Minutes 06/22/1993 - Laserfiche WebLink

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WHEREAS. the Act empowers the Authority to finance facilities within the boundaries of other industrial development authorities if the governing body of the city, county or town where the facilities are located concurs with the inducement resolution of this Authority and shows its concun'ence in a duly adopted resolution; and WHEREAS. in its application and other materials submitted to the Authority, and its appearance before the Authority, Bon Secours has described on behalf of Maryview Hospital the proposed' refunding of the Prior Bonds and the benefit thereof to Bon Secours and Maryview Hospital in providing medical care to the residents of the City of Portsmouth and surrounding environs ar the lowest possible cost; and WHEREAS. the Authority has determined that the refunding of the Prior Bonds by the Authority for Bon Secours and Maryview Hospital will protect and promote the health and welfare of the inhabitants of the Commonwealth of Virginia and in particular of the City of Portsmouth ahd surromitlmg envirtns, wilI beth the 15u~oFic interest and will be cofisistent with and se~e tI~ purpose of the ~ NOW THEREFORE BE IT RESOLVED. BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF HENRICO. VIRGINIA: (1) It is hereby found and determined that the refunding of the Prior Bonds will reduce the cost of providing medical care to residents of the Commonwealth of Virginia and the City of Portsmouth. will result in improved medical facilities in such jurisdictions and the surrounding env/rons, will be in the public interest, will be of benefit to the inhabitants of the area served by the Authority and will be consistent with and serve the purposes of the Act. (2) In order to refund some or all of the Prior Bonds. the Amhority hereby agrees to issue its Refunding Bonds in a principal amount (excluding original issue discount~ nor m exceed $25,500,000, upon terms and conditions to be mutually agreed upon among the Authority, Maryview Hospkal. Bon Secours and the purchasers of such bonds. (3) Payment of the Refunding Bonds shall be secured by an assignment, for the benefit of the holders thereof, of the Authority's rights (excluding the Authority's rights to indemnification, fees. expenses and notice; under notes or other obligations of Marywew Hospital for whose benefit such bonds are issued requiring payments sufficient in the aggregate to pay all principal of, premium, ff any, and interest on the Refunding Bonds. (4) The Refunding Bonds may be issued in one or more series and issued on one or more dates. All Refunding Bonds shall bear such title or designation, shall bear interest at such rate or tares, shall be in such denominations, shall be subject to such terms of redemption, shall be in such form. and shall contain such other terms and conditions as may be approved by the Authority. (5) R having been represented to the Authority tha! it is necessary ro proceed immediately with the refunding of the Prior Bonds. the Authority hereby authorizes Bon Secours and Maryview Hospital to proceed with their plans for the refunding of the Prior Bonds and to take steps as they may deem appropriate in connection therewith, provided that nothing herein shall be deemed to authorize Bon Secours or Matyview Hospital to obligate the Authority without its consent in each instance to the payment of any moneys or the performance .of any acts in connection with the refunding of the Prior Bonds. The Authority agrees that Bon Secours and Maryview Hospital may be reimbursed from the proceeds of the Refunding Bonds for ali such costs they so incur to the extent permitted by the Act and appficable Federal law. (6) The Authority hereby agrees to the recommendation of Bon Secours that Chapman and Cutler. Chicago, Illinois, be appointed as bond counsel and hereby appoints such firm to supervise the proceedings and approve the issuance of the Refunding Bonds. (7) At the request of Bon Secours the Authority hereby appoints Lehman Brothers, New York, New York, as underwriters for the purchase and sale of the Refunding Bonds pursua~nt to terms to be mutually agreed upon. (8) If requested by Bon Secours or bond counsel, the Authority shall, at the expense of Bon Secours, maize application to the Internal Revenue Service for such tax rulings as may be necessary or desirable in connection with the iSSUance of all or part of the Refunding Bonds. The Chairman and the Vice Chairman of the Authority are hereby anthorized to execute an appropriate power Of attorney naming such counsel as Btn Sec0urS may request for the purposes of seeking such ruling.