Title
A Resolution requesting that the Ky. Economic Development Finance Authority issue revenue bonds in an amount of up to $330,000,000, the proceeds of which will provide for the refinancing of certain outstanding bonds that financed and/or refinanced St. Joseph Health System Projects in the geographic territory of Lexington-Fayette Urban County Government. [Council Office, Maynard]
Body
WHEREAS, the Kentucky Economic Development Finance Authority (the "Authority") is authorized to issue bonds from time to time under the provisions of Sections 154.10-035(2), 154.20-035(1) and 103.200 through 103.285 of the Kentucky Revised Statutes (the "Act") and to use the proceeds of such bonds to make loans to provide financing or refinancing for the costs of acquiring, constructing and installing a "health care facility" within the meaning of the Act;
WHEREAS, the Authority has previously issued bonds for the benefit of Catholic Health Initiatives, a Colorado nonprofit corporation ("CHI") determined by the Internal Revenue Service to be a charitable organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. Effective February 1, 2019, CHI and Dignity Health, a California nonprofit public benefit corporation ("Dignity Health") aligned their respective ministries as a single, Catholic, nonprofit health system known as CommonSpirit Health (the "System");
WHEREAS, Saint Joseph Health System, Inc., a Kentucky nonprofit corporation, is a wholly-owned entity within the System that owns and operates Saint Joseph Hospital and St. Joseph Hospital-East (collectively, the "Health Care Facilities"), each of which is located in the geographic territory of Lexington-Fayette Urban County Government;
WHEREAS, the System has requested that the Authority issue its industrial building revenue bonds (the "Bonds") pursuant to the Act, in an amount not to exceed $330,000,000.00, to loan the proceeds thereof to one or more System Affili...
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