CC Resolution 2017-016RESOLUTION NO. 2017-016
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LA QUINTA, CALIFORNIA, APPROVING THE ISSUANCE OF
REVENUE REFUNDING BONDS BY THE FINANCE
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 $380,000,000 (collectively, the
"Bonds"), as part of a plan of finance, for the purpose of, in part, 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"), as one of the governmental units on behalf of
which the Bonds will be issued and the governmental unit having jurisdiction over the
territorial limits of the City in which the Project is located; 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:
Resolution No. 2017-016
Issuance of Revenue Refunding Bonds by the Finance Authority
Adopted: May 2, 2017
Page 2 of 3
SECTION 1. The foregoing recitals are true and correct.
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, as the "applicable elected
representative" of one of the governmental units on behalf of which the Bonds will be
issued and the governmental unit having jurisdiction over the area in which the
Project is located, that this resolution constitute (a) "issuer" approval and "host"
approval of the issuance of the Bonds for the purposes of Section 147(f) of. the Code,
and (b) approval of the issuance of the Bonds for the purposes of 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 the
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 shall take effect immediately upon its passage.
Resolution No. 2017-016
Issuance of Revenue Refunding Bonds by the Finance Authority
Adopted: May 2, 2017
Page 3 of 3
PASSED, APPROVED and ADOPTED at a regular meeting of the La Quinta City
Council held on this 2nd day of May, 2017, by the following vote:
AYES: Council Members Fitzpatrick, Pena, Radi, Sanchez, Mayor Evans
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
SUSAN MAYSELS, City lerkc
City of La Quinta, California
(CITY SEAL)
APPROVED AS TO FORM:
WILLIAM H. IHRKE, City Attorney
City of La Quinta, California
LINDA EVANS, Mayor
City of La Quinta, California