Loading...
HomeMy WebLinkAboutR-03-1114City of Miami Legislation Resolution: R-03-1114 City Hall 3500 Pan American Drive Miami, FL 33133 www.miamigov.com File Number: 03-0105 Final Action Date: 10/23/2003 A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), APPROVING FOR PURPOSES OF SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, BOND FINANCINGS OF THE CITY OF MIAMI, FLORIDA HEALTH FACILITIES AUTHORITY ON BEHALF OF CATHOLIC HEALTH EAST, INC., IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $58,000,000, FOR HEALTH CARE FACILITIES FOR MERCY HOSPITAL IN MIAMI AND HOLY CROSS HOSPITAL IN FORT LAUDERDALE, FLORIDA; APPROVING THE MINUTES OF THE PUBLIC HEARING HELD BY THE AUTHORITY PURSUANT TO SAID SECTION 147(f) OF THE CODE; APPROVING THE EXECUTION AND DELIVERY BY THE AUTHORITY OF AN INTERLOCALAGREEMENT WITH THE CITY OF FORT LAUDERDALE, FLORIDA; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Miami ("City"), Florida Health Facilities Authority ("Authority") was created by Resolution No. 79-93, adopted on February 22, 1979 by the City Commission of the City of Miami, Florida ("Commission"), all pursuant to the Florida Health Facilities Authorities Law, Chapter 154, Part III, Florida Statutes; and WHEREAS, on October 8, 2003, the Authority held a public hearing, notice of which hearing was published on September 21, 2003, in The Miami Herald and September 22, 2003, in the Sun -Sentinel (copies of the notice are attached as "Exhibit A," attached and incorporated), 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 ("Code"), in connection with a plan of financing on behalf of Catholic Health East, providing for the issuance of the Authority's bonds in two series (Series 2003B and Series 2003C) in an aggregate principal amount not to exceed $58,000,000; and WHEREAS, the proceeds of the Series 2003B Bonds will be used to finance a project for Holy Cross Hospital, Inc. in Fort Lauderdale, Florida, which Project consists of improvements, construction and renovations with respect to Holy Cross' emergency department, heart center, operating rooms, and the Holy Cross MR/CT Center, retrofitting of the incinerator, routine and miscellaneous renovations and replacements to various facilities, including the vascular lab, the acquisition of bariatric operating room equipment, two new cardiac cath labs on the third floor of the heart center, improvements to elevators, the acquisition of a linear accelerator, telemetry monitors, and critical care beds, renovations to the ambulatory care areas, parking garage expansion, and other miscellaneous capital expenditures, with the expected borrowing not to exceed $38,000,000; and WHEREAS, the proceeds of the Series 2003C Bonds will be used to finance a project for Mercy Hospital, Inc. in Miami, Florida, which Project consists of the expansion of the Mercy City of Miami Page 1 of 3 File Id: 03-0105 (Version: 2) Printed On: 8/17/2016 File Number: 03-0105 Enactment Number: R-03-1114 Hospital Emergency Department, and other miscellaneous capital expenditures, with the expected borrowing not to exceed $20,000,000; and WHEREAS, in addition, proceeds of the Series 2003 Bonds will be applied to (a) fund a debt service reserve fund, if any, with respect to each series of the Series 2003 Bonds; and (b) pay costs of issuance with respect to each series of the Series 2003 Bonds; and WHEREAS, proceeds of the Series 2003 Bonds will be loaned by the Authority to Catholic Health East, and will be made available by Catholic Health East to its affiliates Holy Cross Hospital and Mercy Hospital for the above -described financing purposes with respect to their facilities and the Projects described above; and WHEREAS, the Holy Cross Hospital Projects described above are owned and operated by Holy Cross Hospital and are located on or contiguous to the Holy Cross Hospital facilities at 4725 North Federal Highway, Fort Lauderdale, Florida 33308; and WHEREAS, the Mercy Hospital Projects described above are owned and operated by Mercy Hospital and are located on or contiguous to the Mercy Hospital facilities at 3663 South Miami Avenue, Miami, Florida 33133; and WHEREAS, the bonds shall not be a debt liability or obligation of the City of Miami, the City of Ft. Lauderdale or the Authority, but shall be payable solely from payments made by Catholic Health East and/or from revenues of the respective hospitals; and WHEREAS, after reviewing a copy of the minutes of the Authority's public hearing held on October 8, 2003, in respect of the financing, a copy of which minutes is attached as "Exhibit B," attached and incorporated, the Commission desires to approve the financing 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 adopted by reference and incorporated as if fully set forth in this Section. Section 2. The execution and delivery of the financing documents and the Authority's Series 2003B Bonds and Series 2003C Bonds, described in the Authority's authorizing resolution, in all respects is approved for purposes of Section 147(f) of the Code. Section 3. The Commission approves the minutes of the public hearing held on October 8, 2003, by the Authority with respect to the financing, in accordance with Section 147(f) of the Code, the transcript of which minutes was presented at this meeting. Section 4. The Commission approves the execution and delivery by the Authority of an Interlocal Agreement (in form acceptable to the Authority's counsel) with the City of Fort City of Miami Page 2 of 3 File Id: 03-0105 (Version: 2) Printed On: 8/17/2016 File Number: 03-0105 Enactment Number: R-03-1114 Lauderdale, Florida for the sole and limited purpose of financing the Holy Cross Project in combination with the Mercy Hospital Project. Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{1} Footnotes: {1} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miami Page 3 of 3 File Id: 03-0105 (Version: 2) Printed On: 8/17/2016