Watsonville Municipal Code Art. 2 Financing Health Facilities

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 for the cost of acquiring, constructing, rehabilitating, or improving a health facility; provided, however, no such loan shall exceed the total cost of such health facility as determined by the participating health institution and approved by the City.

(§ l, Ord. 510-80 C-M, eff. September 25, 1980)

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 to refund or refinance the 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 chapter, if the City finds that such refunding or refinancing is in the public interest and either alleviates a financial on operating hardship of such participating health institution, or is necessary and appropriate in connection with other financing by the City for such participating health institution, or may be expected to result in lower costs of health care than would otherwise prevail and a saving to third parties, including government, and to others who must pay for care, or any combination thereof.

(§ 1, Ord. 510-80 C-M, eff. September 25, 1980)

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 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 a participating health institution any health facility owned by the City under this chapter, including a health facility conveyed to the City in connection with a financing under this chapter but not being financed or refinanced under this chapter.

(§ 1, Ord. 510-80 C-M, eff. September 25, 1980)

The City may charge participating health institutions 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 chapter.

(§ 1, Ord. 510-80 C-M, eff. September 25, 1980)

The City may obtain, or aid in obtaining, from any department or agency of the United States or of the State or of 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 chapter, and may accept payment in such manner and form as provided therein in the event of default by a participating health institution, and may assign any such insurance or guarantee as security for bonds.

(§ 1, Ord. 5 10-80 C-M, eff. September 25, 1980)

The City may fix rents, payments, fees, charges, and interest rates for financing under this chapter 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 chapter, including City administrative expenses.

(§ 1, Ord. 510-80 C-M, eff. September 25, 1980)

The City may hold deeds of trust or mortgages as security for loans under this chapter and may pledge or assign the same as security for the 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 the issuance of bonds.

(§ l, Ord. 510-80 C-M, eff. September 25, 1980)

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 chapter.

(§ 1, Ord. 510-80 C-M, eff. September 25, 1980)

In addition to all other powers specifically granted in this chapter, the City may do all things necessary or convenient to carry out the purposes of this chapter.

(§ 1, Ord. 510-80 C-M, eff. September 25, 1980)