HomeMy WebLinkAboutIssuance of Revenue Bonds for Baptist Healthcare System, Inc.316
A RESOLUTION OF THE BOARD OF COMMSSIONERS OF THE CITY OF
PADUCAH, KENTUCKY, CONSENTING TO THE ISSUANCE BY THE KENTUCKY
ECONOMIC DEVELOPMENT FINANCE AUTHORITY OF REVENUE BONDS TO
REFINANCE AND FINANCE, AMONG OTHER THINGS, COSTS INCURRED BY
BAPTIST HEALTHCARE SYSTEM, INC., IN CONSTRUCTING AND ACQUIRING
CERTAIN HOSPITAL FACILITIES IN THE CITY
WHEREAS, Baptist Healthcare ystem, Inc. ("BHS"), a Kentucky nonprofit corporation,
desires to refinance and finance costs of constructing and acquiring certain hospit
and related health a properties at Western Baptist Hospital in the City of
Paducah, Kentuc (the "CITY"), costing in the aggregate up to $30 million ("the
"BHS Project"); an
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 and financing for the BHS Project; and
WHEREAS, such refinancing and financing, when undertaken by KEDFA, will enable BHS to
continue to provide substantial employment for residents of the area; and
yvJ 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 refinancing
and financing, 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 Bonds by KEDFA
in order to refinance and finance 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.
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SECTION 4. This Resolution shall be in full force and effect from and after its
adoption as provided by law.
ADOPTED by the Board of commissioners of the City of Paducah, Kentucky, on
October 27, 1998, signed by the Mayor as evidence of his approval, and declared to be in full
force and effect.
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ATTEST:
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Tammara S. Brock., Asst. City Clerk
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 October 27, 1998, 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 October ~, 1998.
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Asst:. City Clerk