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363 <br /> <br />RESOLUTION NO. 90-094 <br /> <br />A RESOLUTION AUTHORIZING ISSUANCE OF $14,800,000 CITY OF SANTA ANA <br />MULTI-MODAL INTERCHANGEABLE RATE HEALTH FACILITY REVENUE BONDS (TOWN <br />AND COUNTRY MANOR PROJECT) SERIES 1990 (THE "BONDS"); APPROVING <br /> AND AUTHORIZING EXECUTION AND DELIVERY OF THE TRUST INDENTURE, <br /> THE LOAN AGREEMENT AND OTHER DOCUMENTS; DESIGNATING THE TRUSTEE; <br /> NAMING THE OFFICERS OF THE CITY UPON WHOSE ORDER THE BONDS ARE TO <br /> BE DELIVERED; AUTHORIZING THE TRUSTEE TO INVEST FUNDS; APPROVING <br />THE PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING EXECUTION OF THE <br />FINAL OFFICIAL STATEMENT; AND VARIOUS OTHER RELATED MATTERS. <br /> <br /> W~P. BAS, the City of Santa Ana (the "City") is a municipal body politic <br />and corporate and charter city organized and existing under a charter adopted <br />on November 4, 1952, as amended (the "Charter"), pursuant to the Constitution <br />of the State of California (the"State"), and has the right and power to make <br />and enforce all laws and regulations in respect to municipal affairs and <br />certain other matters in accordance with and as more particularly provided in <br />Sections 3, 5 and 7 of Article XI of the Constitution of the State of <br />California and Section 200 of the Charter of the City and to act pursuant to <br />procedures established by any law of the State, unless a different procedure <br />is established by the Charter or by ordinance; and <br /> <br /> WI{~R~S, the City has enacted the City of Santa Ana Health Facilities <br />Financing Law (Ord. No. NS-1664, & 1-29, 1-3-83) (the "Ordinance") and has <br />found and declared that it is necessary, essential, a public purpose and a <br />municipal affair for the City to be authorized to provide financing to health <br />instructions that provide essential services to residents of the City; and <br /> <br /> W~BRRA~, under the Ordinance the City is authorized to ma~e loans to <br />Participating Health Institutions (as defined in the Ordinance) to finance the <br />Cost (as defined in the Ordinance) incurred by or on behalf of such <br />Participating Health Institutions necessary or incident to the acquisition, <br />construction, rehabilitation, or improvement or operation of health <br />facilities, including retirement centers, and the refunding or refinancing of <br />obligations incurred to finance such acquisition, construction, <br />rehabilitation, improvement or operation; and <br /> <br /> W~BR~AR, Town and Country Manor of The Christian and Missionary Alliance <br />("Town and Country"), a not-for-profit corporation duly and validly existing <br />under the laws of the State and a Participating Health Institution (as defined <br />in the Ordinance) which owns and operates a retirement center located at 555 <br />East Memory Lane in the City, has requested the City to authorize $14,800,000 <br />aggregate principal amount of its bonds and loan the proceeds thereof to Town <br />and Country to finance the construction of a new wing to house additional <br />residential care apartment units, construction of a new building to house <br />additional skilled nursing facilities, relocation of existing intermediate <br />care units and creation of assisted living units in the existing facility, and <br />to refinance existing indebtedness of Town and Country incurred in connection <br />with the existing facility (collectively, the "Project"); and <br /> <br /> <br />