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Resolution No. 8 0 <br /> <br />A RESOLUTION EXPRESSING THE CONCURRENCE OF THE COUNCIL <br />OF THE CITY OF PORTSMOUTH, VIRGINIA, WITH THE INDUCEMENT <br />RESOLUTION ADOPTED BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE COUNTY OF HENRICO, VIRGINIA AND <br />APPROVING THE ISSUANCE OF HEALTH CARE REVENUE BONDS <br />FOR THE BENEFIT OF MARYVIEW HOSPITAL AND BON SECOURS <br />HEALTH SYSTEMS. INC. <br /> <br /> WI-I~REAS, the Industrial Development Authority of the County of Hearico, Virginia <br />(the "Henrico Authority"), on June t8, 1992. 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 not-for-profit corporation <br />("BSHSI"), wherein the Hem'ico Authority has agreed to issue its revenue bonds to assist <br />affffiated health facilities of BSHSI, located in Virginia, including Maryview Hospital. a <br />Virginia nonstock, nonprofit corporation ("Maryview Hospital"), [ocated in Portsmouth. <br />Virginia, in financing the acquisition, construction and equipping of certain capital <br />improvements and in tefunding bonds previously issued on behalf of member health <br />facilities: and <br /> <br /> WHEREAS. on November 20, 1985 the Henrico Authority issued its $6.100.000 <br />Revenue Bonds (Maryview Hospital Project), Series 1985A tthe "Series 1985A Bonds") to <br />(i) refinance the outstanding portion of the Hospital Facility First Mortgage HEW <br />Collateralized Revenue Bonds (Maxyview Hospital), Series of 1979 (the "Series 1979 <br />Bonds") issued by the Industrial Development Authority of the City of Portsmouth (the <br />"Portsmouth Authority'D, (ii) fund a reserve fund and (iii) pay certain expenses recurred in <br />connection with the issuance of the Series 1985A Bonds; and <br /> <br /> WHEREAS. the proceeds of the Series 1979 Bonds were used to (i) refinance certain <br />indebtedness of Maryview Hospital incurred in connection with the acquisition of certain <br />improvements, renovations and additions to Maryview Hospital's medical facilities, (ii) <br />acquire, construct and equip ~rm/n improvements, renovations and additions to Maryview <br />Hospital's medical facilities. (iii) fund a debt service reserve fund and (iv) pay certain fees <br />and expenses incurred in connection with the issuance of the Series 1979 Bonds; and <br /> <br /> WHEREAS, on December 24, 1985 the Henrico Authority issued its $10,400,000 <br />Adjustable Rate Revenue Bonds (Maryview Hospital Project), Series 1985B (the "Series <br />1985B Bonds") and its $10,400.000 Adjustable Rate Revenue Bonds (Maryview Hospita~ <br />Project), Series 1985C (the "Series 1985C Bonds") to (i) finance a portion of the costs of the <br />construction and acquisition of land. improvements, renovations and equipment for <br />Maryview Hospital's health care facilities, (ii) pay a portion of the interest accruing on the <br />Series 1985B Bonds and the Series 1985C Bonds during the period of construction, (iii) fund <br /> <br /> <br />