Minutes 06/22/1993 - Laserfiche WebLink

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I2i WHEREAS. the Bonds will be/~sund pursuant to the Virginia Industrial Development and Revenue Bond Act. Cha0ter 3~_ Tide 15.1. Cnde of Virginia_of 1950, as amended (the "Act"); and will be limited obligations of the He~ico Authority payable solely from the mveunes and receipts derived from payments provided by Mawview Hospital, such faciliti~ and BSHSI; and WHEREAS. the facilities to be financed and refinanced are located within the boundaries of the City of Portsmouth, Virginia, which has created the Industrial Development Authority of the City of Portsmouth (the "Portsmouth Authority"), and Section [5.1-1378 of the Act permits the issuance of the Bonds by the Hera/co Authority for the benefit of Maryview Hospital if the governing body of the City of Portsmouth. Virginia concurs in the Inducement Resolution adopted by the Hendco Authority; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the highest elected governmental official of the governmental unit having jurisdiction over the area in which any facility financed with the proceeds of the Bonds is located must approve the issuance of the Bonds in order for the interest on the Bonds ro be entitled to certmn exemptions from taxation provided by the Code and the Council of the City of Portsmouth, Virginia constitutes such highest elected governmental official within the meaning of the Code: and WHEREAS, Section 15.1-1378.1 of the Ace require~ that the governing body of the City of Portsmouth, Virginia approve the issuance of the Bonds recommended by the Portsmouth Authority; and WI-IEREAS, On June 9, 1993 the Portsmouth Authority adopted a resolution approving the issuance of the Bonds and recommending that the Council of the City of Portsmouth, Virg~ma, express its concurrence with the Inducement Resolution and approve the issuance of the Bonds so that the Heurico Authority may issue its Bonds for the benefit of BSHSI and Maryview Hospital as described above; and NOW. THEREFORE. BE IT RESOLVED by the Council of the City of'Portsmouth, Virginia that the Council hereby approves the issuance of the Bonds in an aggregate principal amount not to exceed $27.006,000 and expresses irs concurrence-with the Inducement Resolution adopted by the Henrico Authority for the benefit of BSHSI and Maryview Hospital, including any amendments to the Inducement Resolution adopted by the Henrico Authority which pro,rides that the Bonds shall be issued in an aggregate principal amount not to exceed $27,000,000. and the application of the proceeds thereof for the purposes described above for all purposes for which such approval is required, including without lirnitation Sections 15.1-1378 and 15.1-1378.1 of the Act and Section 147(f) of the Code. BE IT FUR~ RESOLVED that the City Clerk be, and hereby is. instructed to forward a copy~oLthis Resotut/ar~mlhe. PortsmoutkAuflaority~ the4-Iemqco Authority and Maryview HoSpital. This Resolution shall mice effect immediately upon the date of its adoption. INDUCEMENT RESOLUTION WITH RESPECT TO THE PROPOSED ISSUANCE OF REVENUE REFUNDING BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF ItENRICO~ VIRGINIA FOR EON SECOURS AND MARYVIEW HOSPITAl, WHEREAS, Maryview Hospital ("Marygiew Hospital"), with facilities located in the City of Portsmouth, Virginia. is a Virginia nonstock, nonprofit corporation affiliated with Bun Secours Health System, Inc.. a nonprofit Maryland corporation ("Bon Secours"); and WHEREAS_ the Industrial Development Authority of the County of Hem-ico, Virginia (the "Authority") has heretofore issued the various series of bonds described on Exhibit A hereto for the benefit of Maryview Hospital (the "Prior Bonds"); and WHEREAS, Eon Secours has requested that the Authority issue its revenue-refunding bonds (the "Refunding Bonds") to refund some or all of the Prior Bonds and to finance such other costs and expenses related thereto as are permitted under the Act (as hereinafter defined), all pursuant to a master financing plan for the health care facilities affiliated with Eon Secours; and WHEREAS, the Refunding Bonds ~viil be issued pursuant to the Virginia Industrial Development and Revenue Bond Act, Chapter 33, Title I5.1, Code of V~rginia of 1950, as amended (the "Act"), and will be limited obligations of the Authority payable solely from the revenues and receipts derived from payments by Maryview Hospital and related entities; and