HomeMy WebLinkAbout92-83 - Approving Agreement with Olive Crest Treatment Centers1 .,.
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RESOLUTION NO. 92-83
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING EXECUTION
AND DELIVERY BY THE LOCAL MEDICAL FACILITIES
FINANCING IV OF AN INSTALLMENT SALE AGREEMENT
WITH OLIVE CREST TREATMENT CENTERS, INC.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE
AS FOLLOWS:
WHEREAS, the Local Medical Facilities Financing Authority IV, a joint exercise of
powers authority consisting of governmental units in California created to assist in the financing
of facilities for local, nonprofit health facilities (the "Authority"), proposes to enter into an
installment sale agreement by and between Olive Crest Treatment Centers, Inc., a nonprofit,
public benefit corporation organized and existing under the laws of the State of California
("Olive Crest"), as seller, and the Authority, as purchaser, in the maximum principal amount
of $2,600,000.00, for the purpose, among other things, of providing moneys to finance the
purchase of a building located at 2763 Cibola Avenue, Costa Mesa, to be owned and operated
by Olive Crest as a residential group home in connection with its abused children treatment
services; and
WHEREAS, Section 147(f) of the Internal Revenue Code of 1986 requires the City
Council, as the elected representative of the City, the host jurisdiction of such facilities, to
approve the execution and delivery by the Authority of the proposed installment sale agreement
after a public hearing following reasonable notice; and
WHEREAS, a public hearing was held by the Chairman of the Authority on Thursday,
August 13, 1992, in the Anaheim City Hall, Finance Conference Room, 7th Floor, 200 South
Anaheim Boulevard, Anaheim, California, following duly published notice thereof, and all
persons desiring to be heard have been heard; and
WHEREAS, it is in the public interest and for the public benefit that the City Council,
as the elected representative of the City, the host jurisdiction of such facilities, to approve the
execution and delivery by the Authority of the proposed installment sale agreement;
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED AS
FOLLOWS:
SECTION 1. Execution and delivery by the Authority of an installment sale agreement,
by and between Olive Crest, as seller, and the Authority, as purchaser, in the maximum
principal amount of $2,600,000.00, among other things, for the purposes described above, is
hereby approved.
PASSED AND ADOPTED this 8th day of September, 1992.
Mayor #f the City of Costa Mesa
ATTEST:
City Clerk of the City of Costa Mesa
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City Council of the City
of Costa Mesa, hereby certify that the above and foregoing Resolution No. 92-83 was duly and
regularly passed and adopted by the said City Council at a regular meeting thereof held on the
8th day of September, 1992, by the following roll call vote:
AYES: Hornbuckle, Genis, Buffa, Humphrey, Erickson
NOES: None
ABSENT: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 10th day of September, 1992.
C ty Clerk and ex -officio Clerk of th
City Council of the City of Costa Me