HomeMy Public PortalAbout2001.109 (10-02-01)RESOLUTION NO. 2001.109 '
A RESOLUTION OF THE LYNWOOD CITY COUNCIL APPROVING THE
ISSUANCE~OF CALIFORNIA STATEWIDE.COIVIMUNITIES DEVELOPMENT `
AUTHORITY REVENUE BONDS (DAUGHTERS OF CHARITY `HEALTH SYSTEM), `
SERIES 2001A IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED -
$4~50,000,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION,
IMPROVEMENT AND EQUIPPING OF ST. FRANCIS MEDICAL CENTER AN'D
. CERTAIN OTHER MATTERS .RELATING THERETO
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WHEREAS, The Daughters of Charity Health System, a California nonprofit
corporation (the "Corporation"), has requested that the California Statewide
Communities Development Authority (the "Authority")-participate in the issuance
of one or more,. series of ,revenue bonds in an aggregate principal amount not to
exceed`$450;,000,000 (the "Bonds") for the acquisition, improvement and
equipping--of the acute care hospital known as St. Francis Medical. Center (the .
"Facilities") to be owned and operated by the Corporation (or an affiliate of the
Corporation){and located within the City of Lynwood (the "City") and other
facilities located outside of the. City; and
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• a - 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 territo,rial~ limits of the
City; and ' _
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WHEREAS, The City Council of the .City 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; and
WHEREAS, The Authority .has requested that the .City Council approve the
issuance of ~tle 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~une
l , 1988 (the "Agreement"), among certain local agencies, including the City; and
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WHERAS, Pursuant to Section 1.47(f), of the Code, the City 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 b'y the Authority.
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES•
' HEREBY~FLND; PROCLAIM, ORDER, AND RESOLVE AS FOLLOWS
'Section 1. The City Council hereby approves the issuance of~the Bonds
. by the Authority for the purposes of acquiring, improving and equipping the
Facilities. It is'the purpose anal intent of the City 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 located, in accordance with said Section 147(f) and
- {b) Se`ction'9 of the Agreement. -
Sectiori 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 - .~
' al 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.
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Sectiori 3 This -resolution shall take effect immediately upon .its adoption.
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• PASSED, APPROVED, AND ADOPTED this. 2^d day of October,. 2001.
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ATTEST
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ANDREA L. HOOPER, CITY CLERK
APPROVED AS TO FORM.
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CI ATTOR '
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PAUL H. RICHARDS, It, MAYOR
APPROVED AS TO CONTENT:
RAL H . DAVIS, 11t,
CITY MANAGER
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