HomeMy WebLinkAbout90-001217
RESOLUTION NO. 90-001
A RESOLUTION DECLARING THE INTENT OF THE CITY OF
SANTA ANA TO ISSUE ITS REVENUE BONDS TO PROVIDE
FINANCING FOR A RETIREMENT CENTER PROJECT TO BE
UNDERTAKEN BY TOWN AND COUNTRY MANOR OF THE
CHRISTIAN AND MISSIONARY ALLIANCE
WHEREAS, the City of Santa Ana, 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
WHEREAS, Town and Country Manor of The Christian and
Missionary Alliance, a not-for-profit corporation ("Town and
Country Manor"), 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,
assisted living units in the existing facility, and the
refinancing of existing indebtedness of To~rm and Country incurred
in connection with the existing facility (collectively, the
"Project"); and
WHEREAS, 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
acquisitions, construction, rehabilitation, improvement or
operation;
NOW, THEREFORE, BE IT RESOLVED as follows:
1. That the City hereby declares its present intent
to issue 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.
RESOLUTION NO. 90-001
'.
Issuance of bonds for such purpose may be issued at one
time or at different times and will be subject to adoption of an
approving resolution or resolutions by the City Council as
described in the Ordinance.
2. That the City conduct a public hearing concerning
the possible issuance of the Bonds, at which all persons having
any information relevant to the proposed issuance be invited to
appear, and that the City publish notice of such hearing. The public
hearing will be held on Monday, February 5, 1990.
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.
PASSED AND ADOPTED this 2nd day of January, 1990.
ATTEST:
Dani'el H. Yiun~or
COUNCILMEMBERS:
Acosta Aye
Griset Aye
May Aye
McGuigan Aye
Norton Aye
Pulido Aye
Young Aye
APPROVE AS TO FORM:
Edward J'. C~r, City Attorney