HomeMy WebLinkAboutResolution No. 6737 RESOLUTION NO. 6737
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING A TAX EXEMPT BOND FINANCING TO BE ISSUED BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
TO BENEFIT KAISER PERMANENTE.
WHEREAS, Kaiser Foundation Hospitals, Kaiser Foundation Health Plan, Inc., Kaiser
Health Plan Asset Management, Inc., Kaiser Hospital Asset Management, Inc., each a nonprofit
public benefit corporation (collectively, "Kaiser "), have requested that the California Statewide
Communities Development Authority (the "Authority) issue bonds in one or more series in an
aggregate principle amount not to exceed $1,600,000,000 (the "Bonds ") for the purpose of,
among other things, financing or refinancing the acquisition, improvement and equipping (the
"Financing ") of certain health facilities owned or operated by Kaiser Foundation Hospitals,
including the facility known as Downey Medical Center (the "Facilities ") located in the City of
Downey (the "City ");
WHEREAS, pursuant to Section 147 (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;
WHEREAS, the City Council of the City (the "Council ") is the elected legislative body
of the City and is one of the applicable elected representatives required to approve the issuance
of the Bonds under Section 147(0 of the Code;
WHEREAS, the Authority has requested that the 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 147 (f) of the Code, the Council has, following notice
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, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby approves the issuance of the Bonds by the
Authority. It is the purpose and intent of the Council that the Resolution constitute approval of
the issuance of the Bonds by the Authority, for the purposes 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(0 and (b) Section 9 of
the Agreement.
SECTION 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 the Resolution and the financing transaction approved hereby.
RESOLUTION NO. 6737
PAGE TWO
SECTION 3. This Resolution shall take effect immediately upon its adoption
APPROVED AND ADOPTED this 9 day of March 2004.
0
KIRK O. CARTOZIAN ayor
ATTEST:
KATHLEEN L. MIDSTOKKE, City Clerk
I HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of
the City of Downey at a regular meeting held on the 9th day of March 2004, by the following
vote, to wit:
AYES: 5 Council Members: Bayer, McCarthy, Perkins, Trejo, Mayor Cartozian
NOES: 0 Council Member: None
ABSENT: 0 Council Member: None
ABSTAIN: 0 Council Member: None
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kiL1N L. MIDSTOKKE, City Clerk