Minutes 06/22/1993 - Laserfiche WebLink

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2O .JUne 22, 1993 The Internal Revenue COd~ requires th~atla public hearing be held to secure citizen input concerning this.proposed bond issue. An advertised public hearing was held before the Industrial Development Authority,-of the.City of Portsmouth on June ~9,~1993,.at 8:00 a;m.~ ink',the 6th~Floor Confer~ence Room. At'this hearing,:the~Authority passed a resolution~allo~ing the City of Henrico to issue a bond to Maryview.HospL~ai. ~ortthe · above noted reasons. State law,permits an Industrial Development Authority to issue bonds to finance facilities located in another City/only if the City Council for the City in which the facilities to be financed,-are~located~-"concu~s~wiCh~the~ind~ucement~re'sot~tion adopted by the issuing authority, and shows such concurrences · n a duly adopted resolution. A ~roposed~co~rring resolution has~been drafte~by- Chapman,& Cu~ler; the bond counsel, and is being submitted for your, conside~ation~~ I,~therefore, recommend your adoption of the attached'resolution." Motion of{Mr. Ct:emons, and{seconded:by~Mr~Mawks, the'~.-~ following-resolution was adopted and by the following, vote: A RESOLUTION EXPRESSING THE CONCURRENCE OF THE COUNCIL OFTHE C1TY OF PORTSMOUTH. ViRGINIA. WITH THE INDUCEMENT RESOLUTION ADOPTED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF HENRICO, VIRGINIA AND APPROVING THE ISSUANCE OF HOSPITAL REVENUE REFUNDING BONDS FOR THE BENEFIT OF MARYVIEW HOSPITAL AND BON SECOURS HEALTH SYSTEMS. IN~ WHEREAS, the Industrial Development Authority of the County of Henrico, Virginia (the "Henrico Authority"), on May 20. 1993, adopted an inducement resolution (the "Indubement Resolution") (a copy of which is attached hereto as Attachment A/ for the benefit 'of Bon Secours Health System, Inc., a Maryland not-for-profit corporation ("BSHSF'), wherein the Henrico Authority has agreed to issue ks revenue bonds m assist Maryview Hospital, a Virginia nonstock, nonprofit corporation ("Maryview Hospital"), located ~n Portsmouth. Vkgmm. in refunding bonds previously issued on behalf of Maryyiew Hospital; and WHEREAS. on December 24. 1985 the Henrico Authority issued its $10.400.000 Adjustable Rate Revenue Bonds (Maryview Hospital Project), Series 1985B (the "Series 1985B Bonds"] and its $10.400.000 Adjustable .Rate Reven~e Bonds (Maryview Hospkal Project), Series 1985C (the "Series 1985C Bonds") to 0) finance a portion of the costs of the construction and acquiskion of land, tmprovemenrs, renovations and equipment for Maryview Hospital's health care facilities, (ii) pay a portion of the interest accruing on the Serics_1985B Bonds and the Seties 1985C Bonds during the period of construction, (iii) fund debt service reserve funds and (iv) pay certain expenses incurred in connection with the lssmance of the Series 1985B Bonds and the Series 1985C Bonds. and the interest rates onthe Series 1985B Bonds and the Series 1985C Bonds have been converted to a fixed rate of interest: and WHEREAS. BSHSI and Maryview Hospital have requested that the Henrico Authority issue one or more series of ks Hospital Revenue Refunding Bonds. Series 1993 (Bon Secours Health System Project) (the "Bonds"), a portion of the proceeds of which w/Il be used to (il advance refund the outstanding portion of the Series 1985B Bonds, (ii) advance refund the outstanding portion of the Series 1985C Bonds~.~ (iii) fund a debt service reserve fund if such fund is deemed necessary or desirable by Maryview Hospital and the Henrico Authority and (iv) pay certain expenses incurred in connection with the issuance of the Bonds and the advance refunding of the Series i985B Bonds and the Series 1985C Bonds. including, without limitation, the cost of bond insurance for the Bonds if bond insurance is deemed necessary or desirable by Maryview Hospital and the Hera4co Authority; and WHERt~A~$. the aggregam p~in¢ipal m~mm,,t of-the port/on of the Bonds issued for the benefit of Maryview Hospital will not exceed $27,000,Q00; and