Item T8
BOARD OF COUNTY COMMISSIONERS
Agenda Item Summary
Meeting Date
June 18, 2003
Division
County Attorney
AGENDA ITEM WORDING
Approval of a BOCC Resolution to issue an IDA Health Care Facilities Revenue Bond for
$2,500,000.
ITEM BACKGROUND
PREVIOUS RELEVANT BOCC ACTION
CONTRACT I AGREEMENT CHANGES
N/A
STAFF RECOMMENDATIONS
Approval.
TOTAL COST
BUDGETED Yes No
COST TO COUNIY
SOURCE OF FUNDS
APPROVED BY:
County Attorney - OMB/Purchasing 0 Risk Management 0
DOCUMENTATION:
DIVISION DIRECTORAPPROVAL~~
J. R. NS
Included 0 To Follow 0 Not Required 0
AGENDA ITEM #
/'8
RESOLUTION NO.
2003
A RESOLUTION APPROVING THE ISSUANCE BY THE MONROE COUNTY
INDUSTRIAL DEVELOPMENT AUTHORITY OF ITS HEALTH CARE
FACILITIES REVENUE BOND (THE GUIDANCE CLINIC OF THE MIDDLE
KEYS, INC. PROJECT), SERIES 2003 IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $2,500,000, THE PROCEEDS OF WHICH WILL
BE USED PRINCIPALLY TO REFINANCE CERTAIN OUTSTANDING
INDEBTEDNESS OF THE GUIDANCE CUNIC OF THE MIDDLE KEYS, INC.
AND TO FINANCE CERTAIN CAPITAL IMPROVEMENTS TO THE HEALTH
CARE FACIUTlES OF THE GUIDANCE CUNIC OF THE MIDDLE KEYS,
INC.; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA:
SECTION 1. FINDINGS. It is hereby ascertained, determined and declared as
follows:
A. The Monroe County Industrial Development Authority (the "Authority") has
submitted to the Board of County Commissioners (the "Board") of Monroe County, Florida
(the "County"), a copy of a resolution of the Authority adopted by the Authority on the date
hereof (the "Resolution"), granting its approval for the issuance by the Authority of its
Health Care Facilities Revenue Bond (The Guidance Clinic of the Middle Keys, Inc. Project),
Series 2003 (the "Bond"), in an aggregate principal amount not to exceed $2,500,000 for
the purposes of (i) refinancing certain outstanding indebtedness (the "Prior Indebtedness")
of The Guidance Clinic of the Middle Keys, Inc. (the "Company"), the proceeds of which
were used to finance the acquisition, construction and equipping of a mental health and
substance abuse treatment center (collectively, the "Facilities"), (ii) financing a portion of
the acquisition and installation of a telephone system and air conditioning
units for the Facilities (the "Improvements"), and (iii) paying certain costs and expenses
associated with the issuance of the Series 2003 Bond. A form of the Resolution is attached
hereto as Exhibit A.
B. On the date hereof and prior to the adoption of the Resolution, the Authority held
a public hearing, which public hearing was duly conducted by the Authority upon
reasonable public notice, and at which hearing members of the public were afforded
reasonable opportunity to be heard on all matters pertaining to (i) the location and nature
of the Facilities and the Improvements and (ii) the issuance of the Bond for the purposes
described herein and in the Resolution.
C. Pursuant to the Resolution, the Authority has requested the County to approve the
issuance of the Bond in order to satisfy the requirements of Section 147(f) of the Internal
Revenue Code of 1986, as amended, and Section 125.01(1)(z), Florida Statutes.
D. The purposes of Parts II and III of Chapter 159, Florida Statutes, will be
effectively served and it is desirable and in the best interests of the County that the
Issuance of the Bond and the use of the proceeds thereof to refinance the Prior
Indebtedness and finance the Improvements be approved by the Board.
SECTION 2. APPROVAL OF ISSUANCE OF BOND, REFINANCING OF THE
FACILITIES AND FINANCING OF THE IMPROVEMENTS.
The issuance of the Bond and the use of the proceeds thereof to refinance the Prior
Indebtedness and finance the Improvements as contemplated by the Resolution be and
hereby are approved.
SECTION 3. LIMITED APPROVAL. The approval given herein shall not be
construed as an (A) an endorsement of the creditworthiness of the Company or the
financial viability of the Facilities or the Improvements, (B) a recommendation to any
prospective purchaser to purchase the Bond, (C) an evaluation of the likelihood of the
repayment of the debt service on the Bond, or (D) approval of any necessary rezoning
applications or approval or acquiescence to the alteration of existing zoning or land use nor
approval for any other regulatory permits relating to the Facilities or the Improvements,
and the Board shall not be construed by reason of its adoption of this Resolution to make
any such endorsement, finding or recommendation or to have waived any right of the
Board or estopping the Board from asserting any rights or responsibilities it may have in
such regard. Further, the approval by the Board of the issuance of the Bond by the
Authority shall not be construed to obligate the County to incur any liability, pecuniary or
otherwise, in connection with either the issuance of the Bond or the Facilities or the
Improvements, and the Authority shall so provide in the financing documents setting forth
the details of the Bond.
SEcnON 4. EFFECTIVE DATE. This Resolution shall take effect
immediately upon its adoption.
PASSED and adopted by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of the Board on this 18th day of June 2003.
Mayor Spehar
Mayor Pro Tern Nelson
Commissioner McCoy
Commissioner Neugent
Commissioner Rice
(SEAL)
Attest: DANNY L.KOLHAGE, Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By
Deputy Clerk
By
Mayor/Chairperson
jresIDAhealth
8
EXHIBIT A
FORM OF AUTHORITY APPROVING RESOLUTION