HomeMy Public PortalAbout2004-065 (05-04-04)RESOLUTION NO. 2004.065
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING A TAX-
EXEMPT BOND FINANCING TO BE ISSUED BY THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY TO VENEFIT DAUGHTERS OF CHARITY
HEALTH SYSTEM AND CERTAIN AFFILIATES
WHEREAS, Daughter of Charity Health System, St. Francis Medical Center Lynwood
and certain other affiliates of Daughters of Charity Health System, each a nonprofit public
benefit corporation (coolectively, the "Health Institutions"), have 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 $550,000000 (the "Bonds") for the
purpose of, among other things, financing or refinancing the acquisition, improvement and
equipping (the "Financing") of certain health facilities owned or operated by the Health
Institutions, including St. Francis Medical Center Lynwood (the "Facilities") located in the City of
Lynwood (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 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;
follows:NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lynwood as
.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 constitutes approval of the issuance of
the Bonds by the Authority, for the purposes of (a) Section 147 (f) if 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 approve hereby.
Section 3. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED, AND ADOPTED this 4th day of Hay
LbUIS BYRD, MAYOR/
ATTEST:
,2004.
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
iARNO~IbO BELTRAN, CITY ATTORNEY
STATE OF CALIFORNIA }
} ss.
COUNTY OF LOS ANGELES }
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
foregoing Resolution was passed and adopted by the City Council of the City of Lynwood
at a regular meeting held on the 4th day of Hay ,2003.
RODRIGUEZ, SANTILLAN, VASQUEZ AND BYRD
AYES: COUNCILHEN PEDROZA,
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
STATE OF CALIFORNIA }
} ss.
COUNTY OF LOS ANGELES }
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
above and foregoing is a full, true and correct copy of Resolution No. ;~flo4.065
on file in my office and that said Resolution was adopted on the date and by the vote
therein stated.
Dated this 4th day of Hay
ANDREA L. HOOPER,
2003.