Loading...
HomeMy WebLinkAboutRES NO 150-97RESOLUTION NO. ]- 5 0" 9 ~' RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD APPROVING THE FINANCING OF A CONTINUING CARE RETIREMENT FACILITY BY THE ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS. WHEREAS, the ABAG Finance Authority For Nonprofit Corporations (the "Authority") is authorized by the laws of the State of California (the "Law") to execute and deliver certificates of participation for the purpose of financing or refinancing continuing care retirement facilities located within the area of operation of the Authority; and WHEREAS, American Baptist Homes of the West, a 501(c)(3) corporation providing housing, health care and supportive services for older persons (the "Corporation") has requested the Authority to execute and deliver certificates of participation (the "Certificates"), the proceeds of which shall be used for the purpose of refinancing eight separate continuing care retirement facilities located in the State of California, one of which is located in the City of Bakersfield (the "City") at 1301 New Stine Road (the "Project"), thereby reducing debt service payments payable by the Corporation and allowing the Corporation to make repairs and improvements to the Project; and WHEREAS, in furtherance thereof and to facilitate such request, the City desires to become a cooperating member of the Association of Bay Area Governments ("ABAG") and an associate member of the Authority; and WHEREAS, the form of associate membership agreement (the "Associate Membership Agreement") between the City and the Authority has been filed with the City and has been reviewed; and WHEREAS, the Certificates executed and delivered to refinance the Project will be considered to be "qualified 501(c)(3) bonds" under Section 145(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and Section 147(f) of the Code requires that the "applicable elected representatives" with respect to the Project hold a public hearing on the execution and delivery of the Certificates; and WHEREAS, the Authority has determined that the City council is the "applicable elected representatives" to hold said public hearing. NOW, THEREFORE, the City Council of the City of Bakersfield does hereby resolve, determine and order as follows: -- Page 1 of 3 Pages -- SECTION 1. The City Council hereby finds and determines that the foregoing recitals are true and correct. SECTION 2. The City Council hereby approves the refinancing of the Project by the Authority with a portion of the proceeds of the Certificates. SECTION 3. The City Council hereby approves cooperating membership by the City in ABAG. The City Council hereby authorizes the Mayor, the City Manager or other appropriate officer or official of the City or formally request such cooperating membership. SECTION 4. The City Council hereby approves associate membership by the City in the Authority. SECTION 5. The City Council hereby approves the form of, and authorizes the Mayor, the City Manager or any designee of such officers, to execute the Associate Membership Agreement and authorizes the City Clerk to attest to such signature, in substantially the form on file with the City Clerk, together with any changes therein deemed advisable by the official signing the Associate Membership Agreement. SECTION 6. The Mayor, the City Manager, the City Clerk and other officers and officials of the City, are hereby authorized and directed to take all actions and do all things necessary or desirable hereunder with respect to associate membership in the Authority including but not limited to the execution and delivery of any and all agreements, certificates, instruments and other documents which they, or any of them, may deem necessary or desirable and not inconsistent with the purposes of this Resolution. SECTION 7. The execution and delivery of the Certificates shall be subject to approval by the Authority of all financing documents relating thereto to which the Authority is a party and subject to the sale of the Certificates by the Authority to the underwriter thereof. -- Page 2 of 3 Pages -- SECTION 8. This Resolution shall take effect immediately. 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 $EP 2 ~, 1997, by the following vote: AYES: NOES: ABSTAIN: ABSENT: COUNCILMEMBER CARSON, DEMOND, SMITH, MCDERMOTT, ROWLES, SULLIVAN, SALVAGGIO COUNCILMEMBER ~"~-,~ COUNCILMEMBER COUNCILMEMBER CITY CLERK and Ex Officio C~rk of the Council of the City of Bakersfield $EP 2 4 1997 APPROVED APPROVED as to form: JUDY K. SKOUSEN City Attorney By: j~i t yD~YAt tK~r nSe~ U S E~ S:~COUNCIL~RES~ABAG.RES -- Page 3 of 3 Pages --