HomeMy WebLinkAboutRes.2745.03-04-2013BILL NO. 13-34 ORDINANCE NO. 2745
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CAPE GIRARDEAU, MISSOURI, APPROVING THE
REFUNDING OF THE REFUNDED BONDS AND A
PROJECT OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF CAPE GIRARDEAU,
MISSOURI, TO BE LOCATED IN THE CITY OF CAPE
GIRARDEAU, MISSOURI.
WHEREAS, pursuant to the authority of the Industrial
Development Corporations Act, Chapter 349 of the Missouri
Revised Statutes, as amended (the "Act"), The Industrial
Development Authority of the County of Cape Girardeau, Missouri
(the "Authority"), by Resolution adopted by its governing body
on February 22, 2013, has approved a project for Saint Francis
Medical Center, a Missouri nonprofit corporation (the
"Institution"), to assist the Institution in providing funds to
(1) refund all or a portion of the Health and Educational
Facilities Authority of the State of Missouri Variable Rate
Demand Health Facilities Revenue Bonds (St. Francis' Medical
Center), Series 1996A currently outstanding in the principal
amount of $15,925,000, previously issued to finance the costs of
certain health facilities of the Institution (the "Series 1996A
Refunded Bonds"), (2) refund all or a portion of the
Authority's Health Facilities Revenue Bonds (Saint Francis
Medical Center), Series 2002A currently outstanding in the
principal amount of $49,460,000, previously issued to finance
the costs of certain health facilities of the Institution (the
"Series 2002A Refunded Bonds"), (3) refund all or a portion of
the Authority's Health Facilities Revenue Bonds (Saint Francis
Medical Center), Series 2009A currently outstanding in the
principal amount of $48,745,000, previously issued to finance
the costs of certain health facilities of the Institution (the
"Series 2009A Refunded Bonds"), (4) refund all or a portion of
the Authority's Variable Rate Demand Health Facilities Revenue
Bonds (Saint Francis Medical Center), Series 2009B currently
outstanding in the principal amount of $24,365,000, previously
issued to finance the costs of certain health facilities of the
Institution (the "Series 2009B Refunded Bonds," and together
with the Series 1996A Refunded Bonds, the Series 2002A Refunded
Bonds, and the Series 2009A Refunded Bonds, the "Refunded
Bonds") and (5) finance, refinance and reimburse the costs of
acquiring, constructing, improving and extending certain
hospital and related health facilities, medical equipment,
information technology and furnishings, located at the
Institution's hospital campus in the City of Cape Girardeau,
Missouri, including without limitation (a) the construction of a
new five story patient tower, (b) renovation of the women's
service area and (c) renovation of the existing patient tower,
at an estimated total cost of $127,000,000 (collectively, the
"Project"), to be financed in part by the issuance by the
Authority of health facilities revenue bonds in one or more
series under the Act in an aggregate principal amount not to
exceed $215,000,000; and
WHEREAS, Section 349.010 of the Act provides that projects
of an industrial development authority of a county may be
located within the incorporated limits of a municipality within
such county with the permission of the governing body of such
municipality; and
WHEREAS, the Institution and the Authority have requested
the City Council to approve the Project; and
WHEREAS, the City Council hereby finds and determines that
the Project will promote the economic welfare and the
development of Cape Girardeau, Missouri, and will be in
furtherance of the public purposes set forth in the Act.
NOW, THEREFORE, BE IT RESOLVED by the City Council, that it
hereby approves the Project in accordance with the requirements
of Section 349.010 of the Act and grants its permission to the
Authority to proceed with the financing of the Project through
the issuance of the health facilities revenue bonds of the
Authority in one or more series in an aggregate principal amount
not to exceed $215,000,000 to be issued pursuant to the Act.
This approval does not impose any liability on the City of Cape
Girardeau, Missouri or in any way involve the City in the
issuance of the bonds or the proposed Project, but is an
accommodation by the City to satisfy the requirements of the
Act.
SASSED AND ADOPTED THIS
4" day of March, 2013.
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