HomeMy WebLinkAboutResolution No. 5118
COUNCIL RESOLUTION NO.5118
A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF
REVENUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $40,000,000 FOR THE CASCADE MANOR PROJECT
BY THE HOSPITAL FACILITIES AUTHORITY OF THE CITY OF
MEDFORD, OREGON
PASSED: 7:0
REJECTED:
OPPOSED:
ABSENT: Evans
CONSIDERED:October 13, 2014
RESOLUTION NO. 5118
A RESOLUTION AUTHORIZINGTHEISSUANCEANDSALEOF
REVENUEBONDSIN AN AGGREGATEPRINCIPALAMOUNT
NOT TOEXCEED $40,000,000 FOR THECASCADEMANOR
PROJECTBYTHEHOSPITALFACILITIESAUTHORITY OFTHE
CITY OF MEDFORD, OREGON
TheCity Council oftheCity ofEugene, Oregon,finds as follows:
A.
CascadeManor,Inc.,anonprofit501(c)(3)corporation(the“Borrower”),and
an affiliate of Pacific Retirement Services, Inc.,anonprofit501(c)(3) corporation,
owns acontinuingcareretirement communitylocatedat 65 West 30th Avenue, Eugene,
Oregon.
B.
The HospitalFacilitiesAuthority of the City of Medford,Oregon
(the “Authority”)hasreceivedarequestfromtheBorrowertoissueoneormoreseriesoftax-
exempt conduitbondsinanaggregateprincipalamountnottoexceed$40,000,000(the
“Bonds”)forthe purposeof(i)refinancingpriordebtobligationsissuedbytheAuthority(the
“RefundedBonds”), whichfinancedalloraportionofthecostsofconstructing,renovating,
improving,enlarging, furnishingandequippingseniorhousingunits,afitnesscenter,the
healthcenterandthemain buildingattheBorrower’scontinuingcareretirementfacility
onstructing,
andrelatedfacilities,and(ii) financingalloraportionofthecostsofc
improving,furnishingandequippinganadditionalexpansionofseniorhousingunits,anew
diningvenue,additionalcommonareasand othercapitalimprovements, andreimbursing
prior capitalexpenditures, atthe Borrower’s continuingcareretirementfacilityandrelated
facilities(thefacilitiesfinancedandrefinancedby theBonds areherein calledthe“Facilities”).
C.
UnderSection 147(f)of the InternalRevenue Code of 1986,as
amended, qualified501(c)(3)bondsmustbeapprovedbytheapplicableelected
representativesof(i)the governmentalunitissuingsuchbonds(theAuthority)and(ii)the
governmentalunithaving jurisdiction overtheareain which theFacilitiesarelocated(theCity
ofEugene, Oregon).
D.
TheprincipalandinterestontheBondswillnotconstituteadebtoftheCity
of Eugene,Oregon,theCityofMedford,OregonortheAuthority,norshalltheBondsbe
payable fromanyfundsoftheCityofEugeneincludingfrom ataxofanynaturelevied upon
anyproperty withintheCityofEugenenorany otherpoliticalsubdivisionoftheStateof
Oregon.TheBonds willbepayableonlyfromtherevenuesandresourcesoftheBorrower
pledgedtothepaymentof theBonds.
E.
OnSeptember22,2014,anoticeofpublichearingwaspublishedinthe
Register-Guardnewspaper.AHearingsOfficerconductedapublichearingonMonday,
October6,2014at3:00p.m.withrespecttotheproposedissuancebytheAuthorityofthe
Bonds. TheHearings Officerproduced aPublicHearingReport settingout theresults ofthe
publichearing.