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WHEREAS, the issuance of the Bonds is contingent upon the adoption of concurring resolution
<br />by the Board of Supervisors of the County of I lanover, the County ol` Chesterfield and the C:otuily of
<br />Lancaster, and the Cite Council of each of the Cities of Ncnport News, Portsmouth, Suffolk, Franklin,
<br />Richmond, Petersburg and Finporia pursuant to the Act; and
<br />WHEREAS, in materials submitted to the Authority, and in its appearance before the Authority,
<br />BSMH has described the Financing Purposes and the benefit thereof to 13SMI I in providint, quality medical
<br />care to the residents of lienrico County and the other localities in the Commonwealth served by the System,
<br />and
<br />WHEREAS, the Authority has determined that financing the costs of the Financing Purposes by
<br />the Authority for the Hospital Facilities and BSMI I will protect and promote the health and welfare of the
<br />inhabitants of the Commonwealth of Virginia and in particular of Henrico County and surrounding
<br />environs, will reduce the cost of providing medical care to residents of the Commonwealth of Virginia and
<br />in particular Henrico Count) and the aforementioned cities and counties, will be in the public interest and
<br />will be consistent with and serve the purposes of the Act.
<br />NOW, THEREFORE, BE iT RESOLVED by the Economic Development Authority of Henrico
<br />County, Virginia:
<br />(1) It is hereby found and determined that financing the costs of the Financing Purposes will
<br />reduce the cost of providing medical care to residents of the Commonwealth of Virginia and in particular
<br />Henrico County, Hanover County, Chesterfield County, Lancaster County, and the Cities of Newport
<br />News, Portsmouth, Suffolk, Franklin, Richmond, Petersburg and Emporia and surrounding environs, will
<br />be in the public interest, will protect and promote the licalth and welfare of the inhabitants of the area sen ed
<br />by the Authority, and will be consistent with and scrre the purposes of the Act.
<br />(2) In order to finance the costs of th i� Financing Purposes, the Authority hereby agree; to
<br />issue its Bonds, upon terms and conditions to be mutually agreed upon among the Authority, BSMI I and
<br />the purchasers of the Bonds, and subject to the requirements of the Act.
<br />(3) Payment of the Bonds shall be secured by an assignment, for the benefit of the holders
<br />thereof, of the Authority's rights (excluding the Authority's rights to indemnification, fees, expense, and
<br />notice) under notes or other obligations of BSMH requiring payments sufficient in the aggregate it, pay
<br />all principal of, premium, if any, and interest on the Bonds.
<br />(4) The Bonds may be issued in one or more series issued on one or more dates. shall bear
<br />such title or designation, shall bear interest at such rate or rates, shall be in such denomination,. ,hall be
<br />offered for public sale or private placement, shall be subject to such terms of redemption, shall be in such
<br />form, and shall contain such other terms and conditions as may be approved by the Authorit} .
<br />(5) It having been represented to the Authority that it is necessary to proceed imnrcdiatch
<br />with the Financing Purposes, the Authority hereby authorizes BSMH to proceed a ith their plans tier tlu
<br />Financing Purposes and to take steps as they may deem appropriate in connection there%% ith, pro% ided that
<br />nothing herein shall be deemed to authorize BSMI-1 to obligate the Authority %%ithout ih ctnt,ent in eaeh
<br />instance to the payment of any moneys or the performance of any acts in conncction X% ith the Financing"
<br />Purposes. The Authority agrees that BSMH may be reimbursed from the procecds ot'the Bond, fur all
<br />such costs it shall incur or have so incurred to the extent permitted by the Act MILL ;yiplicahlC I ederal la%%
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