RES-2021-050CITY OF ANAHEIM
RESOLUTION NO. 2021-050
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM APPROVING THE ISSUANCE OF BONDS
PURSUANT TO A PLAN OF FINANCE BY CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT
NOT TO EXCEED $450,000,000, FOR THE PURPOSE OF
FINANCING THE ACQUISITION, CONSTRUCTION,
EQUIPPING, IMPROVEMENT, RENOVATION,
REHABILITATION AND/OR REMODELING OF SENIOR
LIVING AND RELATED FACILITIES AND CERTAIN
OTHER MATTERS RELATING THERETO
WHEREAS, Front Porch Communities and Services, a California nonprofit public benefit
corporation (the "Borrower"), has requested that the California Statewide Communities
Development Authority (the "Issuer") provide for the issuance of one or more series of revenue
bonds from time to time pursuant to a plan of finance in an aggregate principal amount not to
exceed $450,000,000 (the "Bonds"); and
WHEREAS, the proceeds of the Bonds will be used, among other things, to finance the
acquisition, construction, equipping, improvement, renovation, rehabilitation and/or remodeling
of senior living and related facilities known as Walnut Village (proceeds not to exceed
$20,000,000) (collectively, the "Project"), which are all owned and operated by the Borrower; and
WHEREAS, the Project is located within the City of Anaheim (the "City"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended
(the "Code"), the issuance of the Bonds by the Issuer must be approved by the City because the
Project is located within the territorial limits of the City; and
WHEREAS, the City Council of the City (the "City Council") is the elected legislative
body of the City and is the applicable elected representative under Section 147(f) of the Code; and
WHEREAS, the Issuer has requested that the City Council approve the issuance of the
Bonds by the Issuer in order to satisfy the public approval requirement of Section 147(f) of the
Code and the requirements of Section 9 of the Amended and Restated Joint Exercise of Powers
Agreement, dated as of June 1, 1988 (the "Agreement"), among certain local agencies, including
the City;
WHEREAS, the Issuer is also requesting that the City Council approve the issuance of
any refunding bonds hereafter issued by the Issuer for the purpose of refinancing the Bonds which
financed the Project (the "Refunding Bonds"), but only in such cases where federal tax laws would
not require additional consideration or approval by the City Council; and
WHEREAS, pursuant to Section 147(f) of the Code, the City Council has, following
notice duly given, held a public hearing regarding the issuance of the Bonds, and now desires to
approve the issuance of the Bonds by the Issuer; and
WHEREAS, the City Council understands that its actions in holding this public hearing
and in approving this Resolution do not obligate the City Council in any manner for payment of
the principal, interest, fees or any other costs associated with the issuance of the Bonds or the
Refunding Bonds, and said City Council expressly conditions its approval of this Resolution on
that understanding.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Anaheim
that:
Section 1. The City Council hereby approves the issuance by the Issuer of the Bonds
and Refunding Bonds for the purposes of financing and/or refinancing the Project. It is the purpose
and intent of the City Council that this Resolution shall constitute approval of (a) the issuance of
the Bonds by the Issuer for the purposes of Section 147(f) of the Code by the applicable elected
representative of the governmental unit having jurisdiction over the area in which the Project is
located, and (b) the issuance of the Bonds and Refunding Bonds for the purposes of Section 9 of
the Agreement.
Section 2. The officers of the City Council are hereby authorized and directed, jointly
and severally, to do any and all things and execute and deliver any and all documents, certificates
and other instruments which they deem necessary or advisable in order to carry out, give effect to
and comply with the terms and intent of this Resolution and the financing transaction approved
hereby. Any actions heretofore taken by such officers are hereby ratified and approved.
Section 3. The City Council expressly conditions its approval of this Resolution on its
understanding that the City shall have no obligation whatsoever to pay any principal, interest, fees
or any other costs associated with the Issuer's issuance of the Bonds or Refunding Bonds for the
financing and/or refinancing of the Project.
Section 4. The Clerk shall forward a certified copy of this Resolution to the Issuer in
care of its bond counsel:
Mayling Leong
Orrick, Herrington & Sutcliffe LLP
400 Capitol Mall, Suite 3000
Sacramento CA 95814
mleong@orrick.com
Section 5. This Resolution shall take effect from and after its passage and approval.
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THE FOREGOING RESOLUTION IS APPROVED AND ADOPTED by the City
Council of the City of Anaheim this 1 8tlaay of May , 2021, by the following roll call vote:
AYES: Mayor Sidhu and Council Members Faessel, Diaz,
Brandman, Moreno, Valencia, and O'Neil
NOES: None
ABSTAIN: None
ABSENT: None
CITY OF ANAHEIM
MV
APPROVED AS TO FORM:
ROBERT FABELA, CITY ATTORNEY
By.
Bryr1 M. Mot ey
Depty City Attorney
ATTEST:
ITY CL RK OF TriE CITY• OF ANAHEIM
142367
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CLERK'S CERTIFICATE
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, THERESA BASS, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the
original Resolution No. 2021-050 adopted at a regular meeting provided by law, of the Anaheim
City Council held on the 18th day of May, 2021 by the following vote of the members thereof:
AYES: Mayor Sidhu and Council Members Faessel, Diaz, Brandman, Moreno, Valencia,
and O'Neil
NOES: None
ABSTAIN: None
ABSENT: None
IN WITNESS WHEREOF, I have hereunto set my hand this 19th day of May. 2021.
CIT;QERK OF THE CITY OF ANAHEIM
(SEAL)