2013-022 - Issuance of Revenue Bonds By the California Municipal Finance Authority

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4.22.13 LES RESOLUTION NO. 2013-022 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE PURPOSE OF REFINANCING THE ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF CERTAIN RETIREMENT, NURSING AND ASSISTED LIVING FACILITIES AT TOWN AND COUNTRY MANOR AND CERTAIN OTHER MATTERS PERTAINING THERETO BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS FOLLOWS: Section 1: The City Council of the City of Santa Ana hereby finds, determines and declares as follows: A. Pursuant to Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), certain public agencies (the "Members") have entered into a Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority dated as of January 1, 2004 (the "Agreement") in order to form the California Municipal Finance Authority (the "CMFA"), for the purpose of promoting economic, cultural and community development, and in order to exercise any powers common to the Members, including the issuance of bonds, notes or other evidences of indebtedness. B. The City of Santa Ana, California (the "City"), is a Member of the CMFA. C. The CMFA is authorized to issue and sell revenue bonds for the purpose of refinancing existing debt. D. Town and Country Manor of The Christian and Missionary Alliance, a nonprofit public benefit corporation organized and existing under the laws of the State of California and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Borrower"), has requested that the CMFA issue and sell revenue bonds in the maximum principal amount of $8,700,000 (the "Bonds") for the purpose of making a loan to the Borrower to enable the Borrower to refinance the outstanding principal amount of the Multi-Modal Interchangeable Rate Health Facility Revenue Bonds ("Town and Country Manor Project") Series 1990, issued by the City for the purpose of making a loan to the Borrower in order to finance the construction of a new wing to house additional residential care apartment units, the construction of a new building to house additional skilled nursing facilities, the relocation of existing intermediate care units and creation of assisted living units in the Borrower's then existing facility, and the refinancing of the Borrower's outstanding indebtedness incurred in connection with its existing facility, all of which facilities are located at 555 East Memory Lane, Santa Ana, California 92706 (the "Project"), including the cost of issuing the Bonds. Resolution No. 2013-022 Page 1 of 4