HomeMy WebLinkAboutBond Issuance Baptist Healthcare Systems525
RESOLUTION
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE
CITY OF PADUCAH, KENTUCKY, CONSENTING TO THE
ISSUANCE BY THE KENTUCKY ECONOMIC DEVELOPMENT
FINANCE AUTHORITY OF REVENUE BONDS TO REFINANCE,
AMONG OTHER THINGS, COSTS INCURRED BY BAPTIST
HEALTHCARE SYSTEM, INC., IN CONSTRUCTING AND
~j ACQUIRING CERTAIN HOSPITAL FACILITIES IN THE CITY
WHEREAS, Baptist Healthcare System, Inc. ("BHS"), Kentucky nonprofit corporation, desires to
refinance costs of constructing and acquiring certain hospital and related health care properties at Western
Baptist Hospital in the City of Paducah, Kentucky, with a present unamortized cost up to $7 million (the
"BHS Project"); and
WHEREAS, it is expected that the operation of the BHS Project by BHS will have a positive
impact on the delivery of 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 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 refinancing for the BHS Project; and
WHEREAS, such 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 express its consent to the issuance
of such revenue bonds by KEDFA (the "Bonds") for the purpose of refunding certain Series 1994 Bonds
and refinancing, among other things, the BHS Project, and it is appropriate that this Resolution be
adopted in order to evidence the consent of the City in this connection;
~~~ 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 consents to the issuance of the Bond by KEDFA in order to
refinance certain costs of the BHS Project for BHS. Such consent is given solely for the purpose of
satisfying the request of KEDFA for such local consent and shall not be deemed to constitute an approval
of the BHS 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.
ADOPTED by the Board of Commissioners of the City of Paducah, Kentucky, on November 23,
2004, signed by the Mayor, attested by the City Clerk of the City of Paducah and declared to be in full
force and effect. r-~-----~ 1"~ r~
William
ATTEST:
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Tammara S. Brock, City Clerk
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526
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 November 23, 2004, 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 November _, 2004.
~~~
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Tammara S. Brock, City Clerk
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