HomeMy WebLinkAboutWestern Baptist-2008 KEDFARESOLUTION
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 ACQUIlZIl~tG
CERTAIN HOSPITAL FACILITIES IN THE CITY
~~_w WHEREAS, Baptist Healthcare System, Inc. ("BHS"), a Kentucky nonprofit corporation,
desires to refinance costs of constructing, acquiring and installing certain hospital and related
health care properties at Western Baptist Hospital in the City of Paducah (the "City"), with a
present unamortized cost up to $104,854,438 (the "Prior Project"), and to finance a portion of the
costs of new hospital equipment, fixtures and improvements (the "2008 Project"), up to
$7,000,000 of the costs of which are presently expected to be financed by the Bonds hereinafter
defined; and
WHEREAS, it is expected that the continued operation of the Prior Project by BHS and the
acquisition and installation of the 2008 Project by BHS will have a positive impact on the local
economy and the delivery of hospital and health care 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 and health care 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 2008
Project and the refinancing of the Prior Project 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
BHS 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 purpose of financing and refinancing, among other
hospital projects located in other cities, the 2008 Project and the Prior Project, 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 costs of the 2008 Project and to refinance costs of the Prior Project for BHS. 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 2008 Project or the Prior
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 BHS 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.
OPTE,D/ by the Board of Commissioners of the City of Paducah, Kentucky, on
/ 'S~ , 2008, signed by the Mayor, attested by the City Clerk and declared to be in
fiill fnrrP and affart
Attest:
Tammara S. Brock, City Clerk
C",erti ficati~n
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 i s
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 ,
2008, 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
2008.
Tammara S. Brock, City Clerk
991144.87 1 1 44/54 1 242.1
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