HomeMy WebLinkAboutResolutions - No. 90-103RESOLUTION NO. 90-103
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A RESOLUTION OF THE LODI CITY COUNCIL
AUTHORIZING THE EXECUTION AND DELIVERY OF
AN ACQUISITION AGREEMENT WITH THE
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY
AND CERTAIN OTHER ACTIONS IN CONNECTION WITH
THE TRANSFER OF TITLE TO LODI MEMORIAL HOSPITAL
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WHEREAS, Lodi Memorial Hospital (the "Hospital") previously
issued $8,000,000 aggregate principal amount of its revenue bonds (the
"Bonds") for the purpose of financing certain improvements and
additions to the Hospital's facilities; and
WHEREAS, in order for interest on the bonds to be exempt from
federal income taxation, the City served as the sponsor of the Bonds in
accordance with Revenue Ruling No. 63-20, although the City was not
obligated to pay the principal of or interest on the Bonds; and
WHEREAS, the Hospital now intends to refund the Bonds and, in
connection therewith, title to a portion of the Hospital's facilities
will be transferred to the City in accordance with Revenue Ruling No.
63-20; and
WHEREAS, the Hospital has requested the City to transfer title to
such facilities to the California Health Facilities Financing Authority
in order to assist in the refunding of the Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE LODI CITY COUNCIL,
as follows:
Section 1. The City Manager or his designee is hereby directed,
for and on behalf of the City, to take such action as may be required
to convey title to any facilities received from the Hospital in
connection with the refunding of the Bonds to the California Health
Facilities Financing Authority, including, without limitation,
execution of a quitclaim deed and bill of sale and execution of an
acquisition agreement with the Authority in substantially the form
attached hereto as Exhibit A. The consideration for such transfer
shall be equal to the amount necessary to cause the Bonds to be
refunded, such amount to be applied to the refunding of the Bonds.
Section 2. The City Manager or his designee are authorized to
execute any and all documents and to take any and all action which may
be necessary to effectuate the purposes of this resolution.
Dated: June 20, 1990
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I hereby certify that Resolution No. 90-103 was passed and
adopted by the Lodi City Council in a regular meeting held June 20,
1990 by the following vote:
Ayes: Council Members - Hinchman, Olson, Pinkerton, Reid and
Snider (Mayor)
Noes: Council Members - None
Absent: Council Members - None
'Innife M. Perrin
Deputy City Clerk
90-103
RES90103/TXTA.02J