HomeMy WebLinkAbout55-15 RESOLUTION 55-15
A RESOLUTION OF THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS
APPROVING A TAX-EXEMPT BOND FINANCING TO BE ISSUED BY THE
CALIFORNIA PUBLIC FINANCE AUTHORITY TO BENEFIT DAUGHTERS OF
CHARITY HEALTH SYSTEM AND CERTAIN AFFILIATES AND RELATED ACTION
WHEREAS, Daughters of Charity Health System, a nonprofit corporation (the "Borrower"), has
requested that the California Public Finance Authority (the "Authority") issue bonds or notes in
one or more series in an aggregate principal amount not to exceed $150,000,000 (the "Bonds") ;
WHEREAS,the proceeds of the Bonds will be used to pay, or to refinance bonds or notes issued
to pay, (1) certain expenses incurred in connection with the issuance of the Bonds, and (2)
working capital to be expended at one or more of the following facilities and addresses:
• Daughters of Charity Health System Corporate Office at 26000 Altamont Road,
Los Altos Hills, CA; 595 East Colorado Boulevard, Pasadena, CA; 203 Redwood
Shore Parkway, Redwood City, CA; 950 23`d Street, San Francisco, CA, 8500
Mercury Lane, Pico Rivera, CA
• Caritas Business Services at 203 Redwood Shores Parkway, Redwood City, CA
• De Paul Health Center at 18500-18590 Saint Louise Drive, Morgan Hill, CA
• O'Connor Hospital at 125 Ciro Drive; 2030, 2101 and 2105 Forest Avenue; 2054
Zanker Road; 455 O'Connor Drive, each in San Jose CA and 50 East Hamilton
Avenue, Campbell, CA
• Saint Louise Regional Hospital at 18525 Sutter Boulevard, Morgan Hill, CA,; 590
Cohansey Avenue, 705 Las Animas Road, 9360, 9400 and 9460 No Name Uno,
each in Gilroy, CA
• Seton Medical Center at 205 San Fernando Way, 1500 Southgate Avenue, 165
Pierce Street, 1784, 1800, 1850 and 1900 Sullivan Avenue, 202 Alta Loma, 25
San Fernando, 443 S. Mayfair Avenue, 45 Southgate, 901 Campus Drive, and
parking lots adjacent to the aforementioned addresses, each in Daly City, CA;
3405 Spring Valley Road and 3449 Wolf Creek Road, each in Lakeport CA
• Seton Medical Center Coastside at 251 Michelle Court, South San Francisco, CA
and 600 Marine Boulevard, Moss Beach, CA
• St. Francis Medical Center at 5953 S. Atlantic Boulevard, Maywood, CA; 2700 E.
Slauson Avenue, Huntington Park, CA; 3570 Brenton Avenue, 3584, 3633 and
3663 Martin Luther King Jr. Boulevard; 3628, 3629, 3630 and 3680 E. Imperial
Highway, each in Lynwood CA; 4390 Tweedy Boulevard and 9404 Burtis St.,
each in South Gate CA; 457 S. Long Beach Boulevard, Compton, CA; and 7840
Imperial Highway, Downey, CA
Resolution 55-15 Page 1
• St. Vincent Medical Center 143 Alvarado Street, 161, 171, 199, 201 South
Alvarado Street, 2100, 2131, 2200 and 2301 West Third Street; 2222, 2309 Ocean
View Avenue, 2120 and 2300 W. Valley Street, 2306 and 2300, 2304 and 2308
W. 4th Street; 2306-2306,5 Valley Street; 2312, 2314, 2318, 2320, 2322, 2324,
2328, 2334, 2334 1/2, 2332, 2332 1/2, 2336, 2338, 2340, 2344, 2346 and 3202 W.
Miramar Street; 253, 262, 272, 412, 422, 428, 428 1/2 and 434 S. Lake Street; 274
S. Park View; 275, 277, 407 S. Grandview Street; 2301 W. Ocean View Avenue,
each in Los Angeles, CA; 8501 Camino Media, Bakersfield, CA
• DCHS Medical Foundation at 6261 Katella Avenue, Cypress, CA; 2675 E.
Slauson Avenue, 2618, 2620, 2657, 2665, and 2671 E. 58th Street, 2623 W.
Slauson Avenue, each in Huntington Park, CA; 18550 De Paul Drive, Morgan
Hill, CA; 6475 Camden Avenue, 2030 and 2039 Forest Avenue, 400 Race Street,
455 O'Connor Drive, 2460 and 2585 Samaritan Drive, 277 N. Jackson Avenue,
200 Jose Figueres Avenue, 806-A Home Street and 625 Lincoln Avenue, each in
San Jose, CA; 1145 E. Compton Boulevard and 111 N. Sloan Avenue, each in
Compton, CA; 1500 Southgate Avenue and 1800 Sillivan Avenue, each in Daly
City, CA; 8833 Monterey Road, Gilroy, CA; 966 S. Western Avenue, Los
Angeles, CA; 240 Oak Meadow Drive, Los Gatos, CA, 3617 and 3621 Martin
Luther King Jr. Boulevard, each in Lynwood, CA;
WHEREAS, the facilities are owned and/or operated by the Borrower, Caritas Business
Services, O'Connor Hospital, Saint Louise Regional Hospital, Seton Medical Center, St. Francis
Medical Center, St. Vincent Medical Center and DCHS Medical Foundation, each a nonprofit
religious corporation and an organization described in Section 501(c)(3) of the Internal Revenue
Code of 1986;
WHEREAS, the Town proposes to become an Additional Member of the Authority pursuant to
Section 12 of the Joint Exercise of Powers Agreement (the "Agreement") relating to the
California Public Finance Authority;
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 Town of Los Altos Hills (the
"Town") because has jurisdiction over the area in which a facility with respect to which
financing is to be provided from the net proceeds of the Bonds is located;
WHEREAS, the Borrower is headquartered in the Town and the City Council of the Town (the
"Council") is the elected legislative body of the Town and is one of the applicable elected
representatives required to approve the issuance of the Bonds under Section 147(f) of the Code;
WHEREAS, the Authority has requested that the 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
WHEREAS, pursuant to Section 147(f) of the Code, the 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;
Resolution 55-15 Page 2
1
NOW THEREFORE, THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Town hereby requests to become an Additional Member of the Authority
pursuant to Section 12 of the Agreement. The Council hereby approves the Agreement and any
one of the officers of the Town is hereby authorized and directed to execute an amendment to the
Agreement to add the Town as a party thereto.
Section 2. The Council hereby approves the issuance of the Bonds by the Authority. It is the
purpose and intent of the Council that this Resolution constitute approval of the issuance of the
Bonds by the Authority, for the purposes of Section 147(f) of the Code.
Section 3. The issuance of the Bonds shall be subject to the approval of the Authority of all
financing documents relating thereto to which the Authority is a party. The Town shall have no
responsibility or liability with respect to the Bonds or the credit worthiness of the Borrower.
Section 4. The adoption of this Resolution shall not obligate the Town to (i) approve any
application or request for or take any other action in connection with any planning, approval,
permit or other action necessary for any project or (ii) make any contribution or advance any
funds to the Authority or the Borrower.
Section 5. The officers of the Town are hereby authorized and directed,jointly and severally, to
do any and all things and to execute and deliver any and all documents which 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.
Section 6. This Resolution shall become effective immediately upon its passage and adoption.
The above and foregoing resolution was passed and adopted by the City Council of the Town of
Los Altos Hills at a special meeting held on the 14th day of October, 2015 by the following vote:
AYES: Corrigan, Harpootlian, Radford, Spreen, Waldeck
NOES: None
ABSTAIN: None
, � ,Y: ,ne B �,� _
Court- ay i. C s i . ,
Y g Mayor
ATTEST:
___ ,
Deborah Padovan, City Clerk
2534789.1
Resolution 55-15 Page 3