HomeMy WebLinkAbout90-009RESOLUTION 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
RESOLUTION NO. 90-009 ' ' 26'~
PAGE TWO
WI~REA~, this City Council has duly held said public hearing with
respect to the Project and its proposed financing, all in accordance with
Section 147(f) of the Code, and at which public hearing interested individuals
were given a reasonable opportunity to express their views on the Project and
its proposed financing.
NOW, I~REFORE, BE IT ~SOLVED as follows:
1. That this City Council hereby approves the financing of the
Project through the issuance of Bonds by the City for Town and Country
and finds that the foregoing recitals are true and correct. This
approval is intended to satisfy the requirements of Section 147(f) of
the Code.
2. That the Application of Town and Country for such financing
is hereby accepted and approved and the preparation of legal documents
for submission to the City Council in connection with the issuance of
the Bonds is hereby authorized.
3. That the Bonds shall not constitute a debt or liability of
the City and neither the faith and credit nor the taxing power of the
City will be pledged to the payment of the principal of or premium if
any, or interest on the Bonds, as provided in the Ordinance.
4. That this Resolution shall take effect immediately upon its
adoption.
PA~SED AND ADOPTBD THIS 5th day of February, 1990.
ATTEST:
Janice C. Guy, Clerk of the Council
Daniel ~.' Young0Malor
COUNCILMEMBERS:
Acosta Aye
Griset Aye
May Aye
McGuigan Aye
Norton A__~_y~
Pulido
Young Aye
APPROVE AS TO FORM:
E~ward~./Cop~_~ City Attorney