HomeMy WebLinkAboutResolution - 1777 RESOLUTION NO. 1777
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SAN JACINTO, CALIFORNIA AUTHORIZING THE
ISSUANCE OF BONDS IN CONNECTION WITH A
REVENUE BOND ISSUE
WHEREAS , the City, as an inducement to the developer who
will undertake the development of a 126-bed, skilled nursing
facility, desires to authorize the issuance of bonds in an
amount sufficient to provide financing
forsta the
project
subject
to the restrictions of all applicable
al laws
as they presently exist; and
WHEREAS , it is in the public interest, for the public
benefit and in furtherance of the public purposes that the
City authorize revenue bonds for the development aforesaid.
NOW THEREFORE, THE SAN JACINTO CITY COUNCIL HEREBY
RESOLVES , DETERMINES AND FINDS AS FOLLOWS :
Section I. Subject to the completion of proceedings and
other matters relating hereto, to the full satisfaction
provide
City Council, the City Council hereby a9 non-profit
financial assistance to the HUMAN
ITAS FOUNDATION, a the purpose of
providing
ofinancing n or its sofc the odevelopment rs or gnof ar128 bed, skilled
providing
nursing facility on real property described below:
On the west side of Donna Way, north of Seventh Street.
Such financing shall be provided through a loan to lender ,
letter of credit, or other structure satisfactory to the City.
The City reserves the option of providing such financing
through other methods acceptable to the City. The proposed
bond issue shall not exceed $7 ,000 ,000 .
Section 2. Based on the foregoing , it is understood that
the availability of such financial assistance is substantial u anaa
inducement to the developer to undertake such p
manner desired by the City.
Section 3. This inducement resolution shall be valid for
a period of twelve (12) months from
itif granted aoption by the with a
possible extension of sixty (60) days
Manager.
Section 4. The City Manager and the staff are hereby
authorized and directed to take whatever further action
relating to the aforesaid financial assistance as deemed
reasonable and desirable in accordance with the laws of the
1
State of California and within the limitations provided,
any
ta
applicablhat any agree ndf the United stheete terms s of and condition under
however , Y g by the City
which the bonds will be issued must be approved
Council.
AND ACCEPTED this 4th day of October ,
PASSED, APPROVED,
lggg by the following vote:
AYES : Councilmen Divine, Ford, Stevens and Stuart
NOES : None
ABSENT: Councilman Redding
ayor
City 45f San Jacinto
ATTEST:
Deputy Chty Clerk
City of San Jacinto
CERTIFICATE
The foregoing is certified to be a true copy of Resolution No. 1777 duly
adopted by the said City Council of the City of San Jacinto on the date set
forth therein.
Deputy City Clerk