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 $750,000,000
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Fiscal Impact:
None.
Dept/Office:
County Attorney's Office
Requested Action:
Recommendation
The Brevard County Health Facilities Authority (the "Authority") is requesting that the Board approve a Resolution to allow the issuance by the Authority of tax-exempt revenue and refunding bonds (Health First Obligation 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. (herein "Health First") a Florida not-for-profit corporation, and its affiliates, including Cape Canaveral Hospital, Holmes Regional Medical Center, Inc. and Viera Hospital, Inc., have requested the Authority issue its tax-exempt health facilities revenue bonds in an amount not to exceed $750,000,000, to assist Health First and its affiliates to (1) finance new capital projects, including the replacement hospital for Cape Canaveral Hospital, to be located in Merritt Island, which will have 120 private inpatient beds, six operating suites and 28 emergency bays, (approximately $400,00...
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