Burbank Municipal Code Div. 2 Financing Health Facilities

2-4-1504: LOAN FOR HEALTH FACILITY:

2-4-1505: LOAN TO REFUND OR REFINANCE HEALTH FACILITY:

The City may make, purchase, or otherwise contract for the making of a mortgage or other secured or unsecured loan, upon such terms and conditions as the City shall deem proper, to any participating health institution located in the City, or to any corporation which is a nonprofit corporation in California or a sister state of the United States of America and which is the sole member of a participating health institution located in the City, to refund or refinance outstanding obligations of such participating health institution incurred to finance the cost of acquiring or constructing a health facility, whether such obligations were incurred prior to or after the enactment of this article, if the City finds that such refunding or refinancing is in the public interest and either alleviates a financial or operating hardship of such participating health institution, or is in connection with other financing by the City for such participating health institution or may be expected to result in lower charges or containment of the rate of increase in hospital rates and a saving to third parties, including government, and to others who must pay for care, or any combination thereof. [Added by Ord. No. 2910; formerly numbered Section 14-177; renumbered by Ord. No. 3058, eff. 2/21/87.]

2-4-1506: SALE OR LEASE OF HEALTH FACILITY BY CITY:

The City may acquire, construct, enlarge, remodel, renovate, alter, improve, furnish, equip, own and lease as lessee a health facility for the purpose of selling or leasing such health facility to a participating health institution located in the City, or to any corporation which is a nonprofit corporation in California or a sister state of the United States of America and which is the sole member of a participating health institution located in the City, and may designate such participating health institution as its agent to undertake to construct, enlarge, remodel, renovate, alter, improve, furnish and equip such health facility.

The City may sell or lease, upon such terms and conditions as the City shall deem proper, to any such participating health institution or member corporation any health facility owned by the City under this article, including a health facility conveyed to the City in connection with a financing under this article but not being financed or refinanced hereunder. [Added by Ord. No. 2910; formerly numbered Section 14-178; renumbered by Ord. No. 3058, eff. 2/21/87.]

2-4-1507: RECOVERY OF COSTS AND EXPENSES BY CITY:

The City may charge participating health institutions and member corporations application, commitment, financing and other fees, in order to recover all administrative and other costs and expenses incurred in the exercise of the powers and duties conferred by this article. [Added by Ord. No. 2910; formerly numbered Section 14-179; renumbered by Ord. No. 3058, eff. 2/21/87.]

2-4-1508: INSURANCE OR GUARANTEE OF PAYMENT:

The City may obtain, or aid in obtaining, from any department or agency of the United States or of the State of California or any private company, any insurance or guarantee as to, or of, or for the payment or repayment of, interest or principal, or both, or any part thereof, on any loan, lease or sale obligation or any instrument evidencing or securing the same, made or entered into pursuant to the provisions of this article; and may accept payment in such manner and form as provided therein in the event of default by a participating health institution or member corporation, and may assign any such insurance or guarantee as security for bonds. [Added by Ord. No. 2910; formerly numbered Section 14-180; renumbered by Ord. No. 3058, eff. 2/21/87.]

2-4-1509: FIXING RENTS, FEES, RATES, ETC.:

The City may fix rents, payments, fees, charges and interest rates for financing under this article and may agree to revise from time to time such rents, payments, fees, charges and interest rates to reflect changes in interest rates on bonds, losses due to defaults or changes in other expenses related to this article, including City administrative expenses. [Added by Ord. No. 2910; formerly numbered Section 14- 181; renumbered by Ord. No. 3058, eff. 2/21/87.]

2-4-1510: DEEDS OF TRUST OR MORTGAGES AS SECURITY:

The City may hold deeds of trust or mortgages as security for loans under this article and may pledge or assign the same as security for repayment of bonds. Such deeds of trust or mortgages may be assigned to, and held on behalf of the City by, any bank or trust company appointed to act as trustee by the City in any resolution or indenture providing for issuance of bonds. [Added by Ord. No. 2910; formerly numbered Section 14-182; renumbered by Ord. No. 3058, eff. 2/21/87.]

2-4-1511: EMPLOYMENT OF EXPERTS AND CONSULTANTS:

The City may employ such engineering, architectural, financial, accounting, legal or other services as may be necessary in the judgment of the City for the purposes of this article. [Added by Ord. No. 2910; formerly numbered Section 14-183; renumbered by Ord. No. 3058, eff. 2/21/87.]

2-4-1512: DO ALL THINGS NECESSARY AND CONVENIENT:

In addition to all other powers specifically granted by this article, the City may do all things necessary or convenient to carry out the purposes of this article. [Added by Ord. No. 2910; formerly numbered Section 14-184; renumbered by Ord. No. 3058, eff. 2/21/87.]