HomeMy WebLinkAboutR-87-0356J-87-174
2/10/87
RESOLUTION NO.
A RESOLUTION APPROVING THE ISSUANCE OF CITY
OF MIAMI, FLORIDA HEALTH FACILITIES AUTHORITY
HOSPITAL REVENUE BONDS IN AN AMOUNT NOT TO
EXCEED $65,000,000 TO FINANCE A CAPITAL
PROJECT FOR CEDARS MEDICAL CENTER, INC.
WHEREAS, by Resolution No. 79-93, as amended by Resolution
79-330 (together, the "Resolution"), the City Commission created
the City of Miami, Florida Health Facilities Authority, for the
purpose of assisting health facilities in the acquisition,
construction, financing and refinancing of project within the
municipal boundaries of the City of Miami (the "Authority"), and
the Authority is authorized to hold public hearings authorizing
the issuance of revenue bonds of the Authority to accomplish such
purposes; and
WHEREAS, Cedars Medical Center, Inc. (the "Hospital") has
applied to the Authority for hospital revenue bond financing
assistance in an aggregate principal amount not to exceed
$65#000#000, to pay all or a portion of the costs of a capital
project consisting of (a) reimbursing the Hospital for payment of
a portion of the costs of acquiring, constructing and equipping
certain capital improvements previously made to the Hospital, (b)
refinancing certain existing indebtedness of the Hospital, (c)
funding a deposit to a debt service reserve and other applicable
accounts, (d) providing a portion of the capitalized interest on
the bonds, if applicable, and (e) paying certain costs of
issuance of said bonds (collectively, the "Project"); and
WHEREAS, on January 5, 1987, the Authority held a public
hearing regarding the project and adopted Authority Resolution
No. 87-1 authorizing the issuance of said bonds (the "Bond
Resolution"); and
WHEREAS, the City Commission concurs with the Authority that
the issuance of said bonds for the purposes described in the Bond
Resolution will further the public purpose described in Chapters
154 and 159, Florida Statutes; and
IMING OF
APR
10 f
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The issuance of City of Miami, Florida Health
Facilities Authority Hospital Revenue Bonds, Series 1987A (Cedars
Medical Center Project) in an aggregate principal amount not to
exceed $65,000,000, for the Project described above, is hereby
approved.
PASSED AND ADOPTED this 9th day of pril , 1987.
ATTEST
VIER L. SUARE MAYOR
MATTY `HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
G. MIRIAM MAI
ASSISTANT CITY ATTORNEY
47
CITY OF MIAMI. FLORIDA
INTEROFFICE MEMORANDUM
TO. Honorable Mayor and Members
of the City Commission
GATE: d' It ` !vS' FILE:
SUBJECT; Agenda Item for Meeting
of April 9, 1987
Cesar H. Odio RevenueHealth FBondsties for Cedars
FROM: r REFERENCES:
City Manager ENCLosuREs.Medical Center, Inc.
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the
attached resolution approving the issuance of City of Miami,
Florida Health Facilities Authority Hospital Revenue Bonds in an
amount not to exceed $65,000,000 to finance a capital project for
Cedars Medical Center, Inc. .
BACKGROUND:
The City of Miami, Florida Health Facilities Authority has held
its initial public hearing, in accordance with their standard
procedures, for the issuance of health facility authority
hospital revenue bonds on behalf of Cedars Medical Center; Inc.
Under the new Tax Reform Act of 1986, the City Commission must
confirm and approve the actions of the Authority in authorizing
the issuance of the bonds and the holding of the public hearing.
Another public hearing is not required by the City Commission;
since the Commission has delegated the Authority to hold such
hearings to the City of Miami, Florida Health Facilities
Authority, and the Authority has such power by virtue of Chapters
154 and 159, Florida Statutes.
The only action required by the Commission is the passage of the
attached Resolution approving the issuance of hospital revenue
bonds in an amount not to exceed $65,000,000 by the City of
Miami, Florida Health Facilities Authority. Subsequent hearings
will be held by the Authority prior to a final determination of
the financial feasibility of each bond issuance. This resolution
merely confirms the required public hearing held by the Authority
and the issuance of the bonds by the Authority.
These bonds will not constitute a debt or liability of the City
of Miami or the City of Miami, Florida Health Facilities
Authority. They are payable solely out of the revenues of the
hospital on whose behalf the bonds are issued. Florida law
,)rohi bi is the bonds from being an obligation of the City; the
State of Florida, or any political subdivision thereof.
cc: Law Department
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