|
Back to Calendar
Return
|
| |
Public Hearings 12.
|
| BCC Regular Meeting |
|
|
|
|
| RECOMMENDATION: |
5:33 p.m. TEFRA Public Hearing for Consideration of Adopting a Resolution Authorizing Wisconsin Public Finance Authority to Issue Revenue Bonds.
Recommendation: That the Board take the following action concerning the issuance by the Public Finance Authority, a Wisconsin bond issuing Commission (the “Authority”), of not-to-exceed $5,000,000 Revenue Bonds (herein, the “Bonds”), on behalf of Methodist Home for the Aging, an Alabama nonprofit corporation authorized to transact business in the State of Florida (the “State”), or one or more of its affiliates (as applicable, the “Borrower”), for financing or refinancing the Borrower’s interest in the 120-bed skilled nursing facility known as the Haven of Our Lady of Peace located at the intersection of Summit Boulevard and 12th Avenue in the City of Pensacola, Escambia County, Florida, and a 7.72-acre parcel of land (and currently containing an unoccupied single family dwelling), located at 7920 Hilburn Road, in the unincorporated Ensley community, Escambia County, Florida, on which there is expected to be constructed approximately 50 to 75 units of independent living facilities for low income or elderly residents (the “Project”):
A. Ratify the scheduling of the 5:33 p.m. Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing for consideration of authorizing the issuance of the Bonds by the Authority and advertising of the Notice of Public Hearing; and
B. Adopt, and authorize the Chairman to execute, the Resolution authorizing the issuance of the Bonds by the Authority upon the terms established therein.
The Bonds are not issued by the County and will not obligate the credit of the County or pose any obligation or liability for the County. |
| BACKGROUND: |
| The Public Finance Authority is a Wisconsin bond issuing commission created under Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes (collectively the “Act”) and is empowered pursuant to the Act to issue revenue bonds for the purpose of providing funds to pay all or any part of the cost of the Project. The Borrower has requested the Authority issue the above-referenced Bonds for the purpose of financing or refinancing all or a portion of the Project (the “Plan of Finance”). Section 147(f) of the Internal Revenue Code of 1986, as amended, requires public approval of bonds by an applicable elected representative of the governmental unit where the project is to be located, and any plan of finance therefor, following a public hearing. Accordingly, a public hearing has been scheduled to be held on September 5, 2013, following published notice as required by federal law. Under the terms of the standard financing documents, the Borrower is responsible for use and operation of the Project, and the Bonds will not obligate the credit of the County or pose any obligation or liability for the County. Johnston Barton Proctor & Rose LLP, Birmingham, Alabama, is bond counsel for the financing. |
| BUDGETARY IMPACT: |
| The Authority does not receive funds from the County, and no funds of the County are expended in connection with the Project or the Bonds. The County will not issue any bonds pursuant to this requested approval. |
| LEGAL CONSIDERATIONS/SIGN-OFF: |
| Richard I. Lott, McGuireWoods LLP, bond counsel for the County, will review the documents on behalf of the County to insure that the County does not have any liability or obligation under the Bonds. |
| PERSONNEL: |
| None. |
| POLICY/REQUIREMENT FOR BOARD ACTION: |
| The Project in the community improves the prosperity and welfare of the State of Florida and its inhabitants; improves education, living conditions, and health care; increases opportunities for gainful employment and otherwise contributes to the welfare of the State and its inhabitants. |
| IMPLEMENTATION/COORDINATION: |
| None needed. The approval by the County of the Bonds of the Wisconsin Public Finance Authority will not affect the obligation of the Project to conform to all County zoning, development, land use and other permitting requirements. The County will be fully entitled to address such issues in the normal course of development of the Project. |
|
|
|
|