HomeMy WebLinkAboutR-95-0187J-95-204
2/28/95
RESOLUTION NO. 9 5 — 187
A RESOLUTION, WITH ATTACHMENTS, APPROVING FOR
PURPOSES OF SECTION 147(f) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, A TAX-
EXEMPT LEASE AMONG THE CITY OF MIAMI, FLORIDA
HEALTH FACILITIES AUTHORITY, GENERAL ELECTRIC
CAPITAL CORPORATION AND PAN AMERICAN HOSPITAL
CORP., PROVIDING FOR THE LEASE AND SUBLEASE
OF CERTAIN CAPITAL EQUIPMENT WITH PRINCIPAL
COMPONENTS OF LEASE PAYMENTS OF UP TO
$1,300,000; APPROVING THE MINUTES OF THE
PUBLIC HEARING HELD BY THE AUTHORITY PURSUANT
TO SAID SECTION 147(f) OF THE CODE; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Miami, Florida Health Facilities
Authority (the "Authority") was created by Resolution No. 79-93,
adopted February 22, 1979 by the City Commission of the City of
Miami, Florida (the "Commission"), as amended by Resolution No.
79-330, all pursuant to the Florida Health Facilities Authorities
Law, Chapter 154, Part III, Florida Statutes; and
WHEREAS, on February 8, 1995, the Authority held a public
hearing, notice of which hearing was published on January 24,
1995 in the Miami, Daily Business Review (a copy of which notice
is attached hereto as Exhibit A and incorporated herein), for the
purpose of giving all interested persons an opportunity to
express their views, either orally or in writing, as required by
Section 147(f) of the Internal Revenue Code of 1986, as amended
t0,,N! T A9����
CIT''a'' COMMISSION
MEETING OF
MAR 0 9 1995
Resolution No.
95- 187
(the "Code"), in connection with a proposed tax-exempt lease (the
"Lease"), among the Authority, General Electric Capital
Corporation and Pan American Hospital Corp., providing for the
lease and sublease of certain capital equipment with principal
components of lease payments of up to $1,300,000; and
WHEREAS, after reviewing a copy of the minutes of the
Authority's public hearing held on February 8, 1995 in respect to
the Lease, a copy of which minutes is attached hereto as
Exhibit B and incorporated herein, the Commission desires to
approve the execution and delivery of the Lease for the purpose
of complying with Section 147(f) of the Code;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The execution and delivery of the Lease, with
principal components of lease payments of up to $1,300,000 is
hereby in all respects approved for purposes of Section 147(f) of
the Code.
Section 3. The Commission hereby approves the minutes of
the public hearing held on February 8, 1995 by the Authority with
respect to the Lease, in accordance with Section 147(f) of the
Code, the transcript of which minutes was presented at this
meeting.
Section 4. This Resolution shall become effective
immediately upon its adoption.
-2-
95- 187
4o.
PASSED AND ADOPTED this 9th day of March , 1995
ATS EPHEN P. C ARK, MAYOR
HIRAI, CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
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Af QWfft JO , I T
CITY ATTOR
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95- 187
EXHIBIT A
IIAMI DAILY BUSINESS REVIEW
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CITY OF MIAMI
PUELIC HEARING — 02/08/95
RE: ( THE "PROJECT") OF PAN
AMERICAN HOSPITAL CORP.
(THE "INSTITUTION").
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95- 187
EXHIBIT "B"
City of Miami, Florida
Health Facilities Authority
Minutes of Meeting of February 8, 1995
City of Miamir Florida Y..oalth Facilities ,Authority, February 8,
1995, 4:00 p.m. at Miami City Hall, City Manager's Conference
Room, 3500 Pan American Drive, Miami, Florida.
presiding: Dr. Charles Beber
Present: Mrs. Marie Alonso-Martinez, Authority Member
(arrived late).
Ms. Deanna Lee Ponsor Authority Member
Dr. David R. Nateman, Authority Member
Mr. Albert Del Castillor Counsel, to the Authority
Mrs. G. Miriam Maer, City Attorney
Mr. Carlos E. Garcia, Authority Secretary
Mr. Pete Chircut, Authority Asst. Secretary
Mr. Robert Tejidor, pan American Hospital
Mr. Jeff Holl.isterr GE Capital
public Hearing Fin American ospita eject
See attached minutes
Adoption of -Rego utjOn 95
Motion to adopt resolution 95-1 approving a tax-exempt lease
among the City of Miamir Florida Health Facilities Authority,
General Electric Capital Corporation and Pan American Hospital
Corporation; providing for the lease and sublease of certain
capital equipment with principal components of lease payments of
up to $1,300,000; approving the forms of lease agreement and
escrow agreement; requesting approval by the City Commission of
the City of Mlamir Florida; and providing an effective date, was
moved and approved unanimously.
Meeting adjourned.
Respectfully submitted
Carl E. Garcia
Seer tary
A
95- 187
°j11;,
AGENDA OFFICE Fax:3058581707 reo 24 -�� 1J•c __
SCRIPT FOR TEFRA HEARING
February 8 1295
CHAIR: We will now conduct the public hearing on the
proposed tax-exempt lease financing of the cost of
a project to be located in the City of Miami., Dade
County, Florida on behalf of Pan American Hospital
Corp. This public hearing is being conducted
pursuant to the requirements of the Federal Tax
Equity and Fiscal Responsibility Act of 1982, as
amended by the Tax Reform Act of 1986, together
referred to for purposes of this hearing as TEFRA.
TEFRA requires that in order for the interest on
5 01. (c) (3 ) hospital revenue bonds and ',pother
obligations, such, as the proposed lease financing,
to be exempt from federal income tax, such bonds or
other obligations and the projects which they will
finance must be approved by either a voter
referendum or by an applicable elected legislative
body after a public hearing following reasonable
public notice.
A transcript of the testimony given at this hearing
will be provided to the City Commission of the City
of Miami at a regular meeting of the Commission, at
which time the Commission will approve, or
disapprove the lease financing to be undertaken by
the authority for the benefit and on behalf of Pan
American hospital..
Tt should be noted that the proceedings of this
public hearing are being recorded and will be
maintained as a permanent record.
Will the Executive Director please introduce the
required notice of public hearing.
MR. GARCIA., The Notice of Public Hearing was published in the
Miami Review on January 24, 1995, advising that the
Authority will hold a public hearing on the
proposed financing to be undertaken by the
Authority for the benefit and on behalf of Pan
American Hospital. We have on record a copy of the
Notice of Public Hearing,
CHAIR: We will now commence the public hearing. The
hearing will be conducted in the following format:
First, Counsel to the Authority will provide a
brief synopsis of the proposed financing and the
project. Second, testimony from anyone desiring to
speak or submit written testimony on the proposed
project will be heard. Anyone wishing to speak or
95- 187
D09;(04547.ROCS.MIA2000'121A-ii8AR-3CR�I'.
submit written testimony should give his or her
name and address for the record.
will Counsel please introduce the project for
consideration.
MR. DEL
CA.STILLO: The proposed project Consists of the acquisition
from General Electric Capital Corporation of
certain equipment relating to the provision of
health care by Pan American Hospital, including,
but not limited to, equipment or systems used or
useful in connection with the operation of the
Hospital, and ancillary equipmdnt and site
improvements. The Authority, the Hospital and
General Electric Capital Corporation will1.4nter
into a master lease and ,sublease agreement pursuant
to which 'the Authority will lease the capital
equipment comprising the project from General
Electric Capital Corporation. The Authority will
then sublease the equipment to Pan American
Hospital and the Hospital will make rental payments
which will be paid to General. Electric Capital
Corporation. This lease arrangement will, .iri
effect, refinance a taxable borrowing by Pan
American Hospital from General Electric Capital
Corporatio4. The taxable loan was obtained by the
Hospital in December of 1994 with the intent, of
refinancing said taxabble ,loan on a tax-exempt basis
through the Authority. The principal component of
the lease payments under the lease will not exceed
$1, 300, 000; the lease will have a maturity of not
exceeding 60 months; and, the interest component of
the lease payments will be computed on the basis of
an interest rate not exceeding 6.50k.
Any final approval of the Authority is conditional
upon the Authority's approval of the plan of
financing and approval of the financing documents.
CxMTR: Testimony will now be heard by anyone desiring to
speak on the proposed project. The record
indicates that Roberto TeJidor, Chief Financial
Officer of Pan American Hospital is in attendance
representing the Hospital.
Is there anyone who wishes to speak or file written
testimony on this matter?
r
CHAIR: Let the record reflect. that no one from the public
appeared desiring to comment on this project.
This concludes the public hearing scheduled for
today. This project, together with a transcript of
today's public hearing, will be forwarded to the
1)09s(04547.DOCs.MiA200072jTMMA-MAR4cAn t. 2 9 5 - 187
7
AGENDA OFFICE Fax:3058581707
Feb 24 '95 13:26 F.09i09
City Commission at a regular meeting at which time
the CommisS ion will approve or disapprove the
proposed Lease financing.
D09tLM547.'D=.A4L4200072TMII A-r�Rti CPTT.
3
I
95- 187
11
1
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO :
FROM
Honorable Mayor and Members
of the City Commission
c 9 `1� 0
city •—
• VIM. \ • � •
DATE :
SUBJECT:
REFERENCES:
ENCLOSURES:
FEB 2 4 1995
FILE :
Agenda Item for City
Commission Meeting.
it tis'respectfullyIrecommended'that the City Commission adopt the
attached resolution, with attachments, approving for purposes'of
Section 147(F) of the Internal' Revenue Code of 1986, as amended,
.a tax-exempt lease... -among the City of Miami, Florida Health
Facilities Authority, General Electric Capital Corporation and
Pan American_Hospital Corp., proyiding.for the lease and sublease
of certain capital equipment with principal components of lease
payments .of up„to $1,300,000; approving the minutes of the public
hearing held by the authority pursuant to said Section 147(f) of
the code; and providing an effective date.
The City of Miami, Florida Health Facilities Authority has held a
public hearing for the purpose of giving interested persons an
opportunity to express their views in connection with the
Authority's proposed tax-exempt lease of up to $1,300,000 among
the City of Miami, Florida Health Facilities Authority, General
Electric Capital Corporation and Pan American Hospital Corp., as
required by Section 147(F) of the Internal Revenue Code of 1986,
as amended. The Authority has also adopted a resolution
expressing its intent to enter into such lease transaction.
At this time, the City Commission must confirm and approve the
actions of the Authority in authorizing tax-exempt lease and the
holding of the public hearing.
This tax-exempt lease will not constitute a debt or liability of
the City of Miami or the City of Miami, Florida Health Facilities
Authority. It is payable solely out of the revenues of Pan
American Hospital Corp. Florida law prohibits this lease from
being an obligation of the City, the State of Florida, or any
political subdivision thereof.
95- 187
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