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A RESOLUTION EXPRESSING THE CONCURRENCE OF THE COUNCIL <br />OF THE CITY OF PORTSMOUTH, VIRGINIA, WITH THE INDUCEMENT <br />RESOLUTION ADOPTEQ BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE COUNTY.OF HENRICO, VIRGINIA, FOR THE <br />BENEFIT OF THE BON SECOURS HEALTH SYSTEMS, INC. FOR THE <br />ISSUANCE OF MEDICAL FACILITY REVENUE BONDS. <br /> <br />97 <br /> <br /> WHEREAS, the Industrial Development Authority of <br />the County of Henrico, Virginia (the "Henrico <br />Authority"), on September 19, 1985, adopted an <br />Inducement Resolution (the "Resolution"), a copy of <br />which is attached hereto, for the benefit of the Bon <br />Secours Health Systems, Inc., (Bon Secours), a <br />non-profit corporation, wherein the Henrico Authority <br />has agreed to issue its revenue bonds to assist <br />affiliated hospitals of Bon Secours, located in <br />Virginia, including Maryview Hospital located in <br />Portsmouth, Virginia, in financing the purchase of <br />certain equipment and the acquisition and construction <br />of certain capital improvements and in refunding bonds <br />previously issued on behalf of member hospitals; and <br /> <br /> WHEREAS, the Industrial Development Authority of <br />the City of Portsmouth, Virginia, (IDA) on September <br />18, 1979, issued its Nine Million, Five Hundred Eighty <br />Thousand Dollars ($9,580,000) Hospital Facility First <br />Mortgage HEW Collateralized Revenue Bonds (Maryview <br />Hospital), Series of 1979 (the "Maryview 1979 Bonds"), <br />to refinance the existing debt incurred for the <br />construction and equipping of certain additions to its <br />acute care medical facilities and to finance certain <br />renovations, including equipment, to such facilities; <br />and <br /> <br /> WHEREAS, Bon Secours and Maryview Hospital wish to <br />~efund the Maryview 1979 Bonds prior to their payment <br />and also to finance the acquisition and installation of <br />certain equipment and other capital improvements for the <br />existing hospital facilities constituting Maryview <br />Hospital (the "Maryview Project"); and <br /> <br /> WHEREAS, the Henrico Authority propose to issue its <br />Revenue Bonds (the "Refunding Bonds") in an amount now <br />estimated at Seven Million, Seven Hundred Ninety-Five <br />Thousand Dollars ($7,795,000) but not to exceed Eight <br />Million, Five Hundred Thousand Dollars ($8,500,000) <br />without further approval of the Henrico Authority to <br />refund the Maryview 1979 Bonds and to issue its Revenue <br />Bonds in an amount now estimated at Ten Million Dollars <br />($10,000,000) but not to exceed Twenty Million Dollars <br /> <br /> <br />