BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA
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RESOLUTION APPROVING THE ISSUANCE OF
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
REVENUE BONDS (DAUGHTERS OF CHARITY HEALTH SYSTEM), SERIES 2001A
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $450,000,000 FOR THE PURPOSE OF FINANCING THE ACQUISITION, IMPROVEMENT AND EQUIPPING OF SETON MEDICAL CENTER AND SETON MEDICAL CENTER COASTSIDE AND CERTAIN OTHER MATTERS RELATING THERETO
RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that
WHEREAS, Daughters of Charity Health System, a California nonprofit corporation (the "Corporation"), 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 $450,000,000 (the "Bonds") for the acquisition, improvement and equipping of the acute care hospitals and related facilities known as Seton Medical Center and Seton Medical Center Coastside (the "Facilities") to be owned and operated by the Corporation (or an affiliate of the Corporation) and located within the County of San Mateo, State of California (the "County") and other facilities located outside of the County;
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 County because the Facilities are located within the territorial limits of the County;
WHEREAS, the Board of Supervisors of the County (the "County") is the elected legislative body of the County 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 Board 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 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 County;
WHEREAS, pursuant to Section 147(f) of the Code, the Board 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; and
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, as follows:
Section 1. The Board hereby approves the issuance of the Bonds by the Authority for the purposes of acquiring, improving and equipping the Facilities. It is the purpose and intent of the Board that this resolution constitute approval of the issuance of the Bonds by the Authority, for the purposes of (a) Section 147(f) of the Code by the applicable elected representative of the governmental unit having jurisdiction over the area in which the Facilities are located, in accordance with said Section 147(f) and (b) Section 9 of the Agreement.
Section 2. The officers of the County 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 3. This resolution shall take effect immediately upon its adoption.
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