RES-8063 Local Medical Facilities Financing Authority IVRESOLUTION NO. 8063
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OJ' ORANGB APPROVING J'ORKATIO)J OJ', AND
MEMBERSHIP BY THE CITY OJ' ORANGB IN, THE LOCAL
MEDICAL FACILITIBS J'INANCI)JG AUTHORITY IV AND
THE BXECUTIO)J OJ' THE JOINT BXERCISB OJ' POWERS
AGREBMENT RELATING TO THE AUTHORITY.
WHEREAS, the City is considering proceedings, together with
other local agencies (collectively, the "Participants"), for the
coordinated financing of facilities for local nonprofit, health
corporations located within, or impacting upon, the geographic
boundaries of one or more Participants and in connection
therewith the City proposes to form, with the other Participants,
a joint exercise of powers authority pursuant to Article 1
commencing with section 6500) of Chapter 5 of Division 7 of
Title 1 of the California Government Code to exercise the common
powers of the Participants~ and
WHEREAS, the form of joint exercise of powers agreement (the
Agreement") among the City and the other Participants, creating
the Local Medical Facilities Financing Authority IV (the
Authority") has been filed with the City, and the members of
the city Council, with the aid of its staff, have reviewed the
Agreement~ and
WHEREAS, Olive Crest Treatment Centers, Inc., and Social
Model Recovery Systems, Inc., (the "corporation"), each a
nonprofit, public benefit corporation organized and existing
under the laws of the state of California, have requested that
the City participate in the formation of the Authority to enable
the financing of certain health facilities for the corporations
in and to the benefit of the City~ and
WHEREAS, formation of the Authority is contingent upon
several actions including: Each participating local nonprofit,
health corporation, including the Corporation, will obtain credit
enhancement through guarantees provided by the Office of
Statewide Health Planning and Development of the state of
California~ each participating local nonprofit, health
corporation, including the corporations, will additional credit
enhancement as necessary to obtain a Standard & Poor's
Corporation "AAA" rating~ full participation as Authority members
by the City and by the cities of Garden Grove and Orange~ each
participating local nonprofit, health corporation, including the
Corporations, will execute an indemnification agreement providing
the Authority and each member city full indemnity against all
risks attributable to the financing~ and establishment of an
expense fund sufficient to pay all annual administrative expenses
of the Authority and its members.
NOW, THEREFORE, BE IT RESOLVED by the city council of the
City of Orange that:
section 1. Membership in the Authoritv. The City Council
hereby approves membership by the City in the Authority.
section 2. Approval of Aareement. The City Council hereby
approves the form of, and authorizes the Finance Director or his
designee to execute, the Agreement and authorizes the City Clerk
to attest to such signature, in substantially the form on file
with the City Clerk, together with any changes therein deemed
advisable by the official signing the Agreement.
section 3. Official Action. The Mayor, the City Manager,
the Finance Director, the City Clerk and other officers and
officials of the City, are hereby authorized and directed to take
all actions and do all things necessary or desirable hereunder
with respect to membership in the Authority including, but not
limited to, the execution and delivery of any and all agreements,
certificates, instruments and other documents which they, or any
of them, may deem necessary or desirable and not inconsistent
with the purposes of this resolution.
ADOPTED this 11th day of August 1992.
ATTEST:
C~11:::r{Wtlt2c:r1f~~
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 11 th of August ,1992, by
the following vote:
AYES:
NOES:
ABSENT:
COUNCIL MEMBERS: STEINER, BARRERA, MAYOR BEYER, COONTZ, SPURGEON
COUNCIL MEMBERS: NONE
COUNCIL MEMBERS: NONE
Reso No. 8063 2-SSH:dg