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July 28, 1992
<br />
<br /> The Internal Revenue Code requires that a public hearing be
<br />held to secure citizen input concerning this proposed bond issue.
<br />An adver[ised public hearing will be held before the Industrial
<br />Development Authority of the City of Portsmouth on July 28, 1992,
<br />at 4:45 p.m.~ and the Authority Will then make its recommendation
<br />to you at your j~int meeting scheduled for the same date.
<br /> !
<br /> State l~w permits an Industrial Development Authority to
<br />issue bonds Go finance facilities located in another City only if
<br />the governin~ body, for the City in which the facilities to be
<br />
<br />financed are
<br />of proceeds.
<br />concurrence
<br />the recommen(
<br />
<br /> Motion
<br />
<br /> located, concurs with the bond issuance and the use
<br /> Therefore, please find attached a resolution of
<br />~repared for your consideration and approval following
<br />[ation of the Authority."
<br />
<br />resolution w~l~s adopted on first and final reading and by
<br />following vo~e:
<br />
<br />~f Mr. Clemons, seconded by Mr. King, the following
<br /> the
<br />
<br /> A RESOLUTION EXPRJESStNG THH CONCLECRENCE OF q~r/E COUNCIL
<br /> OF ~HE C~Y ~ F~TSMOUS%L VI~IN~. W~H ~E
<br /> RESOLU~ON ADOPTED BY THE INDUSTRIAL DEVELOPMENT
<br /> AUTHORIq~ OF THE COUNTY OF HENRiCO, VIROI~A AND
<br /> APPROVING THE ISSUANCE OF HEALTH CA~ REVENUE BONDS
<br /> FOR THE BENEFIT OF M~YVIEW HOSF!TAL Ab~ BON SECOURS
<br /> HEALTH SYSTEMS, INC.
<br /> ,,W~ER~S, thc Indus=iai Development Authori~ of ~e County of He.ica, Virginia
<br />?he Help'ice Au~orlty ), nn June I8. !992. adopted an inducement resolution (the
<br /> tnducemdn Resoh don") (a copy o wh'ct is attach~ hereto a~ A~t~bm*nt A) ~or the
<br />bene~t ?,{ Ben Secouzs Health Sysmm, Inc., a Mmjland not-for-profit co¢oratio~
<br />("BSHSI ], whermn the tiennco Authority has a~re~ to i~suc its revenue bends to assia
<br />affiliated peSth facilid*s of BSHSI, locat~! in Virginia, inclu~?g Mauview Ho.kal, a
<br />Virgh~ia ~nstock, nonpro~ corporation ( Ma~iew Hospital ),"locacd in Por~mouth~
<br />V~rgi~Ha, ~n finan~ng the a~quisifion, construction and equipping of
<br />improvements and in refunding bonds previously i~aued on behalf of member health
<br />~tities:
<br />
<br /> WHEREAS, no N0vcmher 20, 1985 the Henrico Authority issued its $6,!00.000
<br />Revenue Bonds (Maryv ew Hoop tel Project) Series 1985A (thc *'~eries 1985A Bonds") to~
<br />() rennanc_ the outstanding t~orUon of tim tlosp~mt F,%ci ity F rat Mortgage HEW~
<br />Collamral~zed Revenue Bonds (lMaryvie~ tlospital), Series of l.Cr79 (the "Se.des 1979
<br />Bonds") i.Tsued by the Industrial Developmen~ AuthorRy of the City of Porumouth (the
<br />"Portsraou~h Authority"), (ii) fund a reserve fund and (iii? pay certain expenses incurred in
<br />connectior~ with thc issuance of thc Series 1985A Bonds; aec
<br />
<br /> V/14-EREAS. me proceeds of the Series 1979 Bonds were used m (1) refinance ear',sin
<br />indebtedness of Maryview Hospital incurred in connection with *.he acquisition of certain
<br />~mtxe¥cmeata. renovations and additions ~o Maryview Hospital's medical facilities. (ii)
<br />acquire, conswuct and equil: certain improvements, renovations and additions to MarTview
<br />Hospital's medical facilities. (ii~) fund a dcbl se~ice reserve fund and (iv) pay c~,-tain fe~
<br />and expenses incurred lo connection with the issuauce of the Series t 979 Bonds; and
<br />
<br /> W~iEREAS. on December 24.. 1985 the Henrioo Authority issued its $I0,400.000
<br />Adjustable R~te Revenue Bonds (Maryvipw Hospimt ProlecO. Series tgghB (the "Series
<br />1985B Bonds") and its $I0~400.000 Adjustable Rate Rev~nn~'Bonds ('M~y¥iew Hospimt
<br />Proj~t). S~es t98.~I~ S~es t9~C Bonos~ to ~ ~anc~ a p~on of mc
<br />com~ac6~u and acquisff~¢n of land, inmmvemenB, renovations and ~ui¢m~t for,
<br />M~r~iew Hospkal's health c~ fa~iOe~ 6i) pay a portion of thc {nt~: ac~ng on
<br />Smiles I985B Bonds ~d the Smh~ 1985C Bonds duWng ttm ~riod of
<br />
<br />Lssm~c~ oithe Series 1985B Bonds and ~e Seri~ I985C Bondm ~d
<br />
<br /> WI-iERF. A$. RSHSI and Maryview Hospital have requested uhat the Hetrrion Authorky
<br />iss~m one qr mom series of its. Heakh Care Revenue Bondsl Series 1 g92 (Ben Secoura Health
<br />System Pr6ject) (the "Bonds ). a portion {~f the proceed~ of which wilt be to ii) advam:e
<br /> th~ outstanding portion of the Series 1985A Bonds. (ii) advance refund the
<br />refund
<br />outstmdin,~ portion of the Series 1985B Bonds. (iii) advafiue refund the outstanding portion
<br />of the Series 1985C Bonds. (iv) p~y or reimburse Maryview Hea-oitaI for tho payment of the
<br />cos~ of ac~iuiring, constructing, eqmpping, expa]ding, enlarging and improving certain of
<br />its me.43cal facilities (the "Project"). (¥) fund a debt service reserve fund if such fund is
<br />demon.4 n..:'essary or desirable by Mary.,dew Hospital and t)e Henrico Authuriv/and (vi) pay
<br />certain expenses incurred In conueenon wkh the issuance of the Bonds and the advance
<br />refunding ~frhe Series 1985A Bonds. the Series 1985B Bdnds and the SetS'es I985C Bonds,
<br />including, lvithou~ limitation, mc cosz of bmod insurance ~or the Bonds !f bond insurance is
<br />deemed nec~sary or desirable by Maryview Hospital and the Henricn Authorky: and
<br />
<br /> WHLREAS. the %orcgete principal amount of the pbr~ion of the Bonds issued foe'&the
<br />benefit of Maryview l-lcs-pitai will not exceed $70~000,000, of which an amount not to
<br />exceed $4Z250.000 w/5I be used to ¢dvanc~ ref*.la~ the Seres t985A Bond~ the Sedco
<br />1985B Bo~ds. tho Series I9~5C Bonds and aa amoonr not to exceed $27.750;000 will be
<br />used to f'mance the Prolecn and
<br />
<br />
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