HomeMy WebLinkAbout~Master - Setting Date of Public Hearing for Hospital Revenue Bonds, Mary Greeley Medical Center Series 2019 RESOLUTION NO. 19-501
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$35,000,000 for the purpose
of financing 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$3 5,000,000(the"Bonds")for the purpose
of(1) financing a portion of the Hospital's improvement projects to acquire, construct, equip,
renovate and furnish improvements to the medical/surgical area, children/maternal services and
NICU departments, behavioral health department, inpatient rehabilitation and other areas of the
hospital facilities located at the Hospital's campus as 1111 Duff Avenue,Ames, Iowa(collectively,
the "Projects") and(2) financing 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 8th day of October,2019,at the Council
Chambers, City Hall, 515 Clark Avenue,Ames, Iowa,at 6 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:
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 8th day of October,2019 at the
Council Chambers,City Hall, 515 Clark Avenue,Ames,Iowa,at 6 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 $35,000,000 (the "Bonds") for the benefit of Mary
Greeley Medical Center(the"Hospital")for the purpose of(1)financing a portion of the Hospital's
improvement projects to acquire, construct, equip, renovate and furnish improvements to the
medical/surgical area, children/maternal services and NICU departments, behavioral health
department,inpatient rehabilitation and other areas of the hospital facilities located at the Hospital's
campus as I I I I Duff Avenue,Ames,Iowa(collectively,the"Projects")and(2)financing issuance
expenses for the Bonds. The Projects will be owned by the Hospital.
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.
Section 4. The Issuer declares its intent to issue the Bonds to pay a portion of the costs
of the Projects. 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 another eligible reimbursement 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 Projects 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 September 24, 2019.
Mayor
Attest:
City Clerk