RESOLUTION NO. _____________ |
BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA |
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RESOLUTION APPROVING ISSUANCE OF BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY FOR LOCAL KAISER PROJECTS |
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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that |
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WHEREAS, the California Statewide Communities Development Authority (the "Authority") is a joint exercise of powers authority consisting of more than 350 California cities, counties and special districts, including the County of San Mateo. |
WHEREAS, the Authority, pursuant to its Amended and Restated Joint Exercise of Powers Agreement (the "Agreement"), is authorized to assist in the financing of facilities for non-profit organizations. |
WHEREAS, Kaiser Foundation Hospitals, d/b/a Kaiser Permanente ("Kaiser"), has submitted an application to the Authority for its assistance in issuing the Authority's Refunding Revenue Bonds (Kaiser Permanente) Series 2003 (the "Bonds") in an aggregate principal amount not to exceed $240,000,000, to refund prior tax-exempt bonds which financed various Kaiser facilities throughout the State of California; and |
WHEREAS, the contemplated refinancing is referred to as the "Project"; and |
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WHEREAS, the South San Francisco Medical Center and the Redwood City Medical Center, both located within the County of San Mateo, are portions of the Project being refinanced with the Bonds and are therefore referred to as the "Local Projects"; and |
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WHEREAS, pursuant to this Board's Resolution No. 59687, adopted September 19, 1995, the County of San Mateo is a signatory to the Agreement and is a Program Participant of the Authority (a "Participant"); and |
WHEREAS, Section 9 of the Agreement requires that the County of San Mateo, as a Participant, approve the Local Projects and the issuance of the Bonds before the Authority may issue the Bonds; and |
WHEREAS, the Authority has advised the County of San Mateo that because the Project is a current refunding that does not extend the original maturity date, there is no legal requirement for the County to conduct a public hearing for federal tax purposes or otherwise prior to approval or issuance of the Bonds. |
NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the Board of Supervisors hereby approves the Local Projects and the issuance of the Bonds |
IT IS FURTHER RESOLVED, that the President of the Board of Supervisors, the County Manager, and the Assistant County Manager, and all other proper officers and officials of the County, are hereby authorized and directed to execute such other agreements, documents and certificates, and to perform such other acts and deeds, as they may deem necessary or advisable in order to carry out, give effect to and comply with the terms and intent of this Resolution and the transactions herein authorized. |
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