HomeMy WebLinkAboutcover memoOCT-15-2003 19:18
CITY MANAGERS OFFICE
CITY OF MAW. FLORIDA
1NTER-OFF10E MEMORANDUM
RE.6
Honorable May Members �L . F}i e
eATE •
butanes of City of Miami,
suBJecr Florida Health Facilities
Authoriy $58,000,000
The Revenue Bonds
REPERENC S Series 20038 arid 2003C
ofCityC
Iola
Manager
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ENCLOSURES:
It is respectfully recommended that the City Commission adopt the attached resolution
authorizing the issuance of not exceeding $58,000,000 by the City of Miami, Florida Health
Facilities Authority, for health care facilities for Mercy Hospital in Miami and for Holy Cross
Hospital in Fort Lauderdale, the latter through an Interlocal Agreement with the City of Fort
Lauderdale.
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The City of Miami, Florida Health Facilities Authority has held a public hearing for the purpose
of giving interested persons art opportunity to express their views in commotion with the
Authority's proposed issuance of not to exceed S5S,000,000 for the benefit of Catholic Health
East, the parent company of Mercy Hospital in Miami and Holy Cross hospital in Fort
Lauderdale, the latter being done through an interlocal agreement with the City of Fort
Lauderdale. Two series of bonds are to be issued; Series 2003 C not to exceed S20,000,000 for
Mercy Hospital and Series 2003 B not to exceed $38,000,000 for Holy Cross Hospital. This
resolution is required by federal tax law (Section 147(f) of the IRC) in order to approve bonds
issued by the City's Authority.
These bonds will not constitute a debt or liability of the City of Miami. or the City of Miami
Health Facilities Authority. They are payable solely out of the revenues of Mercy Hospital and
Holy Cross Hospital, through their parent, Catholic Health East. The City will receive a fee in
the amount of $30,000 for this issue which will cover the cost incurred by the City for legal
counsel end financial services.
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