CC Resolution No. 9889Quint & ThLrnmi§ LL~
05/05/97
06/20/97
CITY OF CUPERTINO
RESOLUTION NO. 9889
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CUPERTINO
APPROVING THE FORM AND ALrI'HORIZING THE EXECUTION OF
CERTAIN DOCUMENTS IN CONNECTION WITH THE REFINANCING OF
CERTAIN HEALTH FACILITIES BY SUNNY VIEW LUTHERAN HOME AND
DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO
RESOLVED, by the City Council of the City of Cupertino (the "City"), as follows:
WHEREAS, the City has previously caused the execution and delivery of its Insured
Retirement Facility Revenue Certificates of Participation (Sunny View Lutheran Home), Series
1989 A (the "1989A Certificates"), in the aggregate principal amount of $2,100,000, to provide
assistance to the Corporation in (a) the refinancing of various capital improvements undertaken
by Sunny View Lutheran Home (the "Corporation") between 1986 and 1989, including (i) the
addition of an 18-bed personal care unit, the addition of eight new apartments and the
conversion of one office to' an apartment, as well as the complete remodeling of the kitchen and
dining room and the remodeling and renovation of its skilled nursing facility, and (b) the
financing of the completion of the skilled nursing facility renovation (collectively, the "1989A
Project");
WHEREAS, the City has also previously caused the execution and delivery of its
Insured Taxable Retirement Facility Revenue Certificates of Participation (Sunny View Lutheran
Home), Series 1989 B (the "1989B Certificates"), in the aggregate principal amount of
$2,400,000, to provide assistance to the Corporation in financing the acquisition of an
apactment building containing 16 two-bedroom units to be converted to an independent living
facility (the "1989B Project");
WHEREAS, the Corporation has authorized negotiations with the California Health
Facilities Financing Authority (the "Authority") for purpose of refinancing the 1989A Project
and the 1989B Project and refunding all of the 1989A Certificates and the 1989B Certificates,
such negotiations having now been concluded;
WHEREAS, it is proposed that the 1989A Project and the 1989B Project will be
refinanced and the 1989A Certificates and the 1989B Certificates will be refunded from the
proceeds of the California Health Facilities Financing Authority Insured Health Facility Revenue
Bonds (Sunny View Lutheran Home), 1997 Series A (the "Bonds"), to be issued in an aggregate
principal amount not to exceed five million five hundred thousand dollars ($5,500,000), such
Bonds to be issued pursuant to the terms of that certain Indenture, by and between the
Authority and Harris Trust Company of California, as trustee (the "Indenture"), and from
certain other moneys; and
WHEREAS, the Corporation has requested the' City to take certain actions in
furtherance of its refinancing program;
WHEREAS, the City wishes to take action to authorize the execution and delivery of
certain documents relating thereto;
03004.01
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
Section 1. The forms of the below-enumerated documents be and the same are hereby
approved, and the City Manager or the Finance Director is hereby authorized and directed on
behalf of the Corporation to execute and deliver said documents, with such changes, insertions
and omissions as may be approved by the official executing the document, which execution and
delivery shall constitute conclusive evidence of the Corporation's approval of any and all
changes or revisions therein, and the City Clerk is hereby authorized and directed to attest to
such official's signature:
(a) a Termination Agreement among the Authority, the Corporation and the Office of
Statewide Health Planning and Development, terminating the contract of insurance, the
regulatory agreement and the deed of trust relating to the 1989A Certificates and the 1989B
Certificates;
(b) an Escrow Agreement among the City, the Corporation and First Trust of California,
National Association, as escrow bank, relating to the 1989A Certificates; and
(c) an Escrow Agreement among the. City, the Corporation and First Trust of California,
National Association, as escrow bank, relating to the 1989B Certificates; and
Section 2. The City Manager, the Finance Director or the City Clerk, acting alone or in
conjunction with any other officer, are hereby authorized and directed to do any and all things
which they deem necessary or advisable in order to carry out all of the provisions of such
documents.
Section 3. This resolution shall become effective upon its passage and approval.
I, the undersigned City Clerk of the City of Cupertino, hereby certify that the foregoing is
a full, true and correct copy of a resolution duly adopted by the City Council of the City at a
meeting thereof on the 7th day of July, 1997, by the following vote of the members thereof:
AYES: Burnett, Chang, Dean, Sorensen, Bautista
NOES: None
ABSTAIN: None
ABSENT: None
APPROVED:
f~'r, Ciiy ~-C~p~r'U{~o
ATTEST:
C~ Clerk
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