HomeMy WebLinkAboutResolution - KEDFA Baptist Health Hospital CampusRESOLUTION
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF
THE CITY OF PADUCAH, KENTUCKY, RELATING TO THE
ISSUANCE BY THE KENTUCKY ECONOMIC
DEVELOPMENT FINANCE AUTHORITY OF REVENUE
BONDS IN ORDER TO REFINANCE, AMONG OTHER
THINGS, COSTS INCURRED BY BAPTIST HEALTHCARE
SYSTEM, INC., IN CONSTRUCTING AND ACQUIRING
CERTAIN HOSPITAL FACILITIES IN THE CITY
WHEREAS, Baptist Healthcare System, Inc. ("Baptist Health"), a Kentucky
nonprofit corporation, desires to refinance the costs of previous improvements to certain hospital,
health care, and health-related facilities currently constituting Baptist Health Paducah in the City
of Paducah, Kentucky (the "City"), including without limitation the prior acquisition,
construction, or renovation of facilities for cardiovascular services, women's health services,
diagnostic imaging services, and chaplain services, safety system upgrades, and medical and
office equipment and furnishings (collectively, the "Existing Projects"), up to $15,000,000 of the
costs of which are presently expected to be refinanced by the Bonds; and
WHEREAS, it is expected that the refinancing of the Existing Projects by Baptist
Health will have a positive impact on the local economy and the delivery of hospital, health care,
and health-related services to the citizens of the City and the surrounding areas and, in particular,
will result in the provision of more efficient and effective hospital, health care, and health-related
services in the area; and
WHEREAS, the Kentucky Economic Development Finance Authority
("KEDFA"), a body politic and corporate within the Economic Development Cabinet of the
Commonwealth of Kentucky, created and existing pursuant to the provisions of KRS Chapter
154, possesses the legal authority to authorize and issue revenue bonds to provide for the
refinancing of the Existing Projects upon the request of the City as required by KRS 103.210(1);
and
WHEREAS, such refinancing, when undertaken by KEDFA, will enable Baptist
Health to continue to provide substantial employment for residents of the area; and
WHEREAS, the City previously requested the refinancing of the Existing Projects
from KEDFA in a Resolution of its Board of Commissioners duly adopted on September 13,
2016; and
WHEREAS, due to the passage of time, KEDFA has asked Baptist Health to
obtain a renewed request from the City regarding the issuance of revenue bonds to provide for
the refinancing of the Existing Projects; and
WHEREAS, the City, for the reasons above stated, desires to renew its request for
the issuance of such revenue bonds by KEDFA (the "Bonds") for the purposes of refinancing
costs of the Existing Projects, and refinancing the costs of other projects for other hospitals,
health care, and health-related facilities owned or operated by Baptist Health in other Kentucky
cities, and it is appropriate that this Resolution be adopted in order to evidence such request;
NOW, THEREFORE, BE IT RESOLVED AND ORDERED BY THE CITY OF
PADUCAH. KENTUCKY. ACTING BY AND THROUGH ITS BOARD OF
COMMISSIONERS, AS FOLLOWS:
Section 1. It is hereby found, determined and declared that the statements of fact
set forth in the preamble to this Resolution are true and accurate in all respects, and the preamble
and all of the recitals therein are incorporated in this Resolution by reference, as if set forth
verbatim herein.
Section 2. The City hereby requests the issuance of the Bonds by KEDFA in
order to refinance the Existing Projects for Baptist Health. Such request is made solely for the
purpose of satisfying the statutory requirement of KEDFA for such local request and shall not be
deemed to constitute an approval of the Existing Projects for any other municipal purpose of the
City.
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Section 3. The adoption of this Resolution shall not be deemed to and shall not
constitute an approval of the Bonds or any representation made by KEDFA or Baptist Health in
the issuance thereof and shall not impose any liability or responsibility, financial or otherwise,
upon the City.
Section 4. This Resolution shall be in full force and effect from and after its
adoption.
ADOPTED by the Board of Commissioners of the City of Paducah, Kentucky, on
December 12, 2017, signed by the Mayor, attested by the City Clerk and declared to be in full
force and effect.
Brandi Harless, Mayor
Attest:
Tammara S. Sanderson, City Clerk
Adopted by the Board of Commissioners, December 12, 2017
Recorded by Tammara S. Sanderson, City Clerk, December 12, 2017
VesolnTaptist Health Care-KEDFA REVENUE BOND ISSUE 12-2017
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CERTIFICATION
I, the undersigned, do hereby certify that I am the duly qualified and acting City Clerk of
the City of Paducah, Kentucky (the "City"), and as such Clerk, I further certify that the foregoing
is a true, correct, and complete copy of a Resolution duly adopted by the Board of
Commissioners of the City at a properly convened meeting held on December 12, 2017, signed
by the Mayor and now in full force and effect, all as appears from the official records of the City
in my possession and under my control.
IN WITNESS WHEREOF, I have hereunto set my hand this , 2017.
Tammara S. Sanderson, City Clerk
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