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HomeMy WebLinkAbout08-209 - Resolutions RESOLUTION NO. 08-209 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA APPROVING THE ISSUANCE OF NON PROFIT HEALTH CARE REVENUE BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION OF LICENSED HEALTH CARE FACILITIES BY MOUNTAIN SHADOWS SUPPORT GROUP, INC WHEREAS, the California Statewide Communities Development Authority (the "Authority") is authorized by the laws of the State of California (the "Law") to execute and deliver health care revenue obligations for the purpose of financing the acquisition of health care facilities located within the area of operation of the Authority, and WHEREAS, Mountain Shadows Support Group, Inc . a California nonprofit public benefit corporation (the 'Borrower") has requested the Authority to issue and deliver health care revenue bonds in the anticipated principal amount of approximately $55,000,000 (the "Obligations"), a potion of the proceeds of which shall be used for the purpose of financing the acquisition of licensed health care facilities commonly known as Logan House located at 8271 Onyx Court, Kingston House located at 5612 Dresden Street, Monterey House located at 7380 Cartilla Avenue, Kenyon House located at 6979 Mesada Street, and Norwood House located at 7817 Sauterne Drive, and the Crossroads Day Program and Corporate Offices located at 7945 located at Cartilla Avenue, each in the City of Rancho Cucamonga, California (collectively, the "Project"), and WHEREAS, the Obligations to be issued and delivered to finance the acquisition of the Project will be considered "qualified 501 (c)(3) bonds" under Section 145 of the Internal Revenue Code of 1986, as amended (the "Code"), and Section 147(f) of the Code requires that the "applicable elected representative" with respect to the Project hold a public hearing on the issuance and delivery of the Obligations, and WHEREAS, the City Council of the City of Rancho Cucamonga, as the "applicable elected representatives" to hold said public hearing, has held said public hearing at which all those interest in speaking with respect to the financing of the Project were heard NOW, THEREFORE, BE IT RESOLVED as follows 1 The City Council hereby finds and determines that the foregoing recitals are true and correct 2 The City Council hereby approves the financing of the Project by the Authority with the proceeds of the Obligations 3 The issuance and delivery of the Obligations shall be subject to the approval of and execution by the Authority of all financing documents relating thereto to which the Authority is a party and subject to the sale of the Obligations by the Authority Resolution No 08-209 Page 2 of 3 4 The approval of the financing of the Protect by the Authority with the proceeds of the Obligations set forth herein shall be subject to (i) the application of a portion of the proceeds of the Obligations to the financing of the acquisition of the Project which shall be used as licensed health care facilities for the benefit of developmentally disabled individuals and (it) throughout the term of the Obligations the Protect will be used for such purpose 5 The City Clerk of the City shall forward a certified copy of this Resolution and a copy of the affidavit of publication of the public hearing notice to Thomas A Downey Jones Hall, A Professional Law Corporation 650 California Street, 18'" Floor San Francisco, California 94108 6 The adoption of this Resolution is solely for the purpose of meeting the requirements of the provisions of the Internal Revenue Code of 1986, as amended, and shall not be construed in any other manner, with neither the City nor its staff having fully reviewed or considered the financial feasibility of the Project or the expected operation of the Protect with regards to any State of California statutory requirements and such adoption shall not obligate, without further formal action to be taken by this City Council, including, but not limited to, the approval of the financing documents by the City Council by resolution, (i) the City to provide financing to the Borrower for the acquisition of the Project or to issue the Obligations for purposes of such financing, or (u) the City, or any department of the City, to approve any application or request for or take any other action in connection with, any environmental General Plan, zoning or any other permit or other action necessary for the acquisition or operation of the Project 7 This resolution shall take effect upon its adoption Please see the follow/ng page for formal adoption,certification and signatures Resolution No 08-209 Page 3 of 3 PASSED, APPROVED, AND ADOPTED this 15th day of October 2008 AYES: Gutierrez, Kurth, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED: None "JKurth, Mayor ATTEST. C4, 11'�J]17'4 av KathryL Sc6 tt, CMC, Acting City Clerk I, KATHRYN L. SCOTT, ACTING CITY CLERK of the City of Rancho Cucamonga, California, do hereby certify that the foregoing Resolution was duly passed, approved and adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting of said City Council held on the 15th day of October 2008 Executed this 16th day of October 2008, at Rancho Cucamonga, California Kathryn L ott, CMC, Acting City Clerk