HomeMy WebLinkAbout1985-472
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RESOLUTION NO. 85-472
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO CONCERNING THE ISSUANCE OF
REVENUE BONDS TO FINANCE A PROJECT FOR
SAN BERNARDINO COMMUNITY HOSPITAL
WHEREAS, the City of San Bernardino (the "City"),
is a municipal corporation and charter city duly organized
and existing under the city charter pursuant to which the
City has the right and power to make and enforce all laws and
regulations in respect to municipal affairs and certain other
matters in accordance with and as more particularly provided
in Sections 3, 5 and 7 of Article XI of the Constitution of
the State of California and Section 40 of the charter of the
City (the "Charter"); and
WHEREAS, the Common Council of the City acting
under and pursuant to the powers reserved to the City under
Sections 3, 5 and 7 of Article XI of the Constitution of the
State of California and Section 40 of the Charter, finds that
the public interest and necessity require the establishment
of a program for the authorization, sale and issuance of
health facilities revenue bonds by the City for the purpose
of making loans such as that described herein; and
WHEREAS, San Bernardino Community Hospital (the
"Hospital") has requested the financial assistance of the
City in refinancing certain indebtedness of the Hospital and
financing the construction of certain Hospital facilities and
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the acquisition of certain capital equipment and improvements
for the Hospital (the "Project"); and
WHEREAS, the City desires to assist the Hospital in
the financing of the Project; and
WHEREAS, the City deems it necessary and essential
and a proper public purpose that the Project be financed at
the earliest practicable date; the Hospital requires
satisfactory assurance from the City that the proceeds of the
sale of bonds of the City will be made available to assist in
the financing of the Project; and the City requires
satisfactory assurance from the Hospital that certain costs
of issuing such bonds will be paid by the Hospital and that
the Hospital, as part of the consideration for such financial
assistance, will provide certain health services for and
within the City during the term of such bonds.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF SAN
BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE
AND ORDER AS FOLLOWS:
Section 1.
The City shall proceed to prepare, or
cause to be prepared, the documentation necessary for the
City to issue, at one time or from time to time, an aggregate
of not to exceed forty million dollars ($40,000,000)
principal amount of hospital revenue bonds of the City (the
"Bonds") to finance the Project; provided that, prior to
commencing such preparation, the City and the Hospital shall
have entered into a letter agreement in substantially the
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form attached hereto, with such additions or deletions as are
considered necessary or appropriate by officers of the City
and the Hospital, and the Mayor of the City is hereby
authorized to execute said letter agreement for and in the
name and on behalf of the City. The Bonds shall be issued
pursuant to Ordinance No. 3815, as amended, and, upon the
issuance of the Bonds, the Hospital shall remit or cause to
be remitted to the City from the proceeds of the Bonds or
otherwise, one percent (1%) of the aggregate principal amount
of the Bonds.
Section 2.
The Bonds shall be payable solely from
the revenues to be received by the City pursuant to a loan or
other agreement(s) to be entered into by the City and the
Hospital in connection with the financing of the Project, and
shall not be deemed to constitute a debt or liability of the
City under any constitutional, charter or statutory debt
limitation. Neither the faith and credit nor the taxing
power of the City shall be pledged to the payment of the
principal of or interest on the Bonds.
Section 3.
Issuance of the Bonds shall be subject
to the following conditions: (a) the City and the Hospital
shall have first agreed to mutually acceptable terms for the
Bonds and the sale and delivery thereof and mutually
acceptable terms and conditions for the loan or other
agreement(s) for the financing of the Project, and (b) all
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I HEREBY CERTIFY that the foregoing resolution was
duly adopted by the Mayor and Common Council of the City of
San Bernardino at a regular meeting thereof, held on the 18th
day of
November
, 1985, by the following vote, to wit:
AYES:
Council Members Estrada, Reilly, Hernandez,
Marks, Frazier. Strickler
NAYS:
None
ABSENT:
None
ABSTAIN: Councilman Quiel
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City Clerk
The foregoing resolution is hereby approved this ~o~
dayof NnVAmhAr , 1985.
Approved as to form:
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