REPORT TO THE CITY COUNCIL
December 6, 2018
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 issuance of Health Facility Revenue Bonds by the Michigan Finance Authority in an amount not to exceed $1,500,000,000, of which no more than $35,000,000 will be used for the purpose of financing or refinancing the costs of acquisition, construction, furnishing, and equipping of certain health care facilities located in Fresno.
1. ***RESOLUTION - Approving the issuance of the Michigan Finance Authority Revenue Bonds on behalf of Trinity Health Corporation, 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. (Subject to Mayor's Veto)
Body
RECOMMENDATION
Staff recommends the Council first hold a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing, and then approve the accompanying resolution approving the plan of finance and related issuance of Health Facility Revenue Bonds (Bonds) by the Michigan Finance Authority (Issuer) on behalf of Trinity Health Corporation (Applicant), 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 Corporation, and (ii) pay certain expenses incurred in connection with the issuance of the Bonds.
EXECUTIVE SUMMARY
The Applicant is requesting that Council consider informat...
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