HomeMy WebLinkAboutRES NO 044-15RESOLUTION NO. O 4 4 -,, 1 5
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD APPROVING THE ISSUANCE OF THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY REVENUE
BONDS, SERIES 2015 (AMERICAN BAPTIST HOMES OF THE WEST)
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$70,000,000 FOR THE PURPOSE OF FINANCING AND REFINANCING
THE ACQUISITION, CONSTRUCTION, FURNISHING AND EQUIPPING
OF ROSEWOOD RETIREMENT COMMUNITY AND CERTAIN OTHER
MATTERS RELATING THERETO
WHEREAS, American Baptist Homes of the West, a California nonprofit public
benefit corporation (the "Corporation "), 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 $70,000,000 (the "Bonds "), a portion of
which will be used to, among other things, (i) refund all or a portion of the outstanding
$50,000,000 original principal amount California Statewide Communities Development
Authority Variable Rate Demand Revenue Bonds, Series 2006 (American Baptist
Homes of the West) (the "Series 2006 Bonds "), the proceeds of which were used to
finance the cost of the acquisition, construction, furnishing and equipping of that certain
continuing care facility commonly known as Rosewood Retirement Community (the
"Facility ") owned and operated by the Corporation and located within the City of
Bakersfield (the "City ") and (ii) finance or reimburse the cost of the remodeling,
renovation, furnishing and equipping of the Facility;
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 Facility is 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 Council understands that its actions in holding the public hearing
and in adopting this Resolution do not obligate the City in any manner for payment of
the principal, interest, fees or any other costs associated with the issuance of the
Bonds, and the Council expressly conditions its approval of the issuance of the Bonds
by the Authority by the adoption of this Resolution on this understanding;
WHEREAS, the Corporation 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
Baptist Homes of the West TEFRA Reso.docx
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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
Bakersfield, State of California as follows:
Section 1. The Council accepts the above recitals as true and correct.
Section 2. 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 Facility is located, in
accordance with said Section 147(f) and (b) Section 9 of the Agreement.
Section 3. The officers and employees 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.
Section 4. No City Liability for Bonds. The issuance of the Bonds shall be
subject to the approval by the Authority of all financing documents relating thereto to
which the Corporation is a party. The City shall have no responsibility or liability
whatsoever with respect to the Bonds.
Section 5. No City Responsibility for Bond - Financed Property. The adoption
of this resolution shall not obligate the City or any department thereof to:
Provide any financing to remodel, renovate, furnish or equip the
property to be financed or refinanced with proceeds of the Bonds
(the Bond - Financed Property) or any refinancing of the Bond -
Financed Property;
ii. Approve any application or request for or take any other action in
connection with any planning approval, permit, or other action
necessary for the remodeling, renovation, furnishing, equipping, or
operation of the Bond - Financed Property;
iii. Make any contribution or advance any funds whatsoever to the
Authority; or
iv. Take any further action with respect to the Corporation, its issuance
of the Bonds, or the remodeling, renovation, furnishing, equipping,
or operation of the Bond - Financed Property.
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Section 6. This Resolution shall take effect immediately upon its adoption.
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the
Council of the City of Bakersfield at a regular meeting thereof held on
MAY 0 6 2015 by the following vote:
(E7
NOES:
ABSTAIN
ABSENT:
APPROVED
✓ ✓ ✓ ✓ S✓ V-*, ✓
COUNCILMEMBER, RIVERA, MAXWELL, WEIR, SMITH, HAN ON, SULLIVAN, PARLIER
COUNCILMEMBER
COUNCILMEMBER 1voAq, _
COUNCILMEMBER
MAY 0 6 2015
44& 41r'l"
ROBERTA GAFFORD, U111C
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
ar-w % v . .
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
JOSH
Depul
A H. RUDNICK
City Attorney
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