Communities Development Authority(the "Authority") issue bonds
in one or more series in an aggregate principal amount not to exceed $120,000,000 (the
"Bonds"), a portion of which will be used for the purpose of, among other things, to finance, and
refinance indebtedness used to finance, the cost of the acquisition, construction, expansion,
remodeling, renovation, furnishing and equipping (the "Financing") of certain continuing care
facilities owned or operated by the Health Institution (the "Facilities") located in the City of
Redlands (the "City");
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the
"Code"), the issuance of the Bonds by the Authority must be approved by the City because the
Facilities are located within the territorial limits of the City;
WHEREAS, the City Council of the City (the "Council") is the elected legislative body
of the City and is one of the applicable elected representatives required to approve the issuance
of the Bonds under Section 147(f) of the Code;
WHEREAS, the Authority has requested that the Council approve the issuance of the
Bonds by the Authority in order to satisfy the public approval requirement of Section 147(f) of
the Code and the requirements of Section 9 of the Amended and Restated Joint Exercise of
Powers Agreement, dated as of June 1, 1988 (the "Agreement"), among certain local agencies,
including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the Council has, following notice
duly given, held a public hearing regarding the issuance of the Bonds, and now desires to
approve the issuance of the Bonds by the Authority.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Redlands
as follows:
Section 1. The Council hereby approves the issuance of the Bonds by the Authority. It is
the purpose and intent of the Council that this Resolution constitute approval of the issuance of
the Bonds by the Authority, for the purposes of(a) Section 147(f) of the Code by the applicable
elected representative of the governmental unit having jurisdiction over the area in which the
Facilities are to be located, in accordance with said Section 147(f) and (b) Section 9 of the
Agreement.
Section 2. The officers of the City are hereby authorized and directed, jointly and
severally, to do any and all things and to execute and deliver any and all documents which they
deem necessary or advisable in order to carry out, give effect to and comply with the terms and
intent of this Resolution and the financing transaction approved hereby.
sFE-532709v 1
East Edited: 11/2/05
Section 3. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 6th day of December, 2005.
CITY OF REDLANDS, CALIFORNIA
A'TEST: Ma or , Jon ,arrison
City Clerk ,Lor 'P yzer
1, 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 6th day of December,
2005, by the following vote:
AYES: Councilmembers Gilbreath, Peppier, Gil, Gallagher; Mayor Harrison
NOES: None
ABSENT: None
ABSTAIN: None
Lorri oyzer, Cit er
5EI-532704v i
Last Edited: 11/2/45