REPORT TO THE CITY COUNCIL
FROM: RUTH F. QUINTO, C.P.A., Interim Finance Director/City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
TEFRA HEARING - To hear and to consider information concerning the proposed issuance of tax-exempt Health Facility Revenue Bonds by the Michigan Finance Authority for the purpose of financing, or refinancing to the Borrower, the cost of acquisition, construction, improvement, and equipping of health care facilities in the City of Fresno. Proceeds of the Bonds will be loaned to Trinity Health Corporation, an Indiana nonprofit corporation, and the sole corporate member of Saint Agnes Medical Center, a California nonprofit corporation.
1. ***RESOLUTION - To Approve the issuance Revenue Bonds (Trinity Health Credit Group), by the Michigan Finance Authority, in one or more series, in an aggregate principal amount not to exceed $900,000,000, for the purpose among other things, of financing or refinancing the costs of acquisition, construction, improvement, and equipping of health care facilities owned and operated by Saint Agnes Medical Center and certain other matters relating thereto. (Subject to Mayor's Veto.)
Body
RECOMMENDATION
Staff recommends the Council first hold the 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 (the "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) finance or refinance the costs of acquisition, improvement, furnishing, and equipping of hospitals or other health care facilities owned and operated by Trinity Health (Saint Agnes Medical Center), and (ii) pay certai...
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