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R-00-65
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<br />A RESOLUTION EXPRESSING THE CONCURRENCE OF THE COUNCIL OF
<br />THE CITY OF PORTSMOUTH, VIRGINIA, WITH THE INDUCEMENT
<br />RESOLUTION ADOPTED BY THE ECONOMIC DEVELOPMENT
<br />AUTHORITY OF HENRICO COUNTY, VIRGINIA AND APPROVING THE
<br />ISSUANCE OF REVENUE BONDS FOR THE BENEFIT OF MARYVIEW
<br />HOSPITAL AND BON SECOURS HEALTH SYSTEM, INC:
<br />
<br /> WHEREAS, the Economic Development Authority of Henrico County, Virginia
<br />(the "Henrico Authority"), on October 19, 2000, adopted an inducement resolution (the
<br />"Inducement Resolution") (a copy of which is attached hereto as Attachment A) for the
<br />benefit of Bon Secours Health System, Inc., a Maryland nonstock, nonprofit membership
<br />corporation (BSHSI"), wherein the Henrico Authority has agreed to issue its revenue
<br />bonds to assist certain affiliated health facilities of BSHSI, located in Virginia, including
<br />Maryview Hospital, a Virginia nonstock, nonprofit corporation (Maryview Hospital"),
<br />located in Portsmouth, Virginia, in financmg the acquisition, construction and equipping
<br />of certain capital improvements; and
<br />
<br /> WHEREAS. BSHSI and Maryview Hospital have requested that the Henrico
<br />Authority issue one or more series of its Revenue Bonds, Series 2000 (Bon Secours
<br />Health System, Inc.) (the "Bonds"), a portion of the proceeds of which will be used to (i)
<br />pay or reimburse, or refinance certain indebtedness the proceeds of which were used by,
<br />Maryview Hospital for the payment of the costs of acquiring, constructing, equipping,
<br />expanding, enlarging and improving certain of its medical facilities (the "Project"),
<br />(ii) provide working capital for Maryview Hospital, (iii) fund a debt service reserve fund,
<br />(iv) pay a portion of the interest on the Bonds and (v) pay certain expenses incurred in
<br />connection with the issuance of the Bonds; and
<br />
<br /> WHEREAS, the aggregate principal amount of the portion of the Bonds issued
<br />for the benefit of Maryview Hospital will not exceed $30,000,000; and
<br />
<br /> WHEREAS, the Bonds will be issued pursuant to the Virginia Industrial
<br />Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950,
<br />as amended (the "Act") and will be limited obligations of the Henrico Authority payable
<br />solely from the revenues and receipts derived from payments provided by BSHSI and
<br />certain affiliated corporations, including Maryview Hospital; and
<br />
<br /> WHEREAS, the facilities to be financed and refinanced are located within the
<br />boundaries of the City of Portsmouth, Virginia, which has created the Industrial
<br />Development Authority of the City of Portsmouth (the "Portsmouth Authority"), and
<br />Section 15.2-4905 of the Act permits the issuance of the Bonds by the Henrico Authority
<br />for the benefit of Maryview Hospital if the governing body of the City of Portsmouth,
<br />Virginia, concurs in the Inducement Resolution adopted by the Hem/co Authority; and
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