2005-39 - Hoag Revenue Bonds
2005-39 - Hoag Revenue Bonds
12/9/2012 4:00:24 PM
12/8/2012 11:41:24 PM
Resolutions and Ordinances
Hoag Revenue Bonds
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RESOLUTION NO. 2005- 39 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT <br />BEACH AUTHORIZING THE ISSUANCE OF NOT TO EXCEED <br />$200,000,000 AGGREGATE PRINCIPAL AMOUNT OF THE CITY OF <br />NEWPORT BEACH INSURED REVENUE BONDS (HOAG MEMORIAL <br />HOSPITAL PRESBYTERIAN), SERIES 2005 <br />WHEREAS, the City of Newport Beach (the "City ") is a municipal corporation and <br />charter city duly organized and existing under a freeholders' charter pursuant to which the City has <br />the right and power to make and enforce all laws and regulations in respect of municipal affairs and <br />certain other matters in accordance with and as more particularly provided in Sections 3, 5 and 7 of <br />Article XI of the Constitution of the State of California and Section 200 of Article 11 of the Charter <br />of the City (the "Charter"); and <br />WHEREAS, the City Council of the City, acting under and pursuant to the powers <br />reserved to the City under Sections, 3, 5, and 7 of Article XI of the Constitution of the State of <br />California and Section 200 of Article 11 of the Charter, has found that the public interest and <br />necessity require the establishment of a program for the authorization, issuance and sale of revenue <br />bonds or notes by the City for the purposes of making loans such as those described herein; and <br />WHEREAS, the City pursuant to Ordinance No. 85 -23 and 84 -4, has adopted the <br />Health Care and Recreation Facilities Revenue Bond Ordinance of the City of Newport Beach (the <br />"Law") to establish procedures for the authorization, issuance and sale of such revenue bonds or <br />notes; and <br />WHEREAS, Hoag Memorial Hospital Presbyterian, a California nonprofit public <br />benefit corporation (the "Corporation ") has requested that the City issue its Insured Revenue Bonds <br />(Hoag Memorial Hospital Presbyterian), Series 2005, in one or more series (the "Bonds ") for the <br />purpose of. (1) financing the acquisition and construction of certain additions and improvements to, <br />and equipment for, health facilities (collectively, the "Health Facilities ") located at the campus of <br />Hoag Memorial Hospital Presbyterian, One Hoag Drive, Newport Beach, California; and (2) <br />providing for the payment of bond issuance expenses; and <br />WHEREAS, the Corporation is a "participating health institution" and operates a <br />"health facility" as those terms are defined in the Law; and <br />WHEREAS, the loan to be made with the proceeds of said bonds will promote the <br />purposes of the Law by providing funds to pay the cost of acquiring, constructing, rehabilitating or <br />improving health facilities and reimbursing the Corporation for certain expenses incurred for the <br />purposes of acquiring, constructing, rehabilitating or improving the health facilities; and <br />WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986 <br />(the "Code "), the Bonds are required to be approved, following a public hearing, by an elected <br />representative of the City, as the governmental party issuing the Bonds, and an elected <br />
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