REPORT TO THE CITY COUNCIL
January 15, 2015
FROM: MICHAEL LIMA, Controller/Finance Director
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant-Debt Administration
Finance Department
SUBJECT
Title
TEFRA HEARING - To hear and to consider information concerning the proposed plan of finance providing for the issuance of health facility revenue bonds (the "Bonds") by the Michigan Finance Authority for improvements at St. Agnes Medical Center
1. ***RESOLUTION - Approving the issuance of the Michigan Finance Authority Revenue Bonds (CHE Trinity Health Credit Group), in one or more series, for the purpose, among other things, of refinancing the acquisition, construction, improvement and equipping of health care facilities owned and operated by Saint Agnes Medical Center and certain other matters relating thereto
Body
RECOMMENDATION
Staff recommends that the Council first hold the Tax Equity and Financial Responsibility Act (TEFRA) public hearing and then approve the accompanying resolution approving the plan of finance and related issuance of Health Facility Revenue Bonds by the Michigan Finance Authority (Issuer) on behalf of Trinity Health Corporation, an Indiana nonprofit corporation. Trinity Health Corporation is the sole corporate member of Saint Agnes Medical Center, a California nonprofit corporation. The proposed purpose of the issuance is to (i) refinance bonds issued to improve, furnish, and equip Saint Agnes Medical Center and associated facilities, and (ii) pay certain expenses incurred in connection with the issuance of these bonds.
EXECUTIVE SUMMARY
Trinity Health Corporation (Applicant) is requesting that Council consider information concerning the proposed plan of finance providing for the issuance of one or more series of hospital revenue bonds in an aggregate principal amount not to exceed $1,100,000,000 (Bonds) pursuant to a plan of finance for various ca...
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