1985-500RESOLUTION N0. 85R-500
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM
APPROVING INSTALLMENT SALE FINANCING FOR PROJECT TO
BE DEVELOPED BY WEST ANAHEIM CONVALESCENT HOME
WHEREAS, the City of Anaheim, California (the "City") 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; and
WHEREAS, West Anaheim Convalescent Home, a California
general partnership (the "Developer") has requested the City to
undertake installment sale financing for the purpose of
providing certain real and personal property to be known as the
West Anaheim Convalescent Home and to consist of a 138-bed
convalescent home to be located at 641 Beach Boulevard in the
City of Anaheim (the "Project"), and this Council is desirous
of approving the financing in order to assure the provision. of
adequate and economical convalescent care facilities to the
residents of the City; and.
WHEREAS, the city intends to enter into a Second
Installment Sale Agreement Relating to West Anaheim
Convalescent Facilities (the "Second Installment Sale
Agreement) with the Developer pursuant to which it will sell
the Project to the Developer, and a First Installment Sale
Agreement Relating to West Anaheim Convalescent Facilities (the
"First Installment Sale Agreement") with the Developer pursuant
to which the City wi 11 acquire the Project from the Developer,
and to cause to be delivered Certificates of Participation (the
"Certificates") evidencing proportionate interests of the
owners thereof in installment payments to be made by the City
pursuant to the First Installment Sale Agreement; and
WHEREAS, the Certificates will be considered to be
"industrial development bonds" under Section 103(b) of the
Internal Revenue Code of 1954, as amended (the "Code"), and
Section 103(k) of the Code requires that the "applicable
elected representative" with respect to the City hold a public
hearing on the sale and delivery of the Certificates; and
WHEREAS, the City has determined that the City Council of
the City is the "applicable elected representative" to hold
said public hearing; and
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WHEREAS, notice of said public hearing has been duly
given as required by the Code, and the City Council of the City
has heretofore held such public hearing at which all interested
persons were given an opportunity to be heard on all matters
relative to the location and financing of the Project, the
acquisition and sale by the City of the Project and the sale
and delivery of the Certificates; and
WHEREAS, the City Council of the City as the "applicable
elected representative" of the City, approves of the financing
of the Project pursuant to the First Installment Sale Agreement
and the Second Installment Sale Agreement as in the public
interests of the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Anaheim, as follows:
1. The City Council of the City of Anaheim hereby finds
and determines that the foregoing recitals are true and correct.
2. The City Council of the City of Anaheim hereby
approves the sale and delivery of the Certificates for the
purpose of providing funds to finance the acquisition,
construction and development of the Project by the Developer.
3. The acquisition
constituting the Project by
the Second Installment Sale
the City to the Developer
Sa]e Agreement are hereby a
the City of Anaheim.
of the
the City
Agreement
pursuant
pp roved as
land and facilities
from the Developer under
and the sale thereof by
to the First Installment
in the best interests of
4. This resolution shall take effect imr~iediately.
THE FOREGOING RESOLUTION is approved and adopted by the
City Council of the City of Anaheim this 3rd day of December,
1985..._
Mayor of the City of na eim
ATTEST:.
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City Clerk of t e City o Ana eim
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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. 85R-500 was introduced and adopted at a regular
meeting provided by law, of the City Council of the City of Anaheim held on
the 3rd day of December, 1985, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Kaywood, Overholt, Pickler 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-500 on the 3rd day of December, 1985.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
City of Anaheim this 3rd day of December, 1985.
i~~~
CITY CLERK 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-500 duly passed and
adopted by the Anaheim City Council on December 3, 1985.
CITY CLERK
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