CC - Reso 98-07 _ Approving teh Execution Delivery of Heathcare deliveries - Box 06797
TO: HONORABLE MAYOR
AND MEMBERS
ROSEMEAD CITY COUNCIL
FROM: FRANK G. TRIPEPI, CITY MANAGER ~
DATE: MARCH 13, 1998
RE: RESOLUTION NO. 98-07 APPROVING THE EXECUTION AND
DELIVERY OF HEALTH CARE CERTIFICATES OF PARTICIPATION
BY THE SAN BERNARDINO ASSOCIATED COMMUNITIES
FINANCING AUTHORITY TO BENEFIT INGLESIDE HOSPITAL
AND RELATED FACILITIES
Attached for your consideration is Resolution No. 98-07 approving the execution and delivery of
health care certificates of participation by the San Bernardino Associated Communities Financing
Authority to benefit Ingleside Hospital and related facilities. These certificates are tax-exempt
and they need the approval of the City of Rosemead prior to selling them.
As indicated in the February 20, 1998 Council Memorandum, a Public Hearing was held on
March 4, 1998 at 11:00 a.m. in the City Hall Conference Room. Attending were the City Clerk,
the Assistant City Manager, and Joel Boehm, representing the Bond Counsel, Sabo & Green. No
one spoke on the item.
Also attached are the Notice of Public Hearing, the minutes of the Hearing, an Executive
Summary of the financing, and a copy of the Council Memorandum dated February 20, 1998.
It should be noted that the February 20, 1998 Memorandum includes a memo from the City
Attorney's Office stating that approval of the financing make the project a City project nor
oblieate the City with respect to repayment of the debt.
RECOMMENDATION
It is recommended that the City Council approve Resolution No. 98-07 Approving the
Execution and Delivery of Health Care Certificates of Participation by the San Bernardino
Associated Communities Financing Authority.
.ffi,db& 3"
COUNCIL. AGENDA
MAR 2 41998
ITEM No. . =„g.
L
RESOLUTION NO. 98-07
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ROSEMEAD APPROVING THE EXECUTION
AND DELIVERY OF HEALTH CARE CERTIFICATES OF
PARTICIPATION BY THE SAN BERNARDINO ASSOCIATED
COMMUNITIES FINANCING AUTHORITY TO BENEFIT
INGLESIDE HOSPITAL AND RELATED FACILITIES
WHEREAS, American Institute for Health Care Centers, Inc., a California non-profit 501
(c)(3) corporation (the "Corporation"), has requested that the San Bernardino Associated
Communities Financing Authority ("SANBAC") cause to be executed and delivered tax-exempt and
taxable certificates of participation in an aggregate principal amount not to exceed $50,000,000 (the
"Certificates") for the purpose of financing the acquisition of Cigna Hospital, 1711 West Temple
Street, Los Angeles, California and Ingleside Hospital, 7500 E. Hellman Avenue, Rosemead,
California (collectively, the "Facilities"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended
(the "Code") the financing described above and the execution and delivery of the Certificates must
be approved by the City of Rosemead (the "City") because one of the Facilities is located within the
territorial limits of the City; and
WHEREAS, the City Council is the elected legislative body of the City and is one of the
applicable elected representatives required to approve the financing of the Facility and the issuance
of the Certificates under Section 147(f) of the Code; and
WHEREAS, SANBAC and the Corporation has requested that the City Council approve the
financing of the facilities and the execution and delivery of the Certificates in order to satisfy the
public approval requirement of 147(f) of the Code, and
WHEREAS, pursuant to Section 147(f) of the Code, a duly authorized representative of the
City Council has, following notice duly given, held a public hearing regarding the financing of the
Facilities and the execution and delivery of the Certificates.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. Pursuant to Section 147(f) of the Code, public hearing regarding the financing of the
Facilities and the execution and delivery of the Certificates was held. The City Council hereby
approves the financing described above and the execution and delivery of the Certificates by
SAN13AC and the operation of SANBAC within the City to provide financing for the Corporation.
It is the purpose and intent of the City Council that this Resolution constitutes approval of the
financing of the Facilities and the execution and delivery of the Certificates for the purposes of
Section 147(f) of the Code by the applicable elected representatives of the governmental unit having
jurisdiction over the area in which the Facilities are and will be located, in accordance with said
Section 147(f).
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, given effect to and comply with the terms and intent of this
esolution and the financing transaction approved hereby.
3. City approval pursuant to Section 147(f) of the Code pursuant to this Resolution shall
not constitute approval for other City regulatory or other requirements, such as building permits.
4. This Resolution shall take effect immediately upon its passage.
MAYOR
Attest:
City Clerk
I, Nancy Valderrama, City Clerk of the City of Rosemead, hereby certify that the foregoing
Resolution No. 98-07 was duly adopted by the City Council of the City of Rosemead at a regular
meeting thereof, held on March 24, 1998, by the following vote of the Council:
AYES:
NOES:
ABSENT:
ABSTAIN:
CITY CLERK
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