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:
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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.
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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
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