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R-02-56
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<br />A RESOLUTION EXPRESSING THE CONCURRENCE OF THE COUNCIL OF THE
<br />CITY OF PORTSMOUTH, VIRGINIA WITH THE INDUCEMENT RESOLUTION
<br />ADOPTED BY THE ECONOMIC DEVELOPMENT AUTHORITY OF HENRiCO
<br />COUNTY, VIRGINIA. AND APPROVING THE ISSUANCE OF REVENUE BONDS
<br />FOR THE BENEFIT OF MARYVIEW HOSPITAL AND BON SECOURS HEALTH
<br />SYSTEM, INC.
<br />
<br /> WHEREAS, Maryview Hospital ("Maryview"), is a Virginia nonstock, non-profit
<br />corporation which is affiliated with Bon Secours Health System, Inc. C'BSHSI"), a Maryland
<br />nonprofit corporation, and which has facilities located in the City of Portsmouth, Virginia; and
<br />
<br /> WHEREAS, on September 19, 2002. the Economic Development Authority of Henrico
<br />County, Virginia ( the "Henrico Authority") adopted an inducement resolution (the "Inducement
<br />Resolution") (a copy of which is attached hereto as Attachment A) relating to the issuance of its
<br />Revenue Bonds, Series 2002 (Bon Secours Health System) (the "Series 2002 Bonds") in one or
<br />more series to, among other things, (i) pay or reimburse, or refinance certain indebtedness the
<br />proceeds of which were used by, Maryview for the payment of the costs of acquiring,
<br />constructing, equipping, expanding, enlarging and improving the approximately 346 bed acute
<br />care hospital and related facilities of Maryview (the "Project"), iii) refund all or a portion of the
<br />Henrico Authority's outstanding $72,200,000 Health Care Revenue Bonds, Series 1992A. 1992B
<br />and 1992C (Bon Secours Health System Project) (the "Series 1992 Bonds"k (iii) refund all or a
<br />portion of the Henrico Authority's outstanding $23,585,000 Hospital Revenue Refunding Bonds,
<br />Series 1993 (Bon Secours Health System Project) (the "Series 1993 Bonds"), (ii) refund all or a
<br />portion of the Henrico Authority's outstanding $44,700,000 Revenue Bonds, Series 2000 (Bon
<br />Secours Health System, Inc.) (the "Series 2000 Bonds"), (iii) provide working capital for BSHSI
<br />and Maryview, (iv) pay a portion of the interest on the Series 2002 Bonds, (v) establish a debt
<br />service reserve fund, and (vi) pay certain costs, including the costs of credit enhancement or a
<br />liquidity facility, incurred in connection with the issuance of the Series 2002 Bonds (collectively,
<br />the "Financing Purposes"), all pursuant to a master financing plan for certain health care facilities
<br />affiliated with BSHSI, which plan includes the above-described financing by the Henrico
<br />Authority for the benefit of Maryview; and
<br />
<br /> WHEREAS, the Series 2002 Bonds to be issued for the benefit of Maryview shall not
<br /> exceed $85,000,000; and
<br />
<br /> WHEREAS, the Series 2002 Bonds will be issued pursuant to the Virginia Industrial
<br /> Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950, as
<br /> amended [the "Act"), and will be limited obligations of the Henrico Authority payable solely
<br /> from the revenues and receipts derived from payments provided by BSHSI, Maryview, and
<br /> certain related corporations; and
<br />
<br /> WltEREAS, the facilities to be refinanced are located within the boundaries of the City
<br /> of Portsmouth, Virginia, which has created the Industrial Development Authority of the City of
<br /> Portsmouth, Virginia (the "Portsmouth Authority"), and Section 15.2-4905 of the Act permits the
<br /> issuance of the Series 2002 Bonds by the Henrico Authority for the benefit of Maryview if the
<br /> governing body of the City of Portsmouth, Virginia concurs in the inducement resolution
<br /> adopted by the Henrico Authority; and
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