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R-00-41 <br /> <br />A RESOLUTION APPROVING ISSUANCE OF REVENUE BONDS FOR BON SECOURS <br />HEALTH SYSTEM, INC., AND RELATED ENTITIES. <br /> <br /> WHEREAS, there has been described to the Industrial Development Authority of the City <br />of Portsmouth, Virginia (the "Authority"), the plans of Bon Secours Health System, Inc. <br />("BSHSI"), a Maryland not-for-profit membership corporation, and certain of its related entities <br />(the "Related Entities"), including Maryview Hospital ("Maryview"), a not-for-profit Virginia <br />nonstock corporation, for the Economic Development Authority of Henrico County, Virginia (the <br />"Issuer"), to lease certain capital improvements and additions for the Related Entities' hospital <br />facilities located in the cities of Portsmouth, Newport News and Norfolk with the Issuer's limited <br />payment obligations under such lease being obligations that constitute "Bonds" (the "Bonds") <br />under the Virginia Industrial Development and Revenue Bond Act [the "Act"); and <br /> <br /> WHEREAS, the principal amount of the Bonds is now estimated not to exceed <br />$6,000,000; and <br /> <br /> WHEREAS, Maryview owns and operates the hospital facilities known as Maryview <br />Medical Center (the "Medical Center"), located at 3636 High Street, Portsmouth, Virginia 23707, <br />which is also the address of the corporate offices of Maryview; and <br /> <br /> WHEREAS, a portion of the proceeds of the Bonds now estimated not to exceed <br />$2,275,000, will be used to finance the costs of the acquisition, construction, equipping and <br />installation of (a) certain capital improvements and additions for the Medical Center, including <br />without limitation its heating and air conditioning system, lighting system, energy system and <br />water system, and (b) a building addition to the existing heat plant at the Medical Center to <br />contain the medical waste system; and <br /> WHEREAS, BSHSI has requested the'City Council (the "Council") of the City of <br />Portsmouth (the "City"), to approve the issuance of the Bonds to comply with Section 15.2-4905 <br />of the Virginia Industrial Development and Revenue Bond Act, as amended (the "Act"); and <br /> <br /> WHEREAS, a copy of the Issuer's resolution of June 15, 2000, approving the issuance of <br />the Bonds has been filed with the Council; and <br /> <br /> WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the <br /> "Code"), requires in this case that the governmental unit having jurisdiction over the area in <br /> <br /> <br />