|
<br />
<br />Portsmouth EDA Resolution
<br />
<br />RESOLUTION No.
<br />
<br />RESOLUTION APPROVING ISSUANCE OF
<br />REVENUE BONDS FOR MARYVIEW HOSPITAL AND
<br />BON 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 May 16, 2013, the Economic Development Authority of Henrico County,
<br />Virginia (the "Henri co 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 Refunding Bonds, Series 2008D (Bon Secours Health
<br />System, Inc.) (the "Series 2008D Bonds"), (ii) payor reimburse, or refinance certain
<br />indebtedness the proceeds of which were used by, Maryview for the payment of the costs of
<br />acquiring, constructing, equipping, expanding, enlarging and improving certain of its medical
<br />facilities (the "Project"), (iii) pay a portion of the interest on the Bonds, if deemed necessary, (iv)
<br />establish a debt service reserve fund, if deemed necessary, and (v) pay certain costs incurred in
<br />connection with the issuance of the Bonds and the refunding of the Series 2008D Bonds
<br />(collectively, the "Financing Purposes"), all pursuant to a master financing plan for certain health
<br />care facilities affiliated with BSHSI, which plan includes the above-described financing by the
<br />Henrico Authority for the benefit of Maryview; and
<br />
<br />WHEREAS, the portion of the Bonds to be issued for the benefit of Maryview shall not
<br />exceed $15,000,000; 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
<br />jurisdiction over the area in which any facility financed or refinanced with the proceeds of the
<br />
|