HomeMy WebLinkAboutRESOLUTIONS - 12171996 - 96-567 p• 1
Resolution 96/567
A RESOLUTION OF THE CONTRA COSTA COUNTY
APPROVING AN INSTALLMENT PURCHASE MANCING
TO BE UNDERTAKEN BY THE CALIFORNIA STATEWIDE COAMUNITIES
DEVELOPNMM AUTHORITY TO BENEM
JOHN MUM/MT. DIABLO HEALTH SYST1W
WSSI2BAS, John Muir Medical CendB' (the "Corporation"). a noaproftt public
beaetit corporation, has racpesttad that the California Statewide Communities Development
Authority ("CSCDA")partici in an installment purchase ftocing (the "Fimwing")for the
purpose of fmancig the acquisition, iimpmvemeat and equipphtg of caatain healthcare facilities
(the "Facilities');
QVH]MhS, in connection with the Financing, CSCDA and the John MuWNIL
Diablo Health System (the "System") will enter into an installment purchase agreement (the
"Purchase Agreement")under which the System will sell the Facilities to CSCDA and CSCDA
will agree to make payments (the "Installment Payments') to the System for the purchase
thereof;
WEMREAS, certificates of participation (the 'Certftfts') is an aggregate
principal amount not to exceed$90,000,000 each representing a proportionate undivided intevest
in the Installment Payments, will be executed, delivered and sold in connection with the
Financing;
WBEREAS,proceeds of the Certificates in an amount not to exoeed$90,000,000
are expected by the System to be used for the Facilities;
pursuant to Section 147(f)of the Internal Revenue Code of 1986(the
'Code"), the Financing and the execution and delivery of the Purchase Agreement by CSCDA
must be appr+aved by Contra Costa County (the "County') because the Facilities are located
within the motorial limits of the County;
TMEREAS,the Board of 5uperv1sm of the County is the elected]dative body
of the County and is one of the applicable elected representatives required to approve the
Financing and the execution and delivery of the Purchase Agmement under Section 147(f)of the
Code;
WEaMI A.S, CSCDA and the System have requested that the Board of Supervisors
of the County approve the Financing and the execution and delivery of the Purchase Agreement
in order to satisfy the public approval regairement of Secdoo 147(f) of the Code and the
requirements of Section 9 of that certain Amended and Restated Joint Exerene of Powers
A,greemeat Relating to the Catifarnia Statewide Communities Development Authority, dated as
of June 1, 1988 (the "Agreement"); and
VrEffi tBAS, pursuant to Section 147(1)of the Code, the Board of Supervison of
the County leas, following notice duly given, held a public hearing regarding the Fmncing and
acia�raao.i
Resolution 96/567
Me execution and delivery of the Purchase Agreement and now de dres to approve the Financing
and the execution and delivery of the Purchase Agreement;
NOW,7 LEFORB,BE IT RESOLVED,by the Board of Supervisors of Contra
Costa County, as follows:
1. The Board of Supervisors of the County bweby approves the Financing
described above and the Purchase Agreement. It is the purpose and intent of the Board of
Supervisors of the County that this resolution consorts approval of the Pina=3ag and the
e moution and &hvM of the Punhase Agreement (and the execution and delivery of the
certificates of parfiCption Mated themto)for the purposes of(a) Secdon 147M of the Code by
the applicable alected representidve of the governmeaml unit having jurisdiction over the area
in which the Facilities am to be located, in socordance with said Sec don 147(t),and (b) Section
9 of the Agreement.
2. The offwers of the County are hereby authoAzed and directed,jointly and
severally, to do any and all thugs and to execcte and deliver any and all documents which they
deem necessary ac advisable in order to carry out, give effect to and comply with the terms and
intent of thin resolution and the financing ttansaction approved hereby.
sci-iioo2o.i 2
Resolution 96/567
I T9uuls reaolutwn shall tate effect Immediately upon ib passage.
PASSED AND ADOPTED this 17thday of December, 1996,by ffie foUbMAg vote:
AYES: SUPERVISORS ROGERS, BISHOP, DeSAULNIER, CANCIAMILLA and SMITH
NOBS; NONE
ABSTAIN: NONE
ABSERr: NONE I hereby certify that this is a true
and correct copy of an action taken
and entered on the minutes of the Board
of Supervisors on the date shown.
ATTESTED D e c e m b e r 17-, C)9 6
Phil Batchelor, Clerk of the Board
of Supervis s nd County Administrat:ir
BY
Barbara . ' t Deputy Clerk
ict.tuaoo.t g
Resolution 96/567