RES-2006-248RESOLUTION NO. 2006- 248
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ANAHEIM APPROVING THE ISSUANCE OF THE CALIFORNIA
STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY REVENUE
BONDS (FRONT PORCH COMMUNITIES AND SERVICES), SERIES 2006 IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $115,000,000 FOR
THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION,
IMPROVEMENT, RENOVATION AND EQUIPPING OF A CONTINUING
CARE RETIREMENT COMMUNITY AND CERTAIN OTHER MATTERS
RELATING THERETO
WHEREAS, Front Porch Communities and Services, a California
nonprofit public benefit corporation (the "Corporation "), has requested that the California
Statewide Communities Development Authority (the "Authority ") participate in the
issuance of one or more series of revenue bonds in an aggregate principal amount not to
exceed $115,000,000 (the "Bonds ") for the acquisition, construction, improvement,
renovation and equipping of a certain continuing care retirement community (the
"Facilities ") to be owned and operated by the Corporation and located within the City of
Anaheim (the "City "); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of
1986 (the "Code "), the issuance of the Bonds by the Authority must be approved by the
City because the Facilities are to be 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 one of the applicable elected representatives
required to approve the issuance of the Bonds under Section 147(f) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the
issuance of the Bonds by the Authority 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, 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 Authority;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City
of Anaheim as follows:
Section 1. The City Council hereby approves the issuance of the Bonds by
the Authority. It is the purpose and intent of the City Council that this resolution
constitute approval of the issuance of the Bonds by the Authority, for the purposes of
(a) Section 147(f) of the Code by the applicable elected representative of the issuer of the
Bonds and the governmental unit having jurisdiction over the area in which the Facilities
are to be located, in accordance with said Section 147(f) and (b) Section 9 of the
Agreement.
Section 2. The officers of the City are hereby authorized and directed,
jointly and severally, to do any and all things and to execute and deliver any and all
documents 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.
Section 3. This resolution shall take effect immediately upon its adoption.
THE FOREGOING RESOLUTION is approved and adopted by the City
Council of the City of Anaheim this 28th day of November , 2006, by the
following roll call vote:
AYES: Mayor Pringle, Council Members Sidhu, Hernandez, Galloway, Chavez
NOES: None
ABSENT: None
ABSTAIN: None
CIT • o
By Y
ATTEST:
CITY CLERK OF THE CITY OF AN
63835.1