90-009 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 90-009 A RESOLUTION CONCERNING A PUBLIC R~ARING AND APPROVING ~i5 APPLICATION OF TO~N AND COUNTRY NANOR OF 'fH~ CHRISTIAN AND MISSIOIqARY ALLIANCE FOR 'fH~ CITY OF SANTA ANA TO ISSUE ITS REVI~N~E BONDS TO PROVIDE FINANCING FOR A RETIREHENT CENTER PROJECT WEEREA~, the City of Santa Aha, 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 WIIERKAg, Town and Country Manor of The Christian and Missionary Alliance, a not-for-profit corporation ("Town and Country") 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, relocation of existing intermediate care units and creation of assisted living units in the existing facility, and the refinancing of existing indebtedness of Town and Country incurred in connection with the existing facility (collectively, the "Project") and has prepared and submitted an "Application for Industrial Development Bond Financing" (the "Application"); and WRE~S, 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 acquisition, construction, rehabilitation, improvement or operation; and WIlliAm, The City adopted Resolution No. 90-001 on January 2, 1990 declaring its present intent to issue its revenue bonds in an aggregate amount of approximately $20,000,000 (the "Bonds") the proceeds of which are to be used by Town and Country to pay the Cost, as defined in the Ordinance, of the Project, and directing that a public hearing be held concerning the possible issuance of the Bonds; and WEgREA$, notice of the public hearing to be conducted by the City was duly published at least 14 days prior to such hearing in a newspaper of general circulation in the City, announcing the time, place and subject of such hearing; and WHEIIEAN, this City Council is the applicable governmental unit to conduct such public hearing for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"); and