HomeMy WebLinkAboutResolution No. 1882 WOW
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RESOLUTION NO . ;9 j
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING THE CORPORATE EXISTENCE AND PURPOSES OF THE
DOWNEY CITY HOSPITAL CORPORATION AND APPROVING THE
PROPOSED METHOD OF FINANCING THE CONSTRUCTION OF
HOSPITAL FACILITIES IN SAID CITY
WHEREAS, the Downey City Hospital Corporation (hereinafter sometimes
referred to as the "Corporation ") was duly incorporated in accordance with the
General Nonprofit Corporation Law of the State of California on September 3,
1964, as a nonstock, nonprofit corporation organized for the purpose of rendering
assistance to the city in the construction of hospital facilities in said city;
and
WHEREAS, pursuant to the provisions of the "DOWNEY CITY Hospital Lease and
Leaseback" (herein "Lease "), heretofore approved as to form by this City Council,
the City proposes to lease a certain site to the Corporation for a term of years
and the Corporation proposes to lease back to said City the site as improved by
the construction of said hospital facilities for a term of years to commence
upon the substantial completion of construction as is more specifically set forth
in said Lease; and
WHEREAS, the property, assets, profits, and net revenues of the Corporation,
except such as may be used for the payment or redemption of any bonds, debentures,
notes, or other evidences of indebtedness incurred in connection with the con -
struction of said hospital facilities are irrevocably dedicated to the City; and
WHEREAS, upon the termination of said Lease, title to said site as improved
by the construction thereon of said hospital facilities, along with all other
assets of the Corporation, shall vest in the City free and clear of any interest
on the part of the Corporation; and
WHEREAS, the Corporation proposes to finance the construction of said
hospital facilities by the issuance of its leasehold mortgage bonds in the amount
of $5,800,000, such bonds to mature serially and to bear interest at a rate of
approximately 57. per annum, and to be secured by an indenture of mortgage and
deed of trust upon the leasehold interest of the Corporation, substantially in
the form attached hereto as Exhibit A;
NOW, THEREFORE, the City Council of the City of Downey DOES HEREBY RESOLVE
AND DETERMINE as follows:
SECTION 1. The corporate existence and purposes of the Downey City Hospital
Corporation are hereby approved.
SECTION 2. The proposed method of financing the construction of the hospital
facilities to be leased to the City for public purposes by the issuance of bonds
of the Corporation substantially in the form and manner as hereinabove recited,
is hereby approved.
SECTION 3. This City Council hereby agrees that the City of Downey will
accept title to said hospital facilities and to all other assets of the Corporation
upon the termination of said Lease.
ADOPTED, SIGNED AND APPROVED this ,f ) day of ,+ ...�_ . '�' , 1967.
ayor of the C of Downey,
.........
California
ATTEST:
City Clerk of the City of
Downey, California
284j
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss .
CITY OF DOWNEY )
I, DELLA DOYLE, City Clerk of the City of Downey, California DO HEREBY
CERTIFY that the foregoing resolution was duly adopted by the City Council of
said City and was approved by the Mayor of said City at a regular meeting of
said City Council held on the % 'jf; day of %- ; << , 1967, and
that it was so adopted as follows:
AYES: Councilmen: -_ . `�� -'�' E= .. f'� C (
NOES: Councilmen:
ABSENT: - Councilmen:
City Clerk of th City of
Downey, California.
1882