1993 Resolutions - Laserfiche WebLink

Home Browse Search

INDUCEMENT RESOLUTION WITH RESPECT TO THE PROPOSED ISSUANCE OF REVENUE REFUNDING BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF HENRICO, VIRGINIA FOR BON SECOURS AND MARYVIEW HOSPITAL WHEREAS, Maryview Hospital ("Maryview Hospital"), with facilities located in the City of Portsmouth, Virginia. is a Virginia nonstock, nonprofit corporation affiliated with Bon Secours Health System, Inc., a nonprofit Maryland corporation ("Bon Secours"); and WHEREAS, the Industrial Development Authority of the County of Henrico. Virginia (the "Authority") has heretofore issued the various series of bonds described on Exhibit A hereto for the benefit of Maryview Hospital (the "Prior Bonds"); and WHEREAS, Bon Secours has requested that the Authority issue irs revenue refunding bonds (the "Refunding Bonds") to refund some or all of the Prior Bonds and to finance such other costs and expenses related thereto as are permitted under the Act (as hereinafter def'med), all pursuant to a master financing plan for the health care facilities affiliated with Bon Secours; and WHEREAS. the Refunding Bonds will be issued pursuant to the Virginia Industrial Development and Revenue Bond Act, Chapter 33, Title 15.1. Code of Virgniia of 1950, as amended (the "Act"), and will be limited obligations of the Authority payable solely from the revenues and receipts derived from payments by Maryview Hospital and related entities; and WHEREAS, the Act empowers the Authority to f'mance facilities within the boundaries of other industrial development authorities if the govermng body of the city, county or town where the facilities are located concurs with the inducement resolution of this Authority and shows its concurrence in a duly adopted resolution: and WHEREAS, in its application and other materials submitted to the Authority, and irs appearance before the Authority, Bon Secours has described on behalf of Maryview Hospital the proposed refunding of the Prior Bonds and the benefit thereof to Bon Secours and Maryview Hospital in providing medical care to the residents of the City of Portsmouth and surrounding environs at the lowest possible cosg and WI-IEREAS, the Authority has determined that the refunding of the Prior Bonds by the Authority for Bon Secours and Maryview Hospital will protect and promote the health and welfare of the inhabitants of the Commonwealth of Virginia and In particular of the City of 137523.01.07 107560