Resolution - 2020-26RESOLUTION NO.2020-26
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA, CALIFORNIA, APPROVING THE
ISSUANCE OF THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY
REVENUE BONDS (EMANATE HEALTH), SERIES 2020 IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $260,000,000 FOR THE PURPOSE OF
FINANCING AND/OR REFINANCING THE
ACQUISITION, CONSTRUCTION, EQUIPPING,
IMPROVEMENT, RENOVATION, REHABILITATION
AND/OR REMODELING OF HOSPITAL, HEALTH CARE
AND RELATED FACILITIES AND CERTAIN OTHER
MATTERS RELATING THERETO
WHEREAS, Emanate Health, a California nonprofit public benefit corporation
(the "Corporafiorf), has requested that the California Statewide Communities Development
Authority (the `Authority) participate in the issuance of one or more series of revenue bonds in
an aggregate principal amount not to exceed $260,000,000 (the `Bonds') for the acquisition,
construction, equipping, improvement, renovation, rehabilitation and/or remodeling of hospital,
health care and related facilities (the "Facilities') to be owned and operated by the Corporation
or one of its affiliates (the "Project') and located within the City of West Covina (the "City);
and
WHEREAS, pursuant to Section 147(1) of the Internal Revenue Code (the "Code'), the
issuance of the Bonds by the Authority must be approved by the City because the Facilities are
located or to be located within the territorial limits of the City; 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(1) of the Code; and
WHEREAS, the Authority has requested that the City Council approve the issuance of
the Bonds by the Authority for the purposes of financing and/or refinancing the Project in order
to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of
Section 9 of the Amended and Restated Joint Exercise of Powers Agreement, dated as of June 1,
1988 (the "Agreement"), among certain local agencies, including the City;
WHEREAS, the Authority is also requesting that the City Council approve the issuance
of any refunding bonds hereafter issued by the Authority for the purpose of refinancing the
Bonds which financed the Facilities (the "Refunding Bonds'), but only in such cases where
federal tax laws would not require additional consideration or approval by the City Council; and
WHEREAS, pursuant to Section 147(fl 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, THE CITY COUNCIL OF THE CITY OF WEST COVINA,
CALIFORNIA DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council hereby approves the issuance of the Bonds and
Refiinding Bonds by the Authority for the purposes of financing and/or refinancing the Project.
It is the purpose and intent of the City Council that this resolution constitute approval of the
issuance of the Bonds and Refunding Bonds by the Authority and of the financing and/or
refinancing of the Project, for the purposes of (a) Section 147(l) of the Code by the applicable
elected representative of the issuer of the Bonds and the governmental unit having jurisdiction
over the area in which the Facilities are located or are to be located, in accordance with said
Section 147(fl and (b) Section 9 of the Agreement.
SECTION 2. The officers of the City 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 cany out, give effect to and comply with the terms and
intent of this resolution and the financing transaction approved hereby.
SECTION 3. The City Clerk shall certify to the adoption of this resolution and shall
enter the same in the book of original resolutions and it shall become effective immediately.
APPROVED AND ADOPTED this 19th day of May, 2020
Z
Tony W
Mayor
APPROVE FORM
Thomas P. Duarte
City Attorney
ATTEST&,\,
Lisa Sh `ck
Assista# City Clerk
I, LISA SHERRICK, ASSISTANT CITY CLERK of the City of West Covina,
California, do hereby certify that the foregoing Resolution No. 2020-26 was duly adopted by the
City Council of the City of West Covina, California, at a regular meeting thereof held on the
19th day of May, 2020, by the fallowing vote ofthe City Council:
AYES: Castellanos, Johnson, Shewmaker, Lopez-Viado, Wu
NOES: None
ABSENT: None
ABSTAIN: None
Lisa S ' k
Assista# City Clerk