Subject:
Title
Resolution approving the issuance by the Orange County Health Facilities Authority of Hospital Revenue Bonds (Orlando Health Obligated Group), in one or more series in an aggregate principal amount not exceeding $325,000,000
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Fiscal Impact:
None.
Dept/Office:
County Attorney's Office
Requested Action:
Recommendation
The Orange County Health Facilities Authority (the "Authority") requests that the Board approve a Resolution to allow the issuance by the Authority of tax-exempt revenue bonds (Orlando Health Obligated Group), in one or more series to refinance the acquisition of hospital facilities in Brevard County.
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Summary Explanation and Background:
The Orange County Health Facilities Authority (the "Authority") was created pursuant to the Health Facilities Authorities Law, Part III of Chapter 154, Florida Statutes (the "Act") upon a determination of a need for the Authority by the Board of County Commissioners of Orange County, Florida under Section 154.207(1) of the Act. The primary function of the Authority is to issue its revenue bonds to finance and to refinance health facilities for not-for-profit organizations, which bonds are payable solely from the revenues of such health facilities.
Orlando Health, Inc. (herein "Orlando Health"), a Florida not-for-profit corporation, has requested the Authority issue its tax-exempt health facilities revenue bonds in an amount not to exceed $325,000,000 (the "Bonds"), to assist Orlando Health to (1) refund all or a portion of the outstanding Orange County Health Facilities Authority Taxable Hospital Revenue Bonds (Orlando Health Obligated Group), Series 2024B, the proceeds of which were used to finance the costs of acquiring a 119-bed acute care hospital and related medical clinics, offices, parking, and ancillary facilities located at 246-250 N. Wickham Road, Melbourne, Florida, and a 298-bed acute care hospital and related medical clinics, offices, warehouse and ancillary facilities located...
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