HomeMy WebLinkAboutRES NO 085-19X•Ref. r I I15
RESOLUTION NO. 0 8 5- 19
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY REVENUE BONDS, SERIES 2019 (HUMANGOOD PORTFOLIO
PROJECT) IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $180,000,000 FOR THE PURPOSE OF
REFINANCING THE ACQUISITION, CONSTRUCTION, FURNISHING AND
EQUIPPING OF CONTINUING CARE FACILITY FOR HUMANGOOD AND
CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, HumanGood, HumanGood NorCal (formerly known as
American Baptist Homes of the West), HumanGood SoCal (formerly known as
Southern California Presbyterian Homes), HumanGood Fresno (formerly known
as The Terraces at San Joaquin Gardens), Redwood Senior Homes and Services
and Westminster Gardens, each a California nonprofit public benefit
corporation (collectively, the "Corporation"), has requested that the California
Municipal Finance Authority (the "Authority") participate in the issuance of one
or more series of revenue bonds in an aggregate principal amount not to
exceed $180,000,000 (the "Bonds"), the proceeds of which will be used, among
other things, (a) in a principal amount not to exceed $65,000,000, to refund all or
a portion of the outstanding $77,805,000 original principal amount California
Statewide Communities Development Authority Senior Living Revenue Bonds,
Series 2009 (Southern California Presbyterian Homes) (the "Series 2009 Bonds"),
(b) in a principal amount not to exceed $95,000,000, to refund all or a portion of
the outstanding $106,580,000 original principal amount California Statewide
Communities Development Authority Revenue Bonds, Series 2010 (American
Baptist Homes of the West) (the "Series 2010 Bonds"), (c) in a principal amount
not to exceed $35,000,000, to finance or reimburse the cost of remodeling,
renovating, furnishing and equipping certain of the Corporation's continuing
care communities located in several jurisdictions throughout the state of
�6HkFH
California, including in the City of Bakersfield, (d) to pay a portion of the interesto
- Page I of 4 Pages - = :'
O
OF3:hAL
on the Bonds, if deemed necessary or advisable by the Authority or the
Corporation, (e) to provide working capital to the Corporation, if deemed
necessary or advisable by the Authority or the Corporation, (f) to fund a debt
service reserve fund, if deemed necessary or advisable by the Authority or the
Corporation, and (g) to pay certain expenses incurred in connection with the
issuance of the Bonds; and
WHEREAS, a portion of the proceeds of the Bonds in a principal amount
not to exceed $17,000,000 will be used to finance or refinance expenditures at
the following continuing care community owned and operated by the
Corporation and located in the City of Bakersfield (the "City"): Rosewood
located at 1301 New Stine Road, Bakersfield, California 93309 (the
"Community"); and
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 Community is located within the territorial limits of the City;
and
WHEREAS, the City Council of the City of Bakersfield (the "Council") is the
elected legislative body of the City and is an applicable elected representative
required to approve the issuance of the Bonds under Section 147(f) of the Code;
and
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; and
WHEREAS, the Authority has requested that the Council approve the
issuance of the Bonds by the Authority to satisfy the public approval requirementgAKF
- Page 2 of 4 Pages - p� 9m
r_ r�
0
of Section 147(f) of the Code and the requirements of Section 4 of the Joint
Exercise of Powers Agreement Relating to the California Municipal Finance
Authority, dated as of January 1, 2004 (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 Council of the City of Bakersfield
as follows:
The City Council finds and declares that the foregoing recitals are
true and correct and are incorporated herein by reference.
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 Community is located, in
accordance with said Section 147(f) and (b) Section 4 of the
Agreement..
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.
4. The Council expressly conditions its approval of this Resolution on its
understanding that the City shall have no obligation whatsoever to
pay any principal, interest, fees or other costs associated with the
Authority's issuance of the Bonds.
5. This Resolution shall take effect immediately upon its adoption.
�
��gAKF�
Page 3 of 4 Pages - ^�
r );
J
OF' -,NAI
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
JUN 2 3 2019 by the following vote:
✓ ✓ ✓ ✓ ✓ ✓
YES: COUNCIL MEMBER RWfRA. GONZALES,WEIR, SMITH, FREEMAN, SULLIVAN, PARLIER
NOES: COUNCIL MEMBER NVr'Q.
A IN: COUNCIL MEMBER nJ�Q
BSENi COUNCIL MEMBER �1rWA
InrIAY r'V„YMV�
JULIE DRIMAKIS, CMC
CITY CLERK and Ex Officio Clerk of
the Council of the City of Bakersfield
APPROVED JUN 2 0 2019
By
KAREN GOH
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City At orney
Y
OSHUA H. RUDNICK
eputy City Attorney
1HRax
S:\COUNCIL\Reaos\ I8-19\TEERA.KernRegionaICentecdI
o��AK�Su'
T
Page 4 of 4 Pages - in
�On;3NAL