HomeMy WebLinkAbout96-137
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RESOLUTION NO. 96-137
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
MOHA VE APPROVING THE ISSUANCE BY THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE COUNTY OF MOHAVE OF
HEALTH CARE REVENUE REFUNDING BONDS IN AN AGGREGATE
AMOUNT NOT TO EXCEED $9,500,000 FOR THE SILVER RIDGE
VILLAGE AND CHRIS RIDGE VILLAGE PROJECTS
WHEREAS, The Industrial Development Authority of the County of Mohave, Arizona
(the "Authority"), proposes to issue its health care revenue refunding bonds in one or more
series in an aggregate principal amount not to exceed Nine Million Five Hundred Thousand
DoBars ($9,500,000.00) (the "Bonds") and to loan the net proceeds of the Bonds to affiliates of
Baptist Hospitals and Health Systems, Inc., an Arizona nonprofit corporation, (the "System")
to assist in refinancing the skilled nursing facilities owned and operated by affiliates of the
System and known as Silver Ridge Village in Bullhead City, Arizona and Chris Ridge Village
Center in Phoenix, Arizona (collectively, the "Projects"); and
WHEREAS, a Resolution adopted by the Hoard of Directors of the Authority has been
presented to this Board, which Resolution approves the issuance of the Bonds and requests that
this Board approve the issuance of the Bonds; and
WHEREAS, Arizona Revised Statutes Secltion 35-721 provides that the Bonds may be
issued by the Authority only with the approval of this Board; and
WHEREAS, Section 147(g) of the Internal Revenue Code of 1986, as amended, provides
that the interest on the Bonds may be excluded from gross income of the owners of the Bonds
for federal income tax purposes if this Board approves the issuance of the Bonds foBowing a
public hearing, which public hearing has been conducted by the Authority;
BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY
OF MOHA VE AS FOLLOWS:
The issuance of the Bonds by the Authority in one or more series in an aggregate
principal amount up to Nine Million Five Hundred Thousand Dollars ($9,500,000) is approved
for all purposes under Arizona Revised Statutes Section 35-721 and Section 147(g) of the
Internal Revenue Code of 1986, as amended, and the appropriate officers and representatives
of the Board and the Authority are authorized and directed to do all things and to deliver aB
documents on behalf of the Board and the Authority as may be necessary or desirable in that
regard.
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PASSED, ADOPTED AND APPROVED by the Board of Supervisors of the County of
Mohave, Arizona, on April 15, 1996.
ATTEST:
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