RES 07108 - Laserfiche WebLink

RESOLUTION NO. 07-108 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY TO BENEFIT THE VALLEYCARE HEALTH SYSTEM WHEREAS, The Hospital Committee for the Livermore-Pleasanton Area, a nonprofit public benefit corporation, doing business as the ValleyCare Health System (the "Corporation"), has requested that the California Statewide Communities Development Authority (the "Authority") participate in the issuance of revenue bonds in an aggregate principal amount not to exceed $85,000,000 (the "Bonds") for the purpose of, among other things, financing and/or refinancing the construction, expansion, remodeling, renovation, furnishing, equipping or acquisition of certain medical facilities known as ValleyCare Medical Center and ValleyCare Medical Plaza, and other health care facilities related thereto, owned and operated by the Corporation (collectively, the "Facilities"), and located in the City of Pleasanton (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 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; 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 Authority; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLEASANTON, STATE OF CALIFORNIA, AS FOLLOWS: Section 1: The City Council hereby approves the issuance of the Bonds by the Authority for the purposes of financing and/or refinancing the construction, expansion, remodeling, renovation, furnishing, equipping or acquisition of the Facilities. 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 governmental unit having jurisdiction over the area in which the Facilities are 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 that 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.