CC Resolution 2016-045RESOLUTION NO. 2016-045
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA
QUINTA, CALIFORNIA APPROVING THE ISSUANCE OF
REVENUE REFUNDING BONDS BY THE AUTHORITY FOR
THE PURPOSE OF REFINANCING THE ACQUISITION,
CONSTRUCTION AND IMPROVEMENT OF CERTAIN
FACILITIES FOR THE BENEFIT OF EISENHOWER MEDICAL
CENTER
WHEREAS, Eisenhower Medical Center, a nonprofit public benefit corporation
(the "Borrower"), has requested that the California Municipal Finance Authority (the
"Authority") participate in the issuance of one or more series of revenue refunding
bonds in an aggregate principal amount not to exceed $320,000,000 (collectively, the
"Bonds"), as part of a plan of finance, for the purpose of refinancing the costs of the
acquisition, construction and equipping of certain health care capital improvements
owned by the Borrower and located at the Eisenhower George and Julia Argyros
Health Center, a 93,000 square feet outpatient care, imaging/laboratory, wellness and
physician office center, located at 45280 Seeley Drive, La Quinta, California 92253 (the
"Project"), which Project is owned and operated by the Borrower; and
WHEREAS, pursuant to Section 147(0 of the Internal Revenue Code of 1986
(the "Code"), the issuance of the Bonds by the Authority must be approved by the City
of La Quinta, California (the "City") because the Project is 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(0 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(0 of the Code and the requirements of Section 4 of the
Joint Exercise of Powers Agreement Relating to the California Municipal Finance
Authority, dated as of January 1, 2004 (the "Agreement"), among certain local
agencies, including the City; and
WHEREAS, pursuant to Section 147(0 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 La Quinta,
California as follows:
SECTION 1. The foregoing recitals are true and correct.
Resolution No. 2016-045
Issuance of Revenue Refunding Bonds
Adopted: November 1, 2016
Page 2
SECTION 2. The City Council hereby approves the issuance of the Bonds by the
Authority. 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 Project is located, in
accordance with said Section 147(f) and (b) Section 4 of the Agreement.
SECTION 3. The adoption of this Resolution shall not obligate the City or any
department thereof to (i) provide any financing to acquire or construct the Project or
any refinancing of the Project; (ii) approve any application or request for or take any
other action in connection with any planning approval, permit or other action
necessary for the acquisition, construction, rehabilitation or operation of the Project;
(iii) make any contribution or advance any funds whatsoever to the Authority; or (iv)
take any further action with respect to the Authority or its membership therein.
SECTION 4. The executing officers, the City Clerk and all other proper officers and
officials of the City are hereby authorized and directed to execute such other
agreements, documents and certificates, and to perform such other acts and deeds,
as may be necessary or convenient to effect the purposes of this Resolution and the
transactions herein authorized.
SECTION 5. The City Clerk shall forward a certified copy of this Resolution and
originally executed Agreement to the Authority in care of its counsel:
Ronald E. Lee, Esq.
Jones Hall, APLC
475 Sansome Street, Suite 1700
San Francisco, CA 94111
SECTION 6. This Resolution shalt take effect immediately upon its passage.
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta City
Council held on this 1st day of November, 2016, by the following vote:
AYES: Council Members Franklin, Osborne, Pena, Radi, Mayor Evans
NOES: None
ABSENT: None
ABSTAIN: None
Resolution No. 2016-045
Issuance of Revenue Refunding Bonds
Adopted: November 1, 2016
Page 3
LINDA EVANS, Mayor
City of La Quinta, California
ATTEST:
SUSAN MAYSELS, City C 4rk
City of La Quinta, California
(CITY SEAL)
APPROVED AS TO FORM:
WILLIAM H. IHRKE, City Attorney
City of La Quinta, California