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HomeMy WebLinkAbout2018-065 - California Municipal Finance AuthorityRESOLUTION NO. 2018-065 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 FINANCING AND REFINANCING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF CERTAIN FACILITIES OF A CONTINUING CARE RETIREMENT COMMUNITY OWNED AND OPERATED BY TOWN AND COUNTRY MANOR OF THE CHRISTIAN AND MISSIONARY ALLIANCE LOCATED AT 555 EAST MEMORY LANE, SANTA ANA, 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. 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 an aggregate principal amount not to exceed $45,000,000 (the 'Bonds") for the purpose of making a loan to the Borrower to enable the Borrower to finance and refinance the acquisition, construction, improvement and equipping of certain retirement, nursing, assisted living and parking facilities of the continuing care retirement community owned and operated by the Borrower, located at 555 East Memory Lane, Santa Ana, California 92706 (the "Project'). D. In order for the interest on the Bonds to be tax-exempt, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires that an "applicable elected representative" of the governmental unit, the geographic jurisdiction of which contains the site of facilities to be financed and refinanced Resolution No. 2018-065 Page 1 of 4 with the proceeds of the Bonds, hold a public hearing on the issuance of the Bonds and approve the issuance of the Bonds following such hearing. E. The CMFA has determined that the City Council can be the "applicable elected representatives" for purposes of holding such public hearing. F. The CMFA has requested that the City Council approve the issuance of the Bonds by the CMFA in order to satisfy the public approval requirement of Section 147(f) of the Code, and the requirements of Section 4 of the Agreement. G. Notice of such public hearing has been duly given as required by the Code, and this City Council has heretofore held such public hearing at which all interested persons were given an opportunity to be heard on all matters relative to the financing or refinancing of the Project and the CMFA's issuance of the Bonds therefor. H. It is in the public interest and there are significant public benefits from the issuance of the Bonds for the financing and refinancing of the Project. Section 2. The City Council hereby approves the issuance of the Bonds by the CMFA and finds the Project will create the significant public benefits set forth in foregoing recitals. It is the purpose and intent of the City Council that this resolution constitute approval of the issuance of the Bonds (a) by an "applicable elected representative" of the governmental unit having jurisdiction over the area in which the Project is located in accordance with Section 147(f) of the Code; and (b) by the City Council in accordance with Section 4 of the Agreement. Section 3. The issuance of the Bonds shall be subject to approval by the CMFA of all financing documents relating thereto to which the CMFA is a party. The City shall have no responsibility or liability whatsoever with respect to the Bonds. Section 4. The adoption of this Resolution shall not obligate the City or any department thereof to (i) provide any financing to acquire or construct the Project or any refinancing of the Project; (ii) approve any application or request for or take any other action in connection with any planning approval, permit or other action necessary for the acquisition, construction, improvement and equipping or operation of the Project; (iii) make any contribution or advance any funds whatsoever to the CMFA; or (iv) take any further action with respect to the CMFA or its membership therein. Section 5. The executing officer(s), the Clerk of the Council and all other proper officers and officials of the City are hereby authorized and directed to execute such other agreements, documents and certificates, and to perform such other acts and deeds, as may be necessary to effect the purposes of this Resolution and the transactions herein authorized. Section 6. The Clerk shall forward a certified copy of this Resolution to the CMFA in care of its counsel: Resolution No. 2018-065 Page 2 of 4 Ronald E. Lee, Esq. Jones Hall, a Professional Law Corporation 475 Sansome Street, Suite 1700 San Francisco, CA 94111 Section 7. This resolution shall take effect immediately upon its passage. ADOPTED this 4th day of September, 2018. APPROVED AS TO FORM: Sonia R. Carvalho, City Attorney By: / Rya. H ge Assi t nt Ci Attorney AYES: Councilmembers Benavides, Pulido, Solorio, Tinalero, Villegas (5) NOES: Councilmembers None (0) ABSTAIN: Councilmembers None (0) NOT PRESENT: Councilmembers Martinez, Sarmiento (2) Resolution No. 2018-065 Page 3 of 4 CERTIFICATE OF ATTESTATION AND ORIGINALITY I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2018-065 to be the original resolution adopted by the City Council of the City of Santa Ana on September 4th, 2018. Resolution No. 2018-065 Page 4 of 4 �Y1,A4t--f-- .D Maria D. Huizar Clerk of the Council City of Santa Ana