HomeMy WebLinkAboutR-87-0357I It
J-87-173
2/24/87
RESOLUTION NO. R1-3ii'
A RESOLUTION APPROVING THE ISSUANCE OF CITY
OF MIAMI, FLORIDA HEALTH FACILITIES AUTHORITY
HOSPITAL REVENUE BONDS IN AN AMOUNT NOT TO
EXCEED $45,000,000 TO FINANCE A CAPITAL
PROJECT FOR MERCY HOSPITAL, 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 projects 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, Mercy Hospital, Inc. (the "Hospital") has applied
to the Authority for hospital revenue bond financing assistance
in an aggregate principal amount not to exceed $451,000,000, to
pay all or a portion of the cost of a capital project consisting
of (a) refunding all or a portion of the $25,000,000 City of
Miami, Florida Health Facilities Authority Hospital Revenue Bonds
(Mercy Hospital) Series 1983A, previously issued by the
Authority, of which $24,300,000 in principal amount is presently
outstanding; and (b) paying certain costs of issuance of said
bonds (together, the "Project"); and
WHEREAS, on November 6, 1986, the Authority adopted
Authority Resolution No. 86-2 authorizing the issuance of said
bonds (the "Bond Resolution"), and on January 5, 1987, the
Authority held a public hearing regarding the issuance of said
bonds; 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;
CPtt COMMSSIQN
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APR 9 07 :5
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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 (Mercy
Hospital Project) in an aggregate principal amount not to exceed
$45,000,000, for the Project described above, is hereby approved.
PASSED AND ADOPTED this 9th day of w April , 1987.
ATT .
MAT Y HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
� IV
G. IRIAM MAER
! ASSISTANT CITY ATTORNEY
APPROV S TO FORM AND CORRECTNESS:
i
S
L CIA A. DOUGHE TY
CITY ATTORNEY
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CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO. Honorable Mayor and Members
of the City Commission
FROM:
Cesar H. Odio
City Manager
RECOMMENDATION:
DATE: APR b .V
. V 7 FILE:
SUBJECT: Agenda Item for Meeting
of Ap-ril 9, 1987
REFERENCE Health Facilities Authority
Wevenue Bonds for Mercy
ENCLOSUgESospi tal , Inc.
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 $45,000,000 to finance a capital project for
Mercy Hospital, 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 Mercy Hospital, 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 $45,000,000 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 Heal th Faci i i ti es
Authority. They are payable solely out of the revenues of the
hospital on whose behalf the bonds are issued. Florida law
prohibits 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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