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217 RESOLUTION NO. 90-001 A RESOLUTION DECLARING THE INTENT OF THE CITY OF SANTA ANA TO ISSUE ITS REVENUE BONDS TO PROVIDE FINANCING FOR A RETIREMENT CENTER PROJECT TO BE UNDERTAKEN BY TOWN AND COUNTRY MANOR OF THE CHRISTIAN AND MISSIONARY ALLIANCE WHEREAS, the City of Santa Ana, California (the "City") has enacted the City of Santa Ana Health Facilities Financing Law (the "ordinance") and has found and declared that it is necessary, essential, a public purpose and a municipal affair for the City to be authorized to provide financing to health institutions that provide essential services to residents of the City; and WHEREAS, Town and Country Manor of The Christian and Missionary Alliance, a not-for-profit corporation ("Town and Country Manor"), owns and operates a retirement center located at 555 East Memory Lane in the City, and has requested the City to provide financing for the construction of a new wing to house additional residential care apartment units, construction of a new building to house additional skilled nursing facilities, assisted living units in the existing facility, and the refinancing of existing indebtedness of To~rm and Country incurred in connection with the existing facility (collectively, the "Project"); and WHEREAS, under the Ordinance the City is authorized to finance the costs incurred by or on behalf of participating health institutions necessary or incident to the acquisition, construction, rehabilitation, or improvement or operation of a health facility, including a retirement center, and the refunding or refinancing of obligations incurred to finance such acquisitions, construction, rehabilitation, improvement or operation; NOW, THEREFORE, BE IT RESOLVED as follows: 1. That the City hereby declares its present intent to issue revenue bonds in an aggregate amount of approximately $20,000,000 (the "Bonds"), the proceeds of which are to be used by Town and Country to pay the cost, as defined in the Ordinance, of the Project.