Title
A Resolution of the Lexington-Fayette Urban County Government relating to the issuance by the Ky. Economic Development Finance Authority of revenue bonds in order to refinance, among other things, costs incurred by Baptist Healthcare System, Inc., in constructing and acquiring certain hospital facilities in Fayette County. [Council Office, Maynard]
Body
WHEREAS, Baptist Healthcare System, Inc. ("Baptist Health"), a Kentucky nonprofit corporation, desires to refinance the costs of previous improvements to certain hospital, health care, and health-related facilities currently constituting Baptist Health Lexington in Fayette County, including without limitation the prior acquisition, construction, or renovation of hospital additions, power plant upgrades, laboratories, operating rooms, HVAC equipment, emergency systems, medical and office equipment and furnishings, and other general facility improvements (collectively, the "Existing Projects"), up to $75,000,000 of the costs of which are presently expected to be refinanced by the Bonds hereinafter defined; and
WHEREAS, it is expected that the refinancing of the Existing Projects by Baptist Health will have a positive impact on the local economy and the delivery of hospital, health care, and health-related services to the citizens of Lexington and the surrounding areas and, in particular, will result in the provision of more efficient and effective hospital, health care, and health-related services in the area; and
WHEREAS, the Kentucky Economic Development Finance Authority ("KEDFA"), a body politic and corporate within the Economic Development Cabinet of the Commonwealth of Kentucky, created and existing pursuant to the provisions of KRS Chapter 154, possesses the legal authority to authorize and issue revenue bonds to provide for the refinancing of the Existing Projects upon the request of the Urban County Government as required by KRS 103.210(1); and
WHEREAS, such refinancing, w...
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