HomeMy WebLinkAboutCC Resolution 11353 (Kaiser Variable Rate Revenue)RESOLUTION NO. 11353
RESOLUTION APPROVING THE ISSUANCE OF CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY KAISER
PERMANENTE VARIABLE RATE REVENUE BONDS SERIES 2003 IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $240,000,000.
WHEREAS, Kaiser Foundation Hospitals, d/b/a Kaiser Permanente
("Kaiser"), has submitted an application to California Statewide Communities
Development Authority (the "Authority") for its assistance in issuing the Authority's
Refunding Revenue Bonds (Kaiser Permanente) Series 2003 (herein, the "Bonds") in an
aggregate principal amount not to exceed $240,000,000 to refund prior tax-exempt
bonds which financed various Kaiser facilities throughout the State of California.
WHEREAS, The City of San Rafael is a Program Participant of the
Authority ("Participant") in which a portion of the Project being refinanced with the
Bonds is located (the "Local Project").
WHEREAS, the location and a description of the Local Project, and the
approximate amount of prior bond proceeds spent on the Local Project, is set forth in
the Authority application, a copy of which has been provided to the Participant.
WHEREAS, Section 9 of the Authority's Joint Exercise of Powers
Agreement, which the Participant has signed, requires that the Participant approve the
Local Project and the issuance of the Bonds before the Authority may issue the Bonds.
Participant has been advised that there is no legal requirement for it to conduct a public
hearing for federal tax purposes or otherwise prior to approval or issuance of the Bonds.
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 Local Project and the
issuance of the Bonds.
Section 2. The Mayor, City Manager, City Clerk and all other proper
officers and officials of the City of San Rafael 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 or convenient to effect the purposes of this
Resolution and the transactions herein authorized.
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Section 3. The Clerk shall forward a certified copy of this Resolution to:
Sean Mick, Project Manager
Orrick, Herrington & Sutcliffe, LLP
400 Capitol Mall, Suite 3000
Sacramento, California 95814
Section 4. This Resolution shall take effect immediately upon its
passage.
ADOPTED by the City Council of the City of San Rafael at a regular meeting
held on the 7th day of July, 2003, by the following vote:
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 Mondav, the 7th day of July, 2003 by the following
vote, to wit:
AYES: COUNCILMEMBERS: Cohen, Heller, Miller, Phillips & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
JEANNE M. LEONCINI, City Clerk
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