HomeMy WebLinkAboutRES NO 181-88 RESOLUTION NO. 181-88
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
BAKERSFIELD AUTHORIZING THE EXECUTION AND
DELIVERY OF A SUPPLEMENTAL INDENTURE FOR
HOSPITAL REVENUE BONDS (ADVENTIST HEALTH
SYSTEM/WEST) 1988 SERIES A.
WHEREAS, the City of Bakersfield (the "City") is a
municipal corporation and charter city, duly organized and
existing under a freeholders' charter, pursuant to which the
City has the right and power to make and enforce all laws and
regulations in respect to municipal affairs and certain other
matters in accordance with, and as more particularly provided
in, Sections 3, 5 and 7 of Article XI of the Constitution of
the State of California and Section 12 of Article III of the
Charter of the City (the "Charter");
WHEREAS, the City Council of the City (the
"Council"), acting under and pursuant to the powers reserved to
the City under Sections 3, 5 and 7 of Article XI of the
Constitution of the State of California and Section 12 of
Article III of the Charter, has established by the adoption of
Ordinance No. 2871 of the City (the "Law"), a procedure for the
authorization, issuance and sale of revenue bonds by the City,
for the purpose, in~er alia, of making loans to participating
health institutions to provide financing for health facilities
as specified therein;
WHEREAS, the City has determined to engage in a
program of making loans to health facilities pursuant to the
Law, and has determined to borrow money for such purpose by the
issuance of revenue bonds, as authorized by Law;
WHEREAS, the City has issued such revenue bonds,
designated as "City of Bakersfield Hospital Revenue Bonds
(Adventist Health System/West), 1988 Series A" (the "Bonds"),
in the aggregate principal amount of eighteen million five
hundred thousand dollars ($18,500,000) for the purpose of
assisting Adventist Health System/West, a nonprofit religious
corporation (the "System"), in financing the cost of its
membership in San Joaquin Community Hospital, a nonprofit
public benefit corporation which owns and operates the San
Joaquin Community Hospital and refinancing certain existing
indebtedness of the System with respect to its existing health
facilities (the "Project");
WHEREAS, in connection with the issuance of the
Bonds, the City authorized the execution and delivery of an
Indenture dated as of July 1, 1988 (the "Indenture"), by and
between the City and State Street Bank and Trust Company of
California, N.A., as trustee (the "Trustee");
WHEREAS, in order to satisfy certain conditions
requested by the purchaser of the Bonds, certain amendments to
the Indenture are necessary and the City has determined to
enter into a Supplemental Indenture;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Bakersfield, as follows:
Section ~. The Council does hereby find and declare
that the above recitals are true and correct.
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Section ~. The proposed form of Supplemental
Indenture No. 1, dated as of August 1, 1988 ("Supplemental
Indenture No. 1"), between the City and the Trustee, presented
at this meeting, is hereby approved. The Finance
Director/Treasurer is hereby authorized and directed, for and
in the name of and on behalf of the City, to execute,
acknowledge and deliver to the Trustee a Supplemental Indenture
in substantially said form, with such changes therein as the
officers executing the same, with the advice of the City
Attorney, may approve, such approval to be conclusively
evidenced by the execution and delivery thereof.
Section 2. The officers of the City are hereby
authorized and directed, jointly and severally, to do any and
all things and to execute and deliver all documents which they
may deem necessary or advisable in order to consummate the
execution and delivery of Supplemental Indenture No. 1, and
otherwise to effectuate the purposes of this Resolution.
Section A. This Resolution shall take effect
immediately upon its passage.
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I HEREBY CERTIFY that the foregoing resolution was
duly adopted by the Mayor and City Council of the City of
Bakersfield at a regular meeting thereof, held on the
17thday of August, 1988, by the following vote, to wit:
AYES: Childs, Smith Ratty, Peterson, McDermott, Salvaggio
NAYS: NONE
ABSENT:
ABSTAIN:
City Clerk
The foregoing resolution is hereby approved this
17th day of August, 1988.
Approved as to
form:
Mayor of the City of B~kersfield
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