HomeMy WebLinkAbout96-138
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RESOLUTION NO. 96-138
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 MOHA VE OF
REVENUE BONDS IN AN AGGREGATE AMOUNT NOT TO EXCEED
$33,000,000 FOR THE BAPTIST HOSPITAL SYSTEM PROJECTS
WHEREAS, The Industrial Development Authority of the County of Mohave, Arizona
(the "Authority"), proposes to issue its revenue bonds in one or more series in an aggregate
principal amount not to exceed Thirty Three Million Dollars ($33,000,000.00) (the "Bonds") and
to loan the net proceeds of the Bonds to affiliates of Baptist Hospitals and Health Systems, Inc.,
an Arizona nonprofit corporation to assist in financing the acquisition, construction, expansion,
improvement, remodelling, renovation, equipping and furnishing of property and facilities for
Bullhead Community Hospital, Arrowhead Community Hospital and Medical Center and Phoenix
Baptist Hospital and Medical Center (collectively, the "Projects"); and
WHEREAS, a Resolution adopted by the Board 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 Section 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 following 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 Thirty Three Million Dollars ($33,000,000) 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 all 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.
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