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HomeMy WebLinkAboutResolution - City Council - 82-535 - 1982-11-16• • RESOLUTION NO,. 82-535 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FRESNO, CALIFORNIA, AUTHORIZING THE ISSUANCE, SALE ANO DELIVERY OF THE CITY OF FRESNO HEALTH FACILITY REVENUE NOTE, SERIES 1982 (VALLEY CHILDREN'S HOSPITAL AND GUIDANCE CLINIC) THE EXECUTION AND DELIVERY OF~ LOAN AGREEMENT AND NOTE PURCHASE AGREEMENT AND CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the City Council of the City of Fresno (herein called the "City") has, by Ordinance No. 81-59, adopted by the Council on May 26, 1981, enacted the City of Fresno Health Facilities Financing Law (herein called the "Law"), establishing a progr~m and procedure for the authorization, sale and issuance of revenue bonds by the City for the purpose of making loans to participating health institutions to finance health facilities· and . ' WHEREAS, the City Council of the City has, by Resolution No. 82-246, adopted by the Council on June 1, 1982, given preliminary approval for the issuance of such bonds to fund a loan to Valley Children's Hospital and Guidance Clinic {herein called the "Hospital'r) to refinance certain outstanding indebtedness of the Hospital, and authorized proper officers of the City to proceed to prepare, or cause to be prepared, the documentation necessary for such purpose; l~JW THEREFORE, BE IT RESOLVED by the Council of the City of Fresno, as follows: 1. Pursuant to the Law it a revenuer note of the City, designated as the «city of Fresno Health Facility Revenue Note, Series 1982 (Valley Childr'.en's Hospital and Guidance Clinic),,~ in the aggregate principal amount of $2,100,000 (herein called the nseries 1982 Note"), is authorized to be issued. 2. The proposed form of loan agreement, dated as of September 1, 1982, between the City, the Hospital, Security Pacific National Bank (the npurchaser") and Security Pacific National Bank, as trustee (the ''Trustee"), presented to this meeting, is hereby approved. The Council hereby specifically finds and declares that the representations of the City set forth in Section 2.01 of said 568/26 form of loan agreement are true and correct. The Chief Administrative Officer is hereby authorized and dirtcted, for and in the name and on behalf of the City, to execute, acknowledge and deliver a loan agreement in substantially said form, with such changes therein as such officer may require or approve such approval to be conclusively evidenced by the execution and delivery thereof; 3. The proposed form of note purchase agreement, dated as of November 1, 1982, among the City, the Hospital, the Trustee and the Purchaser, presented to this meeting, is hereby approved. Th~ Chief Administrative Officer is hereby authorized and directed to execute and deliver said note purchase agreement in substantially said form, with such changes therein as such officer may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. 4~ Forms of the proposed loan agreement and note purchase agreement are on file in the Office of the City Clerk. 5. The City hereby specifically finds and declares that the lending of the proceeds of the Series 1982 Note to the Hospital for the purpose of refinancing the existing debt of the Hospital is in the public interest, will alleviate a financial or operating hardship of ths Hospital and is expected to result in lower costs of health care than would otherwise prevail and a savings to third parties, including government, and to others who must pay for care, or any combination thereof. 6. A note in the aggregate principal amount of $2 1 100,000 shall be executed by the Chief Administrative Officer and the seal of the City shall be affixed thereto and attested by the City Clerk in the form set t'orth in and otherwise in accordance with said note purchase agreement. 7. The Chief Administrative Officer and the City Clerk are hereby requested and directed to deliver the Series 1982 Note, when duly executed, to the Purchaser in accordance with written instructions executed on behalf of the City by the Chief I· :( ii. • Administrative Office~, which instructions said officer is herebj authorized and directed, for and in the name and on behalf of the City, to execute and deliver. Such instructions shall provide fo~ the delivery of the Note to the Purchaser in accordance with said note purchase agreement, upon payment of the purchase price therefor. a. The City Clerk is hereby authorized and directed to attest the signature of the Chief Administrative Officer and to affix and attest the seal of the City as may be required in connection with the e>,ecution and delivery of th1e Note and said loan agreement and note purchase agreement in accordance with this resolution. ~·~ 9. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things and to execut~ and deliver any and all documents which they may deem necessary or advisable in order to consummate the issuance, sale and delivery of the Series 1982 Note and otherwise to carry out, give effect to and comply with the terms and intent of this resolution, the Note and said loan agreement and note purchase agreement. 10$ This resolution shall take effect immediately upon its passage. PASSED AND ADOPTED by the City council of the City of Fresno on November 161 1982 by the following vote: AYES: NOTES: ABSENT: (SEAL) ATTEST: Alvarado, Doig, Humphrey, Re! ch, Wi 11 i ams, Wi 1 ls., Whitehurst None None Chief Administrative Officer of the City of Fresno City Clerk of the City .of Fresno .568/26 ... 3 ... , • ... ... • • CLERK'S CERTIFICATE I, Jacqueline L. Ryle, City Clerk of the City of Fresno, California (the "City"), do hereby certify as follows: The foregoing resolution is a full, true and correct copy of a resolution duly adopted at a special meeting of the City Council of the City duly and legally held at the regular meeting place thereof on November 16, 1982, of which meeting said members had due notice, by the fallowing vote:. AYES: Alvarado, Doig, Humphrey, Rei<h, Williams" Wills, Whitehurst NOES: None ABSENT: None I have carefully compared the same with the original minutes of said meeting on file and of record in my office and said resolution is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes; and Said resolution has not been amended, modified or rescinded since the date of its passage and the same is now in full force and effect. Dated: November 16 , ___ ._, 1982 .. SE>S/26 -4-