HomeMy WebLinkAboutResolution - KEDFA Baptist HealthcareRESOLUTION
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 TO FINANCE AND 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 finance the costs of purchasing, acquiring, constructing, enlarging,
remodeling, renovating, improving, furnishing, or equipping certain hospital, health care, and
health- related facilities at Baptist Health Paducah in the City of Paducah, Kentucky (the "City "),
including the construction and equipping of the outpatient oncology and chemotherapy
department and the construction and equipping costs associated with the expansion of the
neonatal intensive care unit (the "New Project "), up to $25,000,000 of the costs of which are
presently expected to be financed by the Bonds hereinafter defined; and
WHEREAS, Baptist Health also desires to refinance the costs of previous improvements
to certain hospital, health care, and health- related facilities currently constituting Baptist Health
Paducah, 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 financing of the New Project and 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 financing of the New
Project and the refinancing of the Existing Projects upon the request of the City as required by
KRS 103.210(1); and
WHEREAS, such financing and refinancing, when undertaken by KEDFA, will enable
Baptist Health to continue to provide substantial employment for residents of the area; and
WHEREAS, the City, for the reasons above stated, desires to request the issuance of such
revenue bonds by KEDFA (the "Bonds ") for the purposes of financing costs of the New Project,
refinancing costs of the Existing Projects, and financing 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
finance the New Project and 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
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request and shall not be deemed to constitute an approval of the Project for any other municipal
purpose of the City.
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
, 2016, signed by the Mayor, attested by the City Clerk and declared to be
in full force and effect.
Attest:
Tammara S. Sanderson, City Clerk
Allan Rhodes, Jr., ayo 'ro Tem
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 September 13, 2016, signed
by the Mayor Pro Tem 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 , 2016.
433330.155237/1381181.4
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Tammara S. Sanderson, City Clerk