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HomeMy WebLinkAboutCC Resolution 10936 (SR Medical Center)RESOLUTION NO. 10936 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL APPROVING THE ISSUANCE OF CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY KAISER PERMANENTE VARIABLE RATE REVENUE BONDS, 2001 SERIES A IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $275,000,000 FOR THE PURPOSE OF FINANCING AND REFINANCING THE ACQUISITION, IMPROVEMENT AND EQUIPPING OF SAN RAFAEL MEDICAL CENTER AND CERTAIN OTHER MATTERS RELATING THERETO WHEREAS, Kaiser Foundation Hospitals, a California nonprofit public benefit corporation (the "Corporation"), has requested that the California Statewide Communities Development Authority (the "Authority") participate in the issuance of variable rate revenue bonds in an aggregate principal amount not to exceed $275,000,000 (the "Bonds") for the acquisition, improvement and equipping of the health facilities known as San Rafael Medical Center (the "Facilities") to be owned and operated by the Corporation (or an affiliate of the Corporation) and located within the City of San Rafael (the "City") and other facilities located outside of the City; and WHEREAS, pursuant to Section 147(f) of the 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 San Rafael as follows: Section 1. The City Council hereby approves the issuance of the Bonds by the Authority for the purposes of acquiring, improving and equipping 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. &R���N L oA�p 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 which they 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. The Council expressly conditions its approval of this Resolution on its understanding that the City of San Rafael shall have no obligation whatsoever to pay any principal, interest, fees or any other costs associated with the Authority's issuance of these private activity bonds for the acquisition, improvement and equipping of the health facilities known as San Rafael Medical Center (the "Facilities"). Section 4. This resolution shall take effect immediately upon its adoption. I, JEANNE M. LEONCINI, Clerk of the City of San Rafael, hereby certify that the foregoing resolution was duly and regularly introduced and adopted at a regular meeting of the Council of said City on the 15th day of October, 2001, by the following vote, to wit: AYES: COUNCILMEMBERS NOES: COUNCILMEMBERS ABSENT: COUNCILMEMBERS: Cohen, Heller, Miller & Mayor Boro None Phillips JEAEM LEONCINI, City Clerk WAManagement Services- WorkFile\Finance- WorkFile\Council Material\Resolutions\2001\City\kaiser financing reso.doc