HomeMy WebLinkAboutReso 2007-027 - Catholic Healthcare West
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RESOLUTION NO. 2007 - 27
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE ISSUANCE OF REVENUE BONDS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY TO BENEFIT CATHOLIC HEALTHCARE WEST
WHEREAS, Catholic Healthcare West, a nonprofit public benefit corporation (the
"Corporation"), has requested that the California Statewide Communities Development
Authority (the "Authority") participate in the issuance of revenue bonds in an aggregate principal
amount not to exceed $985,000,000 (the "Bonds") for the purpose of, among other things,
financing and/or refinancing the acquisition, construction, improvement and equipping of certain
medical facilities known as the Mercy Medical Center-Redding, and other health care facilities
related thereto, owned and operated by the Corporation (collectively, the "Facilities") and
located in the City of Redding (the "City"); and
WHEREAS, pursuant to Section 147(f) ofthe Internal Revenue Code of 1986 (the
"Code"), the issuance of the Bonds by the Authority must be approved by the City because the
Facilities are located within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council") is the elected
legislative body of the City and is one of the applicable elected representatives required to
approve the issuance of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the
issuance of the Bonds by the Authority in order to satisfy the public approval requirement of
Section 147(f) of the Code and the requirements of Section 9 of the Amended and Restated Joint
Exercise of Powers Agreement, dated as of June 1, 1988 (the "Agreement"), among certain local
agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has,
following notice duly given, held a public hearing regarding the issuance of the Bonds, and now
desires to approve the issuance of the Bonds by the Authority;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Redding, State of California, as follows:
Section 1. The City Council hereby approves the issuance of the Bonds by the
Authority for the purposes of financing and/or refinancing the acquisition, acquiring,
construction, improvement and equipping of the Facilities. It is the purpose and intent of the City
Council that this resolution constitute approval of the issuance of the Bonds by the Authority for
the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the
governmental unit having jurisdiction over the area in which the Facilities are located, in
accordance with said Section 147(f), and (b) Section 9 of the Agreement.
Section 2. The officers of the City are hereby authorized and directed, jointly and ~
severally, to do any and all things and to execute and deliver any and all documents that they g'
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deem necessary or advisable in order to carry out, give effect to and comply with the terms and
intent of this resolution and the financing transaction approved hereby.
Section 3. This resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 20th day of February, 2007.
I hereby certify that the foregoing Resolution was duly adopted by the City Council of the City
of Redding at a regularly scheduled meeting thereof, held on the 20th day of February, 2007, by
the following vote of the City Council:
AYES:
NOES:
ABSENT:
ABSTAIN :
Council Members:
Council Members:
Council Members:
Council Members:
Bosetti, Jones, Murray, Stegall, and Dickerson
None
None
None
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DICK DICKERSON, Mayor
Attest:
Form Approved:
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CONNIE STROHMAY
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SFl 144699623060/97