HomeMy WebLinkAboutReso 1992-16561 RESOLUTION NO. 16561
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AUTHORIZING ARENDRENTS OF LOAN AGREERENT WITH
SOUTH BAY ARBULATORY SURGERY ASSOCIATES
WHEREAS, the City has previously assisted the financing of an out-patient
surgical and medical office facilities located at 251 and 255 Landis Avenue in
the City of Chula Vista, by South Bay Ambulatory Surgey Associates, a California
general partnership (the "Company"), from the proceeds of a tax-exempt bond issue
of the City; and,
WHEREAS, in connection with such financing the Company and the City have
previously entered into that certain Loan Agreement dated as of December 1, 1984
{the "Loan Agreement") under which the Company has agreed to make payments of
debt service, and in addition such financing is secured by an irrevocable letter
of credit issued by Golden State Sanwa Bank {the "Bank"); and,
WHEREAS, pursuant to Section 5.06 of the Loan Agreement the Company is
required to furnish annual financial statements which are certified by an
independent certi fied public accountant to have been prepared in accordance with
generally accepted accounting principles, and the Company has requested that the
City approve an amendment of such provision at this time in certain respects;
and,
WHEREAS, the City has been advised that such amendment is accpetable to the
Bank and the law firm of Jones Hall Hill & White, a Professional Law Corporation,
is willing to render an opinion that such amendment is permitted to be made at
this time.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula
Vista, that the Loan Agreement is hereby authorized to be amended pursuant to
that certain First Amendment to Loan Agreement by and between the City and the
Company, known as document number C092-050, a copy of which is on file in the
office of the City Clerk, in substantially the form on file with the City Clerk
together with any changes thereto deemed advisable by the Director of Finance,
and that the Mayor and the City Clerk are hereby authorized and directed to
execute and attest said First Amendment to Loan Agreement on behalf of the City.
Appr~ ed as to f 'by
Presented by
,~ ~'!~!~ i ix ,, ',/; ~. ,x~,? ~ ~ / Bruce M. Boogaard
Lyman Chri stopher
Director of Finance City Attorney
Resolution No. 16561
Page 2
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 7th day of April, 1992, by the following vote:
YES: Councilmembers: Grasser Hotton, Moore, Rindone, Nader
NOES: Councilmember: None
ABSENT: Councilmembers: Malcolm
ABSTAIN: Councilmembers: None
Tim Nader, ~M~ayor
ATTEST:
' /) i n
Beverly AyAuth~let, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do
hereby certi~that the foregoing Resolution No. 16561 was duly passed, approved,
and adopted by the City Council held on the 7th day of April, 1992.
Executed this 7th day of April, 1992.
Beverly A/Authelet, City Clerk