HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 0 6-0 2,1i
Date: 11/16/2006 Requesting Department: Finance
Commission Meeting Date: 12/14/2006 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Issuance of City of Miami Health Facilities Authority $40,000,000 Health System Revenue
Refunding Bonds, Series 2006 (Catholic Health East).
Purpose of Item:
It is respectfully recommended that the City Commission adopt the attached Resolution authorizing
the issuance of not to exceed $40,000,000 Health Facilities Authority Revenue Refunding Bonds,
Series 2006 (Catholic Health East) (the "Refunding Bonds") for the purposes of Section 147(f) of the
Internal Revenue Code of 1986, as amended; ratifying, confirming and approving the actions of the
City of Miami Health Facilities Authority (the "Authority"); providing for an effective date.
Background Information:
See attached.
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND QATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Purchasing �.1 f / Dept. Director
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Chief ��t /.�.�`—9`o
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Agenda Item Summary Form Attachment
Background Information:
The City is requested to approve the issuance of bonds by the City of Miami Health Facilities
Authority of not to exceed $40,000,000 Health System Revenue Refunding Bonds, Catholic
Health East Issue, Series 2006 (the "Series 2006 Bonds"), which approval is required pursuant to
the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended. The
proceeds of the Series 2006 Bonds will be used to refund the Authority's outstanding Revenue
Refunding Bonds (Mercy Hospital Project) Series 1994A (the "Refunded Bonds") and to provide
for credit enhancement for the Series 2006 Bonds. The proceeds of the Refunded Bonds were
used to (a) refund the Authority's outstanding bonds of the Authority issued for the benefit of
Mercy Hospital, Inc.; (b) construct certain parking facilities; (c) fund a debt service reserve fund
and (d) provide for credit enhancement for the prior bonds, all on behalf of Mercy Hospital, Inc.,
a Florida non-profit corporation (the "Hospital") and now a part of the Catholic Health East
healthcare system.
The proceeds of the Series 2006 Bonds will be loaned by the Authority to Catholic Health East, a
Pennsylvania non-profit corporation, and will be used to prepay the Hospital's obligations under
the Refunded Bonds governing documents, thereby effecting a refunding of the Refunded Bonds.
No new projects are being undertaken with the proceeds of the Series 2006 Bonds.
The facilities being refinanced by the Series 2006 Bonds 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.
The Series 2006 Bonds will not be a debt, liability or obligation of the Authority, the City of
Miami or the State of Florida or any political subdivision thereof, but shall be payable solely
from payments made by Catholic Health East.