Subject:
Title
Resolution approving the issuance by Brevard County Health Facilities Authority of Hospital Revenue Bonds (Health First Obligated Group), in one or more series in an aggregate principal amount not exceeding $475,000,000
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Fiscal Impact:
None.
Dept/Office:
County Attorney's Office (as requested by the Brevard County Health Facilities Authority)
Requested Action:
Recommendation
The Brevard County Health Facilities Authority (the "Authority") requests that the Board approve a Resolution to allow the issuance by the Authority of tax-exempt revenue and refunding bonds (Health First Obligated Group), in one or more series to fund new capital projects and to refund outstanding bonds.
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Summary Explanation and Background:
The Brevard 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 under Section 154.207(1) of the Act, through the enactment of Ordinance No. 77-16, as codified in Section 54-36, in the Code of Ordinances. The primary function of the Authority is to issue its tax-exempt revenue bonds to finance and to refinance health facilities for not-for-profit organizations in Brevard County, which bonds are payable solely from the revenues of such health facilities.
Health First Shared Services, Inc. ("Health First"), Cape Canaveral Hospital, Holmes Regional Medical Center, Inc. and Viera Hospital, Inc. (collectively "Health First Obligated Group"), have requested that the Authority issue its tax-exempt hospital revenue bonds in an amount not to exceed four hundred seventy-five million dollars ($475,000,000), to assist the Health First Obligated Group to (1) finance new capital improvements, primarily for the expansion of the Viera and Palm Bay hospitals, (2) refund all or a portion of the Authority's outstanding Series 2014 Bonds (currently...
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