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Portsmouth and surrounding environs, will be in the public interest and will be consistent with and serve the purpose of the Act; NOW THEREFORE BE IT RESOLVED, BY TIIE INDUSTRIAL DEVELOPMENT AUTHORITY OF TIlE COUNTY OF HENRICO, VIRGINIA: (1) It is hereby found and determined that the refunding of the Prior Bonds will reduce the cost of providing medical care to residents of the Commonwealth of Vkginia and the City of Portsmouth, will result in improved medical facilities in such jurisdictions and the surrounding environs, will be in the public interest, will be of benefit to the inhabitants of the area served by the Authority and will be consistent with and serve the purposes of the Act. (2) In order to refund some or all of the Prior Bonds, the Authority hereby agrees ro issue its Refunding Bonds in a principal amount (excluding original issue discount) not to exceed $25,500,000, upon terms and conditions to be mutually agreed upon among the Authority, Maryview Hospital, Bon Secours and the pmchasers of such bonds. (3) Payment of the Refunding Bonds shall be secured by an assignment, for the benefit of the holders thereof, of the Authority's rights (excluding the Authority's rights to indemnification, fees. expenses and notice) under notes or other obligations of Mary'view Hospital for whose benefit such bonds are issued requiring payments sufficient in the aggregate to pay all principal of, premium, if any, and interest on the Refunding Bonds. (4) The Refunding Bonds may be issued in one or more series and issued on one or more dates. All Refunding Bonds shall bear such tire or designation, shall bear interest at such rate or rates, shall be in such denominations, shall be subject to such terms of redemption, shall be in such form, and shall contain such other terms and conditions as may be approved by the Authority. (5) It having been represented to the Authority that it is necessary to proceed immediately with the refunding of the Prior Bonds, the Authority hereby authorizes Bon Secours and Maryv~ew Hospital to proceed with their plans for the refunding of the Prior Bonds and to take steps as they may deem appropriate in connection therewith, provided that nothing herein shall be deemed to authorize Bon Secours or Maryview Hospital to obligate the Authority without its consent in each instance to the payment of any moneys or the performance 'of any acts in connection with the refunding of the Prior Bonds. The Authority agrees that Bon Secours and Maryview Hospital may be reimbursed from the proceeds of the Refunding Bonds for all such costs they so incur to the extent permitted by the Act and applicable Federal law. (6) The Authority hereby agrees to the recommendation of Bon Secours that Chapman and Cutler, Chicago, IlLinois. be appointed as bond counsel and hereby appoints such firm to supervise the proceedings and approve the issuance of the Refunding Bonds. -2-