HomeMy WebLinkAboutRES NO 006-10
RESOLUTION NO. 006- 1 4
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 $150,000,000 (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 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
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.
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ORIGINAL.
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.
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
JAN 13 2010 by the following vote:
COUNCILMEMBER BENHAM, CARSON, COUCH, HAN ON, SCRIVNER, SULLIV N, WEIR
NOES: COUNCILMEMBER r1b
ABSTAIN: COUNCILMEMBER IM M
ABSENT: COUNCILMEMBER
ROBERTA GAFFORD
Acting CITY CLERK and Ex Officio Clerk of
the Council of the City of Bakersfield
APPROVED JAN 13 2010
HARVEY L. HALL
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
fe H UA H. RUDNICK
puty City Attorney II
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ORIGINAL.