Minutes 02/25/1997 - Laserfiche WebLink

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TUESDAY, FEBRUARY 25, 1997 WHEREAS, Memorial Hospital of Martinsville and Henry County (the "Hospital") has requested the Industrial Development Authority of Henry County, Virginia (the "Issuer"), and the Issuer has agreed, to issue its revenue bonds (the "Bonds") in an amount not to exceed $40,000,000 to (a) finance the acquiring, constructing and equipping of an expansion and renovation of the Hospital's facility located at 320 Hospital Drive, Martinsville, Virginia (the "Hospital Center"), including among other things a phased renovation and/or relocation of several departments in the Hospital Center, new lobby areas,. an upgrading of the Hospital's ambulatory service capabilities, creation of a "Women's Center", consolidation of the emergency and urgent care and creation of an "advanced care unit" and a larger "intensive care unit", and (b) refund all or part of the Hospital Facility Revenue Bonds (Memorial Hospital of Martinsville and Henry County) Series 1991 (the "Series 1991 'Bonds"); and WHEREAS, the Series 1991 Bonds were issued by the Industrial Development Authority of the City of Martinsville, Virginia (the "Authority") in the original aggregate principal amount of 89,835,000 to (i) finance the acquisition and installation of certain equipment for the Hospital Center and (ii) refund bonds that were issued by the Authority in 1979 to finance extensions, improvements and renovations to the Hospital Center; and WHEREAS, the Issuer has requested the City Council of the City of Martinsville, Virginia (the "Council"), to approve the issuance of the Bonds to comply with Section 15.1-1378 of the Industrial Development and Revenue Bond Act, as amended, (the "Act"); and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires that the governmental unit having jurisdiction over the issuer of private activity bonds and the governmental unit having jurisdiction over the area in which any facility financed with the proceeds of such bonds is located approve the issuance of such bonds; and WHEREAS, the Issuer issues its bonds on behalf of Henry County, Virginia, and the Board of Supervisors of Henry County has previously adopted a resolution approving the issuance of the Bonds by the Issuer for the benefit of the Hospital; and WHEREAS, the Hospital Center is located in the City of Martinsville, Virginia (the "City"), and the Council constitutes the highest elected legislative body of the City; and WHEREAS, the Authority has held a public hearing on the issuance of the Bonds on February 13, 1997; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds to comply with Section 147(f) of the Code; and WHEREAS, a copy of the Authority's resolution recommending the issuance of the Bonds adopted on February 13, 1997, a fiscal impact statement and a reasonably detailed summary of the comments made at the public hearing on February 13, 1997, have been filed with the Council; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA: