98-264RESOLUTION NO. 98R-264
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ANAHEIM APPROVING AN INSTALLMENT PURCHASE
FINANCING TO BE UNDERTAKEN BY THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
TO BENEFIT THE INTERNEXT GROUP
WHEREAS, The Internext Group, a California Nonproht public benefit corporation (the
"Corporation"), has requested that the California Statewide Communities Development Authority
(the "Issuer") participate in an installment purchase financing for the purpose of, among other
things, enabling the Corporation to finance the acquisition, improvement and equipping of certain
residential care facilities, assisted living facilities and skilled nursing facilities (the "Facilities")
located within the City of Anaheim (the "City") and certain costs with respect thereto; and
WHEREAS, to effect such financing, the Issuer and the Corporation will enter into an
installment purchase agreement (the "Purchase Agreement") under which the Corporation will sell
certain real property related to the Facilities to the Issuer and the Issuer will agree to make
payments (the "Installment Payments") to the Corporation for the purchase thereof; and
WHEREAS, certificates of participation (the "Certificates") in an aggregate principal
amount not to exceed Two Hundred Twenty-five Million Dollars ($225,000,000.00), each
representing a proportionate undivided interest in the Installment Payments, will be executed,
delivered and sold in connection with the Financing; the financing of the acquisition, improvement
and equipping of the Facilities through the execution and delivery of the Certificates is herein
referred to as the "Financing"; and
WHEREAS, pursuant to Section 147(0 of the Internal Revenue Code of 1986 (the
"Code"), the Financing must be approved by the City because the Facilities are located ,vithin the
territorial limits of the City; and
WHEREAS, the City Council of the City of Anaheim (the Council") is the elected
legislative body of the City and is one of the applicable elected representatives required to
approve the Financing under Section 147(f) of the Code; and
WHEKEAS, The Issuer has requested that the Council approve the Financing in order to
satisfy the public approval requirement of Section 147(0 of the Code and the requirements of
Section 9 of the Joint Exercise of Powers Agreement (the "Agreement"), dated as of June 1,
1988, among certain local agencies, including the City; and
WHEREAS, pursuant to Section 147(f) of the Code, the Council has, following notice
duly given, held a public hearing regarding the Financing and now desires to approve the
Financing.