HomeMy WebLinkAboutRES NO 219-05
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BAKERSFIELD
APPROVING A TAX-EXEMPT BOND FINANCING TO BE ISSUED BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY TO
BENEFIT ADVENTIST HEALTH SYSTEMIWEST AND CERTAIN AFFILIATES
219,';,05
WHEREAS, Adventist Health System/West, San Joaquin Community Hospital
and certain other affiliates of Adventist Health System/West, each a nonprofit religious
corporation (collectively, the "Health Institutions"), have requested that the California
Statewide Communities Development Authority (the "Authority") issue bonds in one or
more series in an aggregate principal amount not to exceed $175,000,000 (the "Bonds")
for the purpose of, among other things, financing or refinancing the acquisition,
construction, improvement, equipping, renovation, rehabilitation, remodeling and other
capital projects (the "Financing") of certain health facilities owned or operated by the
Health Institutions, including San Joaquin Community Hospital (the "Facilities") located
in the City of Bakersfield (the "City");
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 Facilities are located within the territorial limits of the City;
WHEREAS, the City Council of the City (the "Council") is the elected legislative
body of the City and is one of the applicable elected representatives required to approve
the issuance of the Bonds under Section 147(f) of the Code;
WHEREAS, the Authority has requested that the Council approve the issuance
of the Bonds by the Authority in order to satisfy the public approval requirement of
Section 147(f) of the Code and the requirements of Section 9 of the Amended and
Restated Joint Exercise of Powers Agreement, dated as of June 1, 1988 (the
"Agreement"), among certain local agencies, including the City;
WHEREAS, the Authority has also requested that the Council approve, for
purposes of Section 9 of the Agreement, the issuance of any bonds to be issued by the
Authority to refund the Bonds; 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 as follows:
Section 1. 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 Facilities are to be located, in accordance
with said Section 147(f) and (b) Section 9 of the Agreement, which shall also be
deemed satisfied for any Authority bonds issued to refund the Bonds.
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 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.
Section 3. Effective Date. This resolution shall take effect immediately upon its
passage.
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 2 8 2005 by the following vote:
~
NóÉS:
ABSTAIN:
ABSENT:
,/ v v v V v ý'
COUNCILMEMBER CARSON. BENHAM. MAGGARD, COUCH, HANSON, SULLIVAN. SCRIVNER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
/'
APPROVED SEP 2 8 2005
PAMELA A. McCARTHY, CMC
CITY CLERK and Ex Officio Clerk
Council of the City of Bakersfield
HARVEY L. HALL
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
By: ~ ( , ~f4/
ALLEN HAW r
Deputy City Attorney