HomeMy WebLinkAboutRES NO 185-2021RESOLUTION NO.
18 5 -2 02 1 X -Ref. 1223
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE
AUTHORITY REVENUE BONDS, SERIES 2021 (HUMANGOOD) IN ONE OR
MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$150,000,000 FOR THE PURPOSE OF FINANCING THE CONSTRUCTION,
FURNISHING AND EQUIPPING OF CONTINUING CARE FACILITY FOR
HUMANGOOD AND CERTAIN OTHER MATTERS RELATING THERETO
WHEREAS, HumanGood, HumanGood NorCal, HumanGood SoCal or
HumanGood Fresno, 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
$150,000,000 (the "Bonds"), the proceeds of which will be used, among other
things, (a) to finance or reimburse the cost of constructing, building, remodeling,
renovating, rehabilitating, upgrading, furnishing and equipping certain of the
Corporation's continuing care retirement communities located in several
jurisdictions throughout the state of California, including in the City of Bakersfield,
(b) to pay a portion of the interest on the Bonds, if deemed necessary or advisable
by the Authority or the Corporation, (c) to provide working capital to the
Corporation, if deemed necessary or advisable by the Authority or the
Corporation, (d) to fund a debt service reserve fund, if deemed necessary or
advisable by the Authority or the Corporation, and (e) 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 $25,000,000 will be used to finance expenditures for various renovations
to existing infrastructure and upgrades to housing units and amenities 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
Page 1 of 3
of 0Ak&
T
ORIGINAL
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 requirement
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 City Council of the City of
Bakersfield, State of California as follows:
1. The 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.
pF0AKF9'�-�
Page 2 of 3 m
30RGN
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
SEP 15 2021 , by the following vote:
✓ ✓ m fh ✓ ✓ ✓
VES COUNCIL MEMBER Arias �G I W 'r SFreeman G✓mv Parl'er
NOES: COUNCIL MEMBER Nb"
ABSTAIN: COUNCILMEMBER Nena,
ABSENT: COIENCILMEMBER NlN\4
A L'i L Av L.0'
LIE DRIMAKIS, MMC
CITY CLERK and Ex Officio Clerk of
the Council of the City of Bakersfield
APPROVED SEP 15 2021
By X,
KEN WEIR
VICE -MAYOR
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
BIOSneputy
-) 4
UA H. RUDNICK
City Attorney
o�`0AKF9s
Page 3 of 3 F m
ORIGINAL