REPORT TO THE CITY COUNCIL
December 15, 2016
FROM: MICHAEL LIMA, 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 plan of finance providing for the issuance of Health Facility Revenue Bonds by the Michigan Finance Authority in one or more series of Bonds in an aggregate principal amount not to exceed $1,220,000,000, including an amount not to exceed $150,000,000 with respect to capital facilities located in the City of Fresno.
1. ***RESOLUTION - Approving the issuance of the Michigan Finance Authority Revenue Bonds, in one or more series, 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.
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 (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; and (ii) pay certain expenses incurred in connection with the issuance of the 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 aggr...
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