87-116RESOLUTION NO. 87R-116
A RESOLUTION PROVIDING PRELIMINARY APPROVAL
OF THE EXECD~ION ~D DELIVERY
OF AN INSTALLMENT SALE AGREEMENT
FOR THE PURPOSE OF PROVIDING FINANCING FOR
CERTAIN HEALTH FACILITIES
RESOLVED, by the City Council of the City of Anaheim, California, as
follows:
WHEREAS, the City of Anaheim, (the "City") is authorized pursuant to
its Charter to enter into installment sale agreements for the purpose of
providing financing for the acquisition and construction of health facilities
within tae City;
WHEREAS, California Lutheran Homes ("CLH"), an organization qualified
under section 501(c)(3) of the Internal Revenue Code of 1986, as amended, nas
applied to the City to enter into an installment sale agreement for the purpose
of providing financing for the acquisition and construction of an expansion to
its skilled nursing facility located within the City, herein (the "Project"),
and the City wishes to induce CLH to acquire and construct the Project within
the City; and
WHEREAS, it is in the public interest, for the public benefit and in
furtherance of the public purposes of the City that the City Council provide
preliminary approval of the execution and delivery of an installment sale
agreement for the aforesaid purposes;
NO~, THEREFORE, it is hereby FOUND, DETERMINED and ORDERED as follows:
1. The City of Anaheim hereby preliminarily approves the execution
and delivery of an installment sale agreement of the City, pursuant to the
authority above referenced, in a principal amount of not to exceed $6,000,000,
for the purpose of providing financing to CLH for the acquisition and
construction of the Project.
2. The City hereby determines that it will take all action necessary
or advisable in connection with the execution and delivery of an installment
sale agreement for said purposes and the execution of the financing agreements
for the Project.
3. The installment sale agreement shall be a special obligation of
the City payable solely from the sources referenced in the installment sale
agreement and related financing documents, and shall not constitute an
indebtedness of the City or a loan of credit thereof within the meaning of any
constitutional or statutory provisions.
4. The execution and delivery of the installment sale agreement shall
De upon such terms and conditions as may be mutually agreed upon by the City,
CLH and the purchasers of any certificates of participation delivered with
respect to the installment sale agreement and shall be subject to completion of
proceedings relating thereto.
5. The proceeds of the financing shall include such related and
necessary delivery costs, administrative expenses, debt service reserves and
interest payments as may De required to accomplish the financing successfully.
6. The City Council hereby finds that the execution and delivery of
the installment sale agreement as described herein is a substantial inducement
to CLH to acquire a~)d construct the Project within the City and that the
Project will further the public purposes of the City.
City Clerk Mayor
_~, the undersigned City Clerk of the City of Anaheim, hereby certify
that the foregoing is a full, true and correct copy of Resolution No.87R_ll~uly
adopted by the City Council of the City at a meeting thereof on the 31st day
of March , 1987, by the following vote of the members thereof:
AYES, and in favor thereof: Councilmembers: Pickler, Hunter, Kaywood, Bay.
NOES: Councilmembers: None
ABSENT:
VACANCY:
Councilmembers:None
Councilmembers: One
Cizy Clerk
2t35A
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CLERK
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Resolution No. 87R-116 was introduced and adopted at a regular
meeting provided by law, of the City Council of the City of Anaheim held on
the 31st day of March, 1987, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Pickler, Hunter, Kaywood and Bay
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
VACANCY: COUNCIL MEMBERS: One
AND i FURTHER certify that the Mayor of the City of Anaheim signed said
Resolution No. 87R-116 on the 31st day of March, 1987.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
City of Anaheim this 31st day of March, 1987.
CITY CLERK OF THE CITY OF ANAHEIM
(SEAL)
I, LEONORA N. $OHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution No. 87R-116 duly passed and
adopted by the Anaheim City Council on March 31, 1987.
CITY CLERK OF THE CITY OF ANAHEIM