HomeMy WebLinkAboutRES NO 295-05
RESOLUTION NO.
295-0S
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 AMERICAN BAPTIST
HOMES OF THE WEST AND CERTAIN AFFILIATES.
WHEREAS, American Baptist Homes of the West, a nonprofit public benefit
corporation incorporated under the laws of the State of California (the "Health
Institution"), has 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 $120,000,000 (the "Bonds"), a portion of which will be used for
the purpose of, among other things, to finance, and refinance indebtedness used to
finance, the cost of the acquisition, construction, expansion, remodeling, renovation,
furnishing and equipping (the "Financing") of certain continuing care facilities owned or
operated by the Health Institution (the "Facilities") located in the City of Bakersfield (the
"City"); 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 Facilities are located within the territorial limits of the City; and
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; and
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; 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
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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.
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. This Resolution shall take effect immediately upon its adoption.
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
nœ 1 4 ?nn~ by the following vote:
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NOES:
ABSTAIN:
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COUNCILMEMBER CA~SON, BENHAM, MAGGARD, COUCH. HANSON, SULLIVAN, SCRIVNER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER f-ICl.-v'"\""',"",,-
APPROVED DEC 1 4 2005
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PAMELA A. McCARTHY, C
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
HARVEY L. HALL
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
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By:
ALLEN SHAW
Deputy City Attorney
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