HomeMy WebLinkAboutR01-Economic Development Agency
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Date.
O DIVELOPMBIT DBPAIl.'DIBIIT or TllBO
CIn or SAX BEIlRADIIIO
UQUBST POI. COlKISSIOR/COUBCIL ACTIOII
KENNETH .1. HENDERSON
Executive Director
Subject. SISTERS "OF CHARITY
IDB BOND ISSUE OF 1991
.1uly 9, 1991
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Synop8i8 of Previou8 C~88ion/COuncil/C~ittee Action.
On .1une 17, 1991, the Mayor and Common Council approved the application
for revenue financing and the City staff, representatives, and agent8
of the City were authorized and directed to prepare or cause to be
prepared necessary legal documents for the issuance of the bond8.
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I.ec_nded Motion.
MOTION
"A.".
MOTIOII
"B".
~
(Mayor and Common Council)
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, REGARDING THE HOLDING OF A PUBLIC HEARING IN CONNECTION WITH
THE ISSUANCE OF THE "CITY OF SAN BERNARDINO, CALIFORNIA, SCH HEALTH CAD
SYSTEM REVENUE BONDS, (SISTERS OF CHARITY OF THE INCARNATE WORD, HOUSTON,
TEXAS), SERIBS 1991A."
RESOLTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO,
CALIFORNIA, APPROVING AND AUTHORIZING THE EXECUTION OF CERTAIN DOCUMENTS
IN CONNECTION WITH THE ISSUANCE OF THE SCH HEALTH CAD SYSTEM REVENUE
BONDS (SISTERS OF CHARITY OF THE INCARNATE WORD, HOUSTON, TEXAS, SEIlIES
1991A, AND AUTHORIZING SUCH FURTHER ACTION AS MAY BE NECESSARY TO
CONCLUDE THE ISSUANCE, SALE AND DELIVERY OF SUCH BONDS.
Administrator
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KENNETH .1. HEN RSON, Executive Director
Development Department
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Contact Person. ~en Henderson/Cindy Bpper80n
Phone,
5065; 5081
Project Area.
n/a
Ward(s).
Supporting Data Attached. Staff Report; Resolutions (2).
FUNDING REQUIREMENTS.
Amount. $
n/a
Source.
n/a
Budget Authority.
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Commission/Council Notes.
1C.Jlh CP. d 1.
COMMISSION MEETING' .1uly 10, 1991
Agenda Item No.
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St. lunardine Meclioal Center .ubmitted an Applioation to the City
for bo.pital revenue bond tinanoing to tinanoe oertain nev
con.truotion, equipment acqui.ition, renovation expen.e. and
reillburee.ent. for prior con.truotion expenditure. initially funded
vith ho.pital fund.. The total project co.t. are e.timated to be
approximately $10,000,000. At the JUne 17, 1"1 .eeting of the
Mayor and COBon Counoil, the application tor revenue finanoing va.
approved and the City Staff and repre.entative. and agent. of the
City vue author had and direoteel to prepare Or cau.e to be
prepared nece..ary legal document. for the i..uanc. of the Bond..
At that t1llle, the Hayor and COlIIDon Counoil .oheeluleel a publio
h.arinq aa required by the Internal Rev.nue Cocie for July 10, un.
Two Re.olution. are attaohed for oon.ideration by the Hayor and
COllllllon Councilr (1) Re.olution approvinq the exeoution of oertain
Bond Document., nam.ly the Tru.t Ind.nture, Loan Agree.ent, Bond
Puroh..e Agree.ent and ottictal statement, and authorizing further
action to conclude the issuance; and (2) Re.olution regarcUnq
holdinq a public hearing and approving the issuance of the Bond..
It i. anticipated that a bond Closing viII oOOUr by the end of
JUly.
The City laat isSUed bond. for the st. Bernardine Medical Center in
1987, utilizing a .imilar financing .truoture a. i. proposeel at
this time. A. with any financing of this nature for a non-profit
hospital corporation, the City hu no re.ponsibility for repayJl.nt
of the bonds, except from payments made to the City ))y the Hospital
uncl.r the Loan Agr....nt. The bondholder. vill .eelt repayment frOm
st. B.rnardine Heelioal C.nter anel the Si.ter. of Charity of the
Incarnate Word, Houston, T.xa., a. the .ole .hareholdv of
St. aernardine Medical Center.
This financing i. a part of a mUch largar compo.ite bond off.ring
that i. being i.sued .imultaneou.ly in Texa. for .everal hospital
faoilitie. in T.xa. by the Harri. County H.alth Facilitie.
DevelOpment Corporation.
I recommend adoption of form motion.
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IIIet:Dq IlI.te. 7/10/91
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
APPROVING AND AUTHORIZING THE EXECUTION OF
CERTAIN DOCUMENTS IN CONNECTION WITH THE
ISSUANCE OF THE "CITY OF SAN BERNARDINO,
CALIFORNIA SCH HEALTH CARE SYSTEM REVENUE
BONDS (SISTERS OF CHARITY OF THE INCARNATE
WORD, HOUSTON, TEXAS), SERIES 1991A," AND
AUTHORIZING SUCH FURTHER ACTION AS MAY BE
NECESSARY TO CONCLUDE THE ISSUANCE, SALE AND
DELIVERY OF SUCH BONDS
WHEREAS, the City of San Bernardino, California
("City"), is a charter city duly organized and existing under and
pursuant to the provisions of the Constitution of the State of
California; and
WHEREAS, pursuant to its charter powers, the City duly
and regularly enacted Ordinance No. 3815, as amended (the
"Ordinance"), to finance various types of projects, as defined in
the Ordinance, and to issue its special revenue bonds for the
purpose of paying the costs of financing such projects; and
WHEREAS, there was filed with the City an Application
(the "Application") pursuant to the provisions of the Ordinance
by sisters of Charity of the Incarnate Word, Houston, Texas, Sole
Corporate Member of st. Bernardine Medical Center (referred to
herein as the "Corporation"), requesting the issuance of revenue
bonds (the "Bonds") for the purpose of financing and refinancing
the costs and expenses of additions to and improvements of its
hospital facilities as more particularly described in said
Application; and
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WHEREAS, the Application was reviewed and the plan of
financing was found to comply with the spirit, intent and _
provisions of the Ordinance, and the City determined to proceed
with the financing; and
WHEREAS, the Mayor and Common Council must now approve
and authorize the execution of various documents in connection
with the issuance, sale and delivery of such Bonds entitled "City
of San Bernardino, California, SCH Health Care System Revenue
Bonds (Sisters of Charity of the Incarnate Word, Houston, Texas),
Series 1991A."
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
Section 1. The Recitals set forth hereinabove are
true and correct in all respects.
Section 2. The city hereby determines that the
project proposed by the Corporation for which the Bonds will be
issued is in compliance with the purposes of the Ordinance and
with the criteria established pursuant thereto, and further
determines that the Corporation provides necessary medical care
and services to the citizens of the City and is an essential part
of the City's health care delivery system and the un~ertaking of
such proposed project by the City will be a substantial factor in
the ability of the Corporation to provide such necessary services
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and to contain the cost of such services. The project proposed
by the Corporation is in compliance with the purposes of the
Ordinance and with the criteria established pursuant thereto.
section 3. It is likely that the undertaking of the
project by the City will be a substantial factor in the accrual
of public benefits from the use of the Corporation's hospital
facilities as proposed in the Application.
section 4. The issuance by the City of the "City of
San Bernardino, California, SCH Health Care System Revenue Bonds
(Sisters of Charity of the Incarnate Word, Houston, Texas) Series
199LA" in an amount not to exceed $60,000,000 is hereby approved.
The Bonds shall be issued in substantially the form and in
accordance with the terms of the Trust Indenture as herein
defined and herein approved and as such Trust Indenture may be
from time to time amended. The Bonds shall be issued and sold to
Merrill Lynch Capital Markets (the "Underwriters") upon such
terms and conditions as are provided in the Bond Purchase
Agreement as hereinafter defined and approved.
section S. The Bonds shall be special obligations
of the city and shall not be deemed to constitute a debt or
liability of the City or a pledge of the faith and credit of the
City, but shall be payable solely from the payments received
under the terms of the Loan Agreement, described hereinafter.
The issuance of such Bonds shall not directly or indirectly or
contingently obligate the city to levy or pledge any form of
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taxation whatsoever therefor or to make any appropriation for
their payment.
section 6. The Mayor and Common Council, acting for
and on behalf of the City, hereby approve the Trust Indenture
referred to above, substantially in the form as on file with the
city Clerk with such corrections, changes, modifications,
additions or deletions as may be approved and recommended by the
City Attorney and Bond Counsel to the city, the Mayor, or, in his
absence or disability, the Mayor Pro Tem, and approved by him,
his execution thereof to be conclusive evidence of such approval.
The Mayor, or, in his absence or disability, the Mayor Pro Tem,
and city Clerk are hereby authorized and directed to execute such
final Trust Indenture when the same shall have been prepared for
execution, with the seal of the city to be affixed thereto.
section 7. The Mayor and Common Council, acting for
and on behalf of the City, hereby approve the Loan AqreeJIent with
the corporation, substantially in the form as on file with the
City Clerk with such corrections, changes, modifications,
additions or deletions as may be approved and recommended by the
City Attorney and Bond Counsel to the Mayor, or in his absence or
disability, the Mayor Pro Tem, and approved by him, his execution
thereof to be conclusive evidence of such approval. The Mayor,
or in his absence or disability, the Mayor Pro Tem, and city
Clerk are hereby authorized and directed to execute such final
Loan Agreement when the same shall have been prepared for
execution with the seal of the City to be affixed thereto.
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Section 8. The Mayor and Common Council, actinq for
and on behalf of the City, hereby approve the Bond Purchase
Aqreement, substantially in the form as on file with the City
Clerk with such corrections, chanqes, modifications, additions or
deletions as may be approved and recommended by the City Attorney
and Bond Counsel to the city, the Mayor, or, in his absence or
disability, the Mayor Pro Tem, and approved by him, his execution
thereof to be conclusive evidence of such approval. The Bond
Purchase Aqreement shall be executed on behalf of the City as
hereinafter provided at such time as the final interest rates,
principal amount of Bonds, maturity dates and amounts and
Underwriter's discount are known; provided, however, that such
principal amount of Bonds shall not exceed $60,000,000 and the
net interest cost shall not exceed 8t and the Underwriter's
discount, includinq oriqinal issue discount, shall not exceed 2t,
without further approval and authorization by the Mayor and
Common Council. The Mayor, or, in his absence or disability, the
Mayor Pro Tem, and city Clerk are hereby authorized and directed
to execute such final Bond Purchase Aqreement when the same shall
have been prepared for execution, with the seal of the City to be
affixed thereto.
Section 9. The Mayor and the Common Council, actinq
for and on behalf of the City, hereby approve the Preliminary
Official Statement and authorize its use by the Underwriters in
connection with the offerinq of the Bonds. The city authorizes
and directs the Underwriters to prepare a final Official
Statement at ~uch time as the Underwriters deem appropriate and
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the city hereby authorizes the execution of such final Official
statement by the Mayor, or, in his absence or disability, the
Mayor Pro Tem. The Final Official statement shall be in
substantially the form of the Preliminary Official statement as
on file with the City Clerk with such corrections, changes,
modifications, additions or deletions as may be proposed by the
Underwriters, approved and recommended by the city Attorney and
Bond Counsel to the City, the Mayor, or, in his absence or
disability, the Mayor Pro Tem, and approved by the Mayor or, in
his absence or disability, the Mayor Pro Tem, with the execution
thereof to be conclusive evidence of such approval.
section 10. The Mayor, or, in his absence or
disability, the Mayor Pro Tem, the city Clerk, the City's Project
Coordinator and such other City officers and employees as are
appropriate are authorized and directed to provide for the
payment of the costs of issuance solely from the proceeds of the
Bonds, provide for the investment of funds pursuant to the terms
of the Trust Indenture, execute such other documents, including
a subscription for federal securities, if necessary, to complete
the issuance of the Bonds and take such further action as shall
be consistent with the intent and purpose of this Resolution and
shall be needed to conclude the issuance, delivery and sale of
the Bonds.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, APPROVING AND AUTHORIZING THE EXECUTION
OF CERTAIN DOCUMENTS IN CONNECTION WITH THE ISSUANCE OF THE "CITY
OF SAN BERNARDINO, CALIFORNIA SCH HEALTH CARE SYSTEM REVENUE
BONDS (SISTERS OF CHARITY OF THE INCARNATE WORD, HOUSTON, TEXAS),
SERIES 1991A," AND AUTHORIZING SUCH FURTHER ACTION AS MAY BE
NECESSARY TO CONCLUDE THE ISSUANCE, SALE AND DELIVERY OF SUCH
BONDS
Section 11.
This Resolution shall take effect upon
the date of its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Mayor and Common Council of the City of
San Bernardino at a
meeting
thereof, held on the
day of
,
1991, by the following vote, to wit:
AYES:
Council Members
NAYS:
ABSENT:
City Clerk
The foregoing resolution is hereby approved this
day of
, 1991.
Mayor of the City of
San Bernardino
Approved as to form and legal content:
JAMES F. PENMAN
i;~y Attorn~~&u J
SIIIlO\OIOlIIDOC\I./
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss
CITY OF SAN BERNARDINO )
I, city Clerk of the City of
San Bernardino, 00 HEREBY CERTIFY that the foregoing and attached
copy of Mayor and Common Council of the City of San Bernardino
Resolution No. is a full, true and correct copy of that
now on file in this office.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the Mayor and Common Council of the
city of San Bernardino this day of
1991.
City Clerk
City of San Bernardino
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
REGARDING THE HOLDING OF A PUBLIC HEARING IN
CONNECTION WITH THE ISSUANCE OF THE "CITY OF
SAN BERNARDINO, CALIFORNIA SCH HEALTH CARE
SYSTEM REVENUE BONDS (SISTERS OF CHARITY OF
THE INCARNATE WORD, HOUSTON, TEXAS) ,
SERIES 1991A"
WHEREAS, the City of San Bernardino, California (the
"City"), is a charter city duly organized and existing under and
pursuant to the provisions of the Constitution of the State of
California; and
WHEREAS, pursuant to its charter powers, the City duly
and regularly enacted Ordinance No. 3815, as amended (the
"Ordinance"), to finance various types of projects, as defined in
the Ordinance, and to issue its special revenue bonds for the
purposes of paying the costs of financing such projects; and
WHEREAS, there has previously been filed with the City
an Application (the "Application") pursuant to the provisions of
the Ordinance by sisters of Charity of the Incarnate Word,
Houston, Texas, Sole corporate Member of st. Bernardine Medical
Center (referred to herein as the "Company"), requesting the
issuance of revenue bonds (the "Bonds") for the purpose of
financing and refinancing the costs and expenses of additions to
and improvements of its hospital facilities as more particularly
described in said Application; and
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WHEREAS, the Mayor and Common Council have previously
on June 17, 1991, adopted a resolution providing for the
publication of a Notice of Public Hearing regarding the proposed
issuance, sale and delivery of the Bonds which Bonds shall be
entitled "City of San Bernardino, California SCH Health Care
System Revenue Bonds (Sisters of Charity of the Incarnate Word,
Houston, Texas) Series 1991A; and
WHEREAS, the Mayor and Common Council have caused the
timely publication of notice regarding the holding of the public
hearing in accordance with Section 147 (f) of the Internal Revenue
Code of 1986, as amended (the "Code"), in connection with the
proposed issuance of the Bonds.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
section 1. The Mayor and Common Council have held
its public hearing in accordance with provisions of
section 147(f) of the Code, and have considered all testimony and
comments submitted in connection with the proposed issuance and
delivery of the Bonds.
Section 2. The Mayor and Common Council, after
consideration of comments received at the public hearing, hereby
approve the issuance of the Bonds.
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section 3. It is the purpose and intent of the
Mayor and Common Council that this Resolution constitute approval
by the applicable elected representative in accordance with the
terms of Section 147(f) of the Code.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, REGARDING THE HOLDING OF A PUBLIC HEARING
IN CONNECTION WITH THE ISSUANCE OF THE "CITY OF SAN BERNARDINO,
CALIFORNIA SCH HEALTH CARE SYSTEM REVENUE BONDS (SISTERS OF
CHARITY OF THE INCARNATE WORD, HOUSTON, TEXAS), SERIES 1991A"
section 4.
This Resolution shall take effect upon
its adoption.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Mayor and Common Council of the City of
San Bernardino at a
meeting
thereof, held on the
day of
,
1991, by the following vote, to wit:
AYES:
council Members
NAYS:
ABSENT:
City Clerk
The foregoing resolution is hereby approved this
day of
, 1991.
Mayor of the city of
San Bernardino
Approved as to form and legal content:
JAMES F. PENMAN
City /l::::JV2. tl-L I
B:Y~
SJIIlllI01091D0C1419
lTIIlIlI91
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STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO )
CITY OF SAN BERNARDINO )
I, City Clerk of the City of
San Bernardino, DO HEREBY CERTIFY that the foreqoinq and attached
copy of Mayor and Common Council of the City of San Bernardino
Resolution No. is a full, true and correct copy of that
now on file in this office.
ss
IN WITNESS WHEREOF, I have hereunto set my hand
affixed the official seal of the Mayor and Common Council of
City of San Bernardino this day of
1991.
and
the
,
City Clerk
City of San Bernardino