HomeMy WebLinkAbout~Master - Public hearing date for issuance of Hospital Revenue Bonds Mary Greeiey,418663-44,Set Date
4848-8707-0224\2
RESOLUTION NO. 12-444
To fix a date for a public hearing on the proposal to issue hospital revenue bonds
or notes in a principal amount not to exceed $26,000,000 for the purpose of
financing and refinancing improvement projects for Mary Greeley Medical Center
WHEREAS, heretofore in the year 1916, the Mary Greeley Memorial Hospital (now
known as the Mary Greeley Medical Center and hereinafter sometimes referred to as the
"Hospital") was established in and for the City of Ames, Iowa (the "City") by lawful acceptance
of a conditional gift of certain real estate and the then existing hospital facility, deeded to the
City by Mr. W. M. Greeley; and
WHEREAS, the Board of Trustees of the Hospital (the "Board") has requested the City
to issue its hospital revenue bonds or notes (Mary Greeley Medical Center Project), in one or
more series, in the aggregate principal amount of not to exceed $26,000,000 (the "Bonds") for
the purpose of (1) financing a portion of the costs of the Hospital's improvement projects to
acquire, construct, equip, furnish, expand and remodel portions of its existing hospital facilities,
including a new patient tower, a new support service building, a new main entrance, an expanded
emergency room department, related land/site improvements thereto, and other improvements to
the hospital facilities, all located at I I I I Duff Ave, Ames, Iowa(the "Project"); (2)refunding the
City's Hospital Revenue Refunding Bonds (Mary Greeley Medical Center), Series 2003 (the
"Prior Bonds"); (3) funding necessary reserve funds for the Bonds; and (4) funding issuance
expenses for the Bonds; and
WHEREAS, it is necessary to fix a date of meeting of this City Council at which it is
proposed to take action to issue the Bonds and to give notice thereof as required by such law; and
NOW, THEREFORE, Be It Resolved by the City Council of the City of Ames, Iowa, as
follows:
Section 1. This City Council shall meet on the llth day of September, 2012, at the
Council Chambers, City Hall, 515 Clark Avenue, Ames, Iowa, at seven o'clock p.m., at which
time and place a hearing will be held and proceedings will be instituted and action taken for
issuance of the Bonds.
Section 2. The City Clerk is hereby directed to give notice of the proposed action for
the issuance of the Bonds setting forth the amount and purpose thereof, the time when and place
where the said meeting will be held by publication at least once and not less than 4 nor more than
20 days before the meeting, in a legal newspaper of general circulation in the City.
Section 3. The notice shall be in substantially the following form:
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Mary Greeley,418663-44,Set Date
4848-8707-0224\2
NOTICE OF PROPOSED ACTION TO INSTITUTE
PROCEEDINGS FOR ISSUANCE OF HOSPITAL REVENUE BONDS OR NOTES
The City Council of the City of Ames, Iowa, will meet on the llth day of September,
2012 at the Council Chambers, City Hall, 515 Clark Avenue, Ames, Iowa, at seven o'clock p.m.,
for the purpose of instituting proceedings and taking action for the issuance of hospital revenue
bonds or notes, in one or more series, in an amount not to exceed $26,000,000 (the "Bonds") for
the benefit of Mary Greeley Medical Center (the "Hospital") for the purpose of(1) financing a
portion of the costs of the Hospital's improvement projects to acquire, construct, equip, furnish,
expand and remodel portions of its existing hospital facilities, including a new patient tower, a
new support service building, a new main entrance, an expanded emergency room department,
related land/site improvements thereto, and other improvements to the hospital facilities, all
located at 1111 Duff Ave, Ames, Iowa; (2) refunding the City's Hospital Revenue Refunding
Bonds (Mary Greeley Medical Center), Series 2003 (the "Prior Bonds"); (3) funding necessary
reserve funds for the Bonds; and (3) funding issuance expenses for the Bonds.
The Bonds will not constitute general obligations of the City, nor will they be payable in
any manner by taxation, but will be payable from the net revenues of the Hospital and any
reserve funds established for the payment thereof and will rank on a parity with any loan
agreement, bonds, notes or other obligations heretofore or hereafter issued by the City which are
payable from such sources.
The Bonds are proposed to be issued pursuant to authority contained in Division V of
Chapter 384 of the Code of Iowa.
At the aforementioned time and place, oral or written objections may be filed or made to
the proposal to issue the Bonds. After receiving objections, the City may take action for the
issuance of the Bonds, in which case, the decision will be final unless appealed to the District
Court within fifteen (15) days thereafter. Written objections may be filed with the City Clerk
prior to such meeting at City Hall, 515 Clark Avenue, Ames, Iowa 50010.
By order of the City Council of the City of Ames, Iowa.
Diane Voss
City Clerk
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Mary Greeley,4 1 8663-44,Set Date
4848-8707-0224\2
Section 4. The Issuer declares its intent to issue the Bonds to pay a portion of the
costs of the Project and to refund the Prior Bonds. On the basis of representations of the
Hospital, other than (i) expenditures to be paid or reimbursed from sources other than the Bonds,
or (ii) expenditures made not earlier than sixty days prior to the date of this Resolution, or (iii)
expenditures amounting to the lesser of $100,000 or 5% of the proceeds of the Bonds, or (iv)
expenditures constituting preliminary expenditures as defined in Section 1.150-2(f)(2) of the
Regulations, no expenditures for the Project have heretofore been made by the Hospital and no
expenditures will be made by the Hospital until after the date of this Resolution. This
declaration is a declaration of official intent adopted pursuant to Section 1.150-2 of the
Regulations.
Section 5. All resolutions or parts of resolutions in conflict herewith be and the same
are hereby repealed to the extent of such conflict.
Passed and approved August 14, 2012.
Mayor
Attest:
City Cleric
* * *Other Business*
After the discussion of other business, on motion and vote, the meeting adjourned.
7
Mayor
Attest:
ELU
City Clerk
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