1985-463RESOLUTION N0. 85R-463
A RESOLUTION APPROVING FINANCING TRANSACTION
FOR ANAHEIM MEMORIAL HOSPITAL ASSOCIATION,
AUTHORIZING FINANCE DIRECTOR TO APPROVE AND
EXECUTE AGREEMENTS AND AUTHORIZING AND DIRECTING
CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the City Council of the City of Anaheim, California, as
follows:
WHEREAS, the City of Anaheim is authorized to acquire and dispose of
real and personal property for the common benefit and in furtherance of its
municipal affairs and public purposes;
WHEREAS, the assurance of the provision of adequate and economical
health care for its residents is a public. purpose of the City and actions to
provide such assurance constitute a municipal affair of the City;
WHEREAS, Anaheim Memorial Hospital Association (the "Association") has
requested the. City to undertake installment sale financing for the purpose
of providing certain real and personal property for the Association, and
this Council is desirous of approving such financing in order to assure the
provision of adequate and economical health care by the Association to the
residents of the City; and
WHEREAS, the adoption of this Resolution is in the public interest and
for the public benefit;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED as follows:
1. Installment sale financing with Certificates of Participation in an
amount of not to exceed $30,000,000 for the benefit of Anaheim Memorial
Hospital Association is hereby approved.
2. The Finance Director, upon the advice of the City Attorney and
Special Counsel for the City, is authorized to approve and execute, and the
City Clerk is authorized to attest, all agreements necessary to implement
installment sale financing for the Association, including, but not limited
to, the following agreements: First Installment Sale Agreement Relating to
Hospital Facilities, by and between the Association, as seller, and the
City, as purchaser; Second Installment Sale Agreement Relating to Hospital
Facilities, by and between the City, as seller, and the Association, as
purchaser; Trust Agreement Relating to Hospital Facilities, by and among the
City, a trustee to be selected and approved by the Association and the
Association; First Assignment Agreement Relating to Hospital Facilities, by
and between the City and the Association; Certificate Purchase Agreement
offered by Dean Witter Reynolds, Inc. in which said organization offers to
purchase Certificates of Participation (the "Certificates") representing
purchase payments under the above-referenced First Installment Sale
Agreement at a rate of interest reflecting a variable rate or such other
rate as shall provide the most economical interest rate for the financing
based upon the current market for similar Certificates; and Agreement for
Legal Services, by and among the City and Jones Hall Hill & White, A
Professional Law Corporation, in which said firm agrees to act as Special
Counsel for the City in the financing transaction.
3. The Finance Director of the City is authorized to approve a
preliminary official statement relating to the Certificates and to authorize
its distribution in the sale of the Certificates and to approve and execute
a final official statement and a statement providing that material facts
have been disclosed in the final official statement.
4. The Finance Director, the City Attorney, the City Clerk and such
other officers of the City as may be appropriate are author°ized to approve
and execute such agreements, statements, certificates, receipts and other
documents as may be necessary to provide for the execution and delivery of
the Certificates and to consummate the transactions referenced in the
agreements described in paragraph 2 hereof.
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THE FOREGOING RESOLU~fION is approved and adopted by the City Council of
the City of Anaheim this 5th day of November, 1985.
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Mayor of the City of naheim
ATTEST:
City Clerk of the City of Anaheim
-2-
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. 85R-463 was introduced and adopted at a regular "'~"'"'^~.
meeting provided by law, of the City Council of the City of Anaheim held on
the 5th day of November, 1985, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Kaywood, Pickler, Overholt and Roth
NOES: COUNCIL MEMBERS: Bay
ABSENT: COUNCIL MEMBERS: None
AND I FURTHER certify that the Mayor of the City of Anaheim signed said
Resolution No. 85R-463 on the 5th day of November, 1985.
IN WITNESS WHEREOF, I have hereunto set my hand and affi$ed the seal of the
City of Anaheim this 5th day of November, 1985.
C TY CL RK OF THE CITY OF ANAHEIM
(SEAL)
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution No. 85R-463 duly passed and
adopted by the Anaheim City Council on November 5, 1985.
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C Y CLERK