REPORT TO THE CITY COUNCIL
December 10, 2015
FROM: MICHAEL LIMA, Controller/Finance Director
Finance Department
BY: KAREN M. BRADLEY, Assistant Controller/Finance Director
Finance Department
SUBJECT
Title
TEFRA Hearing as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, to hear and consider information concerning the proposed plan of finance providing for the issuance of Health Facility Revenue Bonds in an aggregate principal amount not to exceed $1,100,000,000 by the Michigan Finance Authority to (i) refinance the costs of acquisition, construction, furnishing and equipping of certain health care facilities owned and operated by Saint Agnes Medical Center (or an affiliate thereof) and (ii) pay certain expenses incurred in connection with the issuance of the bonds.
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 of refinancing the costs of acquisition, construction, improvement and equipping of health care facilities owned and operated by Saint Agnes Medical Center (or an affiliate thereof) in an aggregate principal amount not to exceed $25,000,000 and certain other matters relating thereto.
Body
RECOMMENDATION
Staff recommends the City Council first hold a Public Hearing and then upon conclusion, adopt the accompanying Resolution approving the plan of finance and related issuance of Health Facility Revenue Bonds (the "Bonds") by the Michigan Finance Authority, (the "Issuer") on behalf of Trinity Health Corporation (formerly known as CHE Trinity Inc.), an Indiana nonprofit corporation. Trinity Health Corporation (the "Applicant") is the sole corporate member of Saint Agnes Medical Center, a California nonprofit corporation. The proposed purpose of the issuance is to (i) refinance the costs of acquisition, improvement, furnishing, and equipping of hospitals or other he...
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