HomeMy WebLinkAbout~Master - Hospital Revenue Refunding Bonds Legal Department
515 Clark Avenue,P. 0.Box 811
Caring People Ames IA 50010
Quality Prograuu
@rceptional Service Phone: 515-239-5146 • Fax: 515-239-5142
March 27, 2003 _ �- ---
1
The Honorable Ted Tedesco Mayor -
and Members of the City Councila�,Py��
of the City of Ames, Iowa
Re: Mary Greeley Revenue Bonds
Dear Mayor Tedesco and Council Members:
This is to inform you that Mary Greeley Medical Center is undertaking a refinancing of hospital
revenue bonds to obtain a better rate of interest. The refinancing will require City Council action at
two meetings. The attached time table indicates the dates of these meetings as April 22 and May 27,
2003.
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Yours truly,
John R. Klaus
City Attorney
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Enclosures
Mary Greeley Medical Center
Healthcare Revenue Bonds
Series 2003
Updated Financing Timetable (March 27, 2003)
JUNE 2003
S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 1 2 3 1 2 3 4 5 6 7
6 7 8 9 10 11 12 4 5 6 7 8 9 10 8 9 10 11 12 13 14
13 14 15 16 17 18 19 11 12 13 14 15 16 17 15 16 17 18 19 20 21
20 21 22 23 24 25 26 18 19 20 21 22 23 24 22 23 24 25 26 27 28
27 28 29 30 25 M 27 28 29 30 31 29 30
Date Task/Event Responsibility
March 26 Organizational Conference Call PJ,MG
Week of April 7 Complete first draft of Appendix A PJ,MG,UC
Reach conclusion on Plan of Finance MG,PJ
Week of April 14 Circulate initial drafts of bond documents BC,UC
April 17 MGMC Finance Committee meeting MG
Week of April 21 Meeting with Ambac (and rating agency if necessary) at MG, PJ
MGMC
April 22 City of Ames Council meeting I
April 23 Working group meeting at 12:00 noon in Ames to discuss All
circulated documents,review financing plan, and due diligence
Week of April 28 Circulate second drafts of bond documents and POS BC,UC
April 28 MGMC Board Meeting MG
Week of May 5 Meeting/conference call to discuss second drafts of documents All
Week of May 12 Receive rating and final commitment for credit enhancement PJ,MG
Circulate third draft of documents
Sign off on Financial Statements for POS MG,UC,AU
City of Ames gives final approval for financing I, BC,MG
MGMC Board gives final approval with not to exceed MG,BC,PJ
parameters of resolution
May 13 City of Ames Council meeting I
May 18 MGMC Finance Committee meeting MG,PJ
MG: Mary Greeley Medical Center I: Issuer—City of Ames,IA
HC: Hospital Counsel—John R.Klaus,Esq. PJ: Underwriter—U.S.Bancorp Piper Jaffray
BC: Bond Counsel—Dorsey&Whitney UC:Underwriter's Counsel—Best&Flanagan
WF: Trustee—TBD AU:Auditor—Deloitte&Touche
Mary Greeley Medical Center
Healthcare Revenue Bonds
Series 2003
Preliminary Financing Timetable (March 26, 2003)
S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 1 2 3 1 2 3 4 5 6 7
6 7 8 9 10 11 12 4 5 6 7 8 9 10 8 9 10 11 12 13 14
13 14 15 16 17 18 19 11 12 13 14 15 16 17 15 16 17 18 19 20 21
20 21 22 23 24 25 26 18 19 20 21 22 23 24 22 23 24 25 26 27 28
27 28 29 30 25 ':20 27 28 29 30 31 29 30
Date Task/Event Responsibility
Week of May 19 Investor conference calls PJ,MG
Working group meeting/conference call to discuss All
circulated documents and review financing plan
Final sign-off on documents All
Print and mail POS UC, PJ
Begin marketing PJ
May 22 MGMC Board Meeting MG
May 27 City of Ames Council meeting I
May 29 Price bonds PJ,MG, I
May 30 Execute Bond Purchase Agreement PJ,MG, I
June 10 & 11 Pre-close and close financing All
MG: Mary Greeley Medical Center I: Issuer—City of Ames,IA
HC: Hospital Counsel—John R.Klaus,Esq. PJ: Underwriter—U.S.Bancorp Piper Jaffray
BC: Bond Counsel—Dorsey&Whitney UC:Underwriter's Counsel—Best&Flanagan
WF: Trustee—TBD AU:Auditor—Deloitte&Touche