HomeMy WebLinkAbout84-104 - Hoag Memorial Hospital Presbyterian ProjectRESOLUTION 84 -104
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH AUTHORIZING THE ISSUANCE OF
• NOT TO EXCEED $65,000,000 AGGREGATE PRINCIPAL
AMOUNT OF THE CITY OF NEWPORT BEACH, CALIFORNIA,
FLOATING /FIXED RATE HEALTH FACILITIES REVENUE BONDS
(HOAG MEMORIAL HOSPITAL PRESBYTERIAN PROJECT),
SERIES 1984 A -F
WHEREAS, on February 13, 1984, the City Council of
the City of Newport Beach, California (the "City "), adopted
Chapter 3.26 of the Newport Beach Municipal Code, the "Health
Care Facility Revenue Bond Ordinance" of the City of Newport
teach establishing a method and powers and procedures whereby
revenue bonds may be issued for the purpose of providing
financing to participating health institutions for specified
purposes; and
WHEREAS, the said ordinance is in full force and
effect; and
WHEREAS, Hoag Memorial Hospital Presbyterian, a
California nonprofit public benefit corporation (the
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"Corporation"), has applied for the assistance of the City
to finance the acquisition, construction, improvement and
equipping of certain health facilities at the hospital (the
"Hospital") owned and operated by the Corporation within the
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corporate limits
of
the City
and
the acquisition
of certain
land adjacent to
the
site of
the
Hospital and to
reimburse
the Corporation for the costs of certain health facilities
acquired, constructed and installed at the Hospital since
the Corporation's 1982 fiscal year and to prepay in whole or
in part the note executed by the Corporation and dated Janu-
ary 20, 1972 with an outstanding principal amount of approxi-
mately $8,400,000 for the benefit of United California Bank
( "UCB ") (which note was subsequently assigned by UCB to
Equitable Life Assurance company) and for costs of issuance
and related expenses (such purposes being referred to herein-
after as the "Project"); and
WHEREAS, the Corporation is authorized to provide
health care services in the City; and
WHEREAS, the Corporation proposes to enter into a
Master Trust Indenture by and between the Corporation and
Chemical Bank, as Master Trustee; and
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WHEREAS, the City will provide the funds necessary
to finance the Project by loaning the proceeds of the sale
of its revenue bonds to the Corporation for the benefit of
the Hospital; and
WHEREAS, the Corporation has requested that the
City issue its Floating /Fixed Rate Health Facilities Revenue
Bonds (Hoag Memorial Hospital Presbyterian Project), Series 1984
A -F in an aggregate principal amount not to exceed $65,000,000
(the "Bonds ") for the purposes recited above; and
WHEREAS, the Bonds shall be issued in six separate
series each pursuant to a Bond Indenture in substantially the
form of the Bond Indentures hereinafter defined, and the pro-
ceeds of each series shall be loaned to the Corporation pursuant
to six Loan Agreements, each in substantially the form of the
Loan Agreements hereinafter defined; and
WHEREAS, there have been presented to the City Attorney
of the City and he has approved.the form of the following
documents:
1. a form of the Bond Indentures each by and between
the City and Security Pacific National Bank, as Trustee
(the "Bond Indentures "); and
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2. a form of the Loan Agreements each by and between
the City and the Corporation (the "Loan Agreements ");
and
• 3. a form of the Bond Purchase Agreements each
proposed to be entered into by and between the City and
John Nuveen & Co., Incorporated, as Underwriter, with
respect to each series of Bonds (the "Bond Purchase Agree-
meets "); and
4. a Preliminary Composite Official Statement
regarding the issuance of the six series of Bonds.
NOW, THEREFORE, the City Council of the City of
Newport Beach resolves as follows:
Section 1. The form, terms and provisions of the
Bond Indentures be, and they are, hereby approved, and the
Mayor is authorized and empowered', to execute and deliver the
Bond Indentures in substantially the form presented to and
approved by the City Attorney, with such changes therein,
however, as may be approved by the Mayor and City Attorney,
such.approval to be conclusively evidenced by his execution
thereof. The date, maturity dates, interest rate or rates,
interest payment dates, place or places of payment, terms of
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redemption and other terms of the Bonds shall be as provided
in the Bond Indentures, as finally executed; provided, however,
that the interest rate on the Bonds shall not exceed the maximum
rate permitted by law.
Section 2. The form, terms and provisions of the
Loan Agreements be, and they are, hereby approved, and the
Mayor is authorized and empowered to execute and deliver the
Loan Agreements in substantially the form presented to and
approved by the City Attorney, with such changes therein,
however, as may be approved by the Mayor and City Attorney,
such approval to be conclusively evidenced by his execution
thereof.
Section 3. The City does hereby create an issue of
its Floating/Fixed Rate Health Facilities Revenue Bonds (Hoag
Memorial Hospital Presbyterian Project), Series 1984 A -F in
an aggregate principal amount not to exceed $65,000,000, to
be issued under and secured by the Bond Indentures.
Section 4. The form, terms and provisions of the
Bond Purchase Agreements be, and they are, hereby approved,
and the Mayor is authorized and empowered to execute and
deliver the Bond Purchase Agreements in substantially the
form presented
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to and approved by the City Attorney, with such changes
therein, however, as may be approved by the Mayor and City
Attorney, such approval to be conclusively evidenced by his
execution thereof.
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Section 5.
hereby authorized and
signature in the name
the corporate seal of
said seal), the Bonds
under the Bond Indent
the Underwriter.
The City Manager and the City Clerk are
directed to execute by facsimile
of the City and on its behalf, under
the City (which may be a facsimile of
and to deliver the Bonds to the Trustee
ures for authentication and delivery to
Section 6. Subject to review and approval by the
City's Director of Financial Management and City Attorney,
the form and content of the Preliminary Composite Official
Statement be, and they are, hereby approved, and the
distribution of said Preliminary Composite Official Statement
(as approved by the City's Director of Financial Management
and City Attorney) by the Underwriter for the purpose of sale
of the Bonds and the delivery of the Composite Official
Statement in final form to the purchasers of the Bonds be,
and they are, hereby approved.
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Section 7. The City Clerk shall certify to the
passage of this resolution by the City Council of the City of
Newport Beach, and it shall thereupon take effect.
• I hereby certify that the foregoing resolution was
adopted by the City Council of the City of Newport Beach at
its meeting of August.27 , 1984, by the following vote:
Ayes: Councilmembers: Agee /Hart /Maurer /Plummer
Heather /Strauss
Noes: Councilmembers:
Absent: Councilmembers: Cox
Mayor
Attest:
City C1
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