Minutes 10/01/1985 - Laserfiche WebLink

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4'9 ~ Oc__rober 11985 = NOW, THEREFORE, BE IT RESO ........ ~ ~vn~ Dy the Council of the Ci ~[~ ~engrlck, Ch~rlps R. Hudgins, Robert Reed, Harrison Mi~[ of P~r~sm~uth, V~'~aa, that' I [um~e~ vme~ers an? that James V. b4cGehee and M[tthew~.~ =¢anu~cn^~[[ penn'appointed K' h' B~ alternateS~ewart be viewer ap- zn ~ne event one ot the preceeding viewers fails to participate, said viewers~eViIto view the here inafter-described portion of said street and to report to this Council in writing whether in following:their writing any, and if any what, inconvenience would result in vacating a~~ei~re~/ Project Drive All that certain street designated as Project Drive extending from its intersecnion with the southern boundary of Turnpike Road to its inter- section with the eastern boundary of Frederick Boulevard." Ayes: Beamer, Corprew, Gray, Lucas, Whitlow Holley Nays: None ' 85-290 Letter from the City Manager rec3mmending adoption of a resoluti3n expressing the concurrence of the Council of the City of Portsmouth, Virginia, with the inducement resolu tion adopted by the [ndustrial Development Authority Of the County of Henrico, Virginia, for the benefit of certain hospitals in Virginia including Maryview Hospital. "On September 19, 1985, the Industrial Development Authority of the County of Henrico, Virginia adopted, an Inducement ResolutIon for the benefit of the Eon Secours Health Systems, Inc., a non-profit corporation, wherein the Henrico Authority agreed to issue Revenue Bonds to assist affiliated hospitals of Eon Secours located in Virginia, including Maryview, in financing the purchase of certain equipment and the acquisition and construction of certain capatal improvements, and in refunding Bonds previously issued on behalf of member hospitals. The Industrial Development Authority of the City of Portsmouth issued $9,580,000 hospital facility first mortgage HEW Collateralized Return Bonds for Maryview Hospital on September 18 1979 to refinance an existing debt ineurred for the constructing and equipping of certain additions to its acute care medical facilities, and to finance certain renovations including equipment in such facility. Maryv~ew Hospital now w~shes to refund the 1979 Bonds, and also to finance the acquisition and installati>n of certain equipment and other capital improve- ments for their existing facility. The Henrico Authority is authorized to issue Bonds to finance facilities outside of Henrico County if the governing bodies of the affected political subdivisions approve. Eon Secours and their investment bankers feel that the mcst efficient way to carry out a financing program is to utilize the Henrico Authority to issue Bonds for all of their undertakins and to obtain the requisite approvals from the Portsmouth City Council as well as the other local governing bodies where their hospital facilities are located. The issuance of these Bonds will not reduce the amount of Bonds that Portsmouth, acting through the appropriate agencies, can issue for the benefit of others; however, Maryview Hospital cannot take advantage of these Bonds in the absence of the approval of this City Council. Bond counsel for the Sisters of Eon Secours have provided the City Attorney with the necessary documentation pertaining to this matter, and he has drafted a Resolution expressing the concurrence of the Council with the Inducement Resolution adopted by the Henrico Authority I recommend your approval of the Resolution." On motion of Mr. Beamer and seconded by Mr. Gray, the following resolutzon was adopted and by the following vote: , "A RESOLUTION EXPRESSING THE CONCbRRENCE OF THE COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA, WITH THE INDUCEMENT RESOLUTION ADOPTED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF HENRICO, VIRGINIA, FOR THEBENEFIT· OF THE EON SECOURS HEALTH SYSTEMS, INC. FOR THE ISSUANCE OF MEDISAL FACILITY REVENUE BONDS. WHEREAS, the Industrial Develcpment Authority of the County of Henrico, Virginia (the "Henrico Authorityl , on September 19, 1985, adopted an inducement Resolution (the "Resolution" a copy of whizh is attached hereto, for the benefit of the Bon Secours Health Systems, Inc., (Eon Secours[, a non-profit corporation, wherein the Henrico Authority has agreed to issue its revenue bonds to assist affiliated hospitals of Eon Secours, located in Virginia, including Maryview Hospital located in Portsmouth, Virginia, ~n financing the purchase of certain equip- merit and ~he acquisition and construction of certain capital improvements and in refunding bonds previously issued on behalf of member hospitals; and WHEREAS, the Industrial Development Authority of the Cit) of Portsmouth, Virginia, (IDA) on September 18, 1979, ~ssued its Nine Million, Five Hundred Eighty Thousand Dollars ($9,580, Hospital Facility First Mortgage HEW Collateralized Revenue Bonds (Maryview Hospitall, Series of 1979 (the "Maryview 1979 Bonds"i, to refinance ghe existing debt incurred for the construc tion an2 equipping of certain additions to its acute care medical facilities and to finance certain renovations, including equipment, to suzh facilities; and WHEREAS, Eon Secours and Maryview Hospital wish to refund the Maryview 1979 Bonds prior to their payment and also to finance the acquisition and installation of certain equipment and other capital improvements for the existing hospital facilities constituting Maryview Hospital (the "Maryview Project"); and WHEREAS, the Henrico Authority propose to mssue its Revenue Bonds (the "Refunding Bonds") in an amount now estimated at Seven Million, Seven Hundred Ninety-Five Thousand Dollars ($7,795,000) but not to exceed Eight Million, Five Hundred Thousand Dollars ($8,500,000)