RES-9267 Approving Tax-Exempt Bond Financing to Benefit St. Joseph Health System and Certain AffiliatesRESOLUTION NO. 9267
A
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ORANGE APPROVING A TAX-EXEMPT
BOND FINANCING TO BE ISSUED BY THE
CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY TO BENEFIT ST.
JOSEPH HEALTH SYSTEM AND CERTAIN
AFFILIATES.
WHEREAS, St. Joseph Health System, St. Joseph Hospital of Orange and certain
other affiliates of St. Joseph Health System, each a nonprofit public benefit corporation
collectively, the "Health Institutions"), have requested that the California Statewide
Communities Development Authority (the "Authority") issue bonds in one or more series in
an aggr1egate principal amount not to exceed $195,000,000 (the "Bonds") for the purpose of,
among other things, refinancing the acquisition, improvement and equipping (the
Financing") of certain health facilities owned or operated by St. Joseph Hospital of Orange
the "Facilities") located in the City of Orange (the "City"); and
WHEREAS, pursuant to Section l47(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 ofthe Bonds under Section l47(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 l47(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 Orange
as follows:
1. The City Council hereby approves the issuance of the Bonds by the Authority.
It is the pwpose and intent of the City Council that this resolution constitute approval of the
issuance of the Bonds by the Authority, for the pwposes 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 to be located, in accordance with said Section 147(f), and (b)
Section 9 ofthe Agreement.
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.
3. This resolution shall take effect immediately upon its adoption.
ADOPTED this 23rd day of May, 2000.
City of Orange
ATTEST:
C~~~Marian ontreras, D ty CIty Clerk of the CIty of Orange
I hereby certify that the foregoing Resolution was duly and regularly adopted by the
City Council of the City of Orange at a regular meeting thereof held on the 23rd day of May,
2000, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS: MURPHY, SLATER, COONTZ, SPURGEON, ALVAREZ
COUNCIL MEMBERS: NONE
COUNCIL MEMBERS: NONE
COUNCIL MEMBERS: NONE
l~~)
Marian
treras, Deputy City Clerk of the City of Orange Reso
No. 9267 2 TJR