HomeMy WebLinkAboutResolution - Baptist Health KEDFA Revenue Bond Issue 6-18RESOLUTION
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 hospital inpatient services, cardiovascular services, women's health
services, diagnostic imaging services, cardiac rehabilitation services, cancer treatment services,
and chaplain services, administration, parking, central plant improvements, safety system
upgrades, and medical and office equipment and furnishings (collectively, the "Existing
Projects"), up to $35,000,000 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, 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
4820-1575-3574v3
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.
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.
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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
June 12, 2018, signed by the Mayor, attested by the City Clerk and declared to be in full force
and effect.
randi Harless, Mayor
Attest:
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Tammara S. Sanderson, City Clerk
Adopted by the Board of Commissioners, June 12, 2018
Recorded by Tammara S. Sanderson, City Clerk, June 12, 2018
VesoluTaptist Health Care-KEDFA REVENUE BOND ISSUE 6-2018
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 June 12, 2018, 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 June 12, 2018.
Tammara S. Sanderson, City Clerk
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