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<br />R-12-59
<br />
<br />RESOLUTION EXPRESSING THE CONCURRENCE OF THE CITY COUNCIL OF
<br />THE CITY OF PORTSMOUTH, VIRGINIA, WITH THE INDUCEMENT
<br />RESOLUTION ADOPTED BY THE ECONOMIC DEVELOPMENT AUTHORITY
<br />OF HENRICO COUNTY, VIRGINIA, AND APPROVING THE ISSUANCE OF
<br />REVENUE BONDS FOR THE BENEFIT OF MARYVIEW HOSPITAL AND BON
<br />SECOURS HEALTH SYSTEM, INC.
<br />
<br />WHEREAS, Maryview Hospital ("Maryview"), is a not-for-profit Virginia nonstock
<br />corporation, which is affiliated with Bon Secours Health System, Inc. ("BSHSI"), a Maryland
<br />nonstock nonprofit membership corporation, and which has facilities located in the City of
<br />Portsmouth, Virginia; and
<br />
<br />WHEREAS, on October 18, 2012, 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 (Bon Secours Health System, Inc.) (the "Bonds") in one or more series to,
<br />among other things, (i) refund all or a portion of the Economic Development Authority of
<br />Henrico County, Virginia Revenue Bonds, Series 2002A (Bon Secours Health System, Inc.) (the
<br />"Series 2002A Bonds"), (ii) payor reimburse, or refinance certain indebtedness the proceeds of
<br />which were used by, Maryview for the payment of the costs of acquiring, constructing,
<br />equipping, expanding, enlarging and improving certain of its medical facilities (the "Project"),
<br />(iii) pay a portion of the interest on the Bonds, if deemed necessary, (iv) establish a debt service
<br />reserve fund, ifdeemed necessary, and (v) pay certain costs incurred in connection with the
<br />issuance of the Bonds and the refunding of the Series 2002A Bonds (collectively, the "Financing
<br />Purposes"), all pursuant to a master financing plan for certain health care facilities affiliated with
<br />BSHSI, which plan includes the above-described financing by the Henrico Authority for the
<br />benefit of Maryview; and
<br />
<br />WHEREAS, the portion of the Bonds to be issued for the benefit of Maryview shall not
<br />exceed $61,000,000; and
<br />
<br />WHEREAS, the Bonds will be issued pursuant to the Virginia Industrial Development and
<br />Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950, as amended (the "Act"),
<br />and will be limited obligations of the Henrico Authority payable solely from the revenues and
<br />receipts derived from payments provided by BSHSI, Maryview and certain related corporations;
<br />and
<br />
<br />WHEREAS, the facilities of Maryview to be financed or refinanced are located within the
<br />boundaries of the City of Portsmouth, Virginia, which, pursuant to the Act, has created the
<br />Economic Development Authority of the City of Portsmouth, Virginia (the "Portsmouth
<br />Authority"), and Section 15.2-4905 of the Act permits the issuance of the Bonds by the Henrico
<br />Authority for the benefit of BSHSI and Maryview if the governing body of the City of
<br />Portsmouth, Virginia concurs in the Inducement Resolution adopted by the Henrico Authority;
<br />and
<br />
<br />WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the
<br />"Code"), provides that the highest elected governmental official of the governmental unit having
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