The URL can be used to link to this page

Home My WebLink AboutR91-099 Hospital and Health Care Bonds CT Scanner Project28ailpll25 STATE OF COLORADO ) ss. COUNTY OF EAGLE ) The Board of County Commissioners of Eagle County, Colorado, held a regular meeting open to the public at the Eagle County Building, 500 Broadway, Eagle, Colorado, the regular meeting place thereof on Monday, the 9th day of December, 1991, at the hour of 1:45 p.m. The following members of the Board of County Commissioners, constituting a quorum thereof, were present: George A. Gates, Chairman Richard L. Gustafson Donald H. Welch The following member of the Board of County Commissioners was absent: The following persons were algo present: James R. Fritze, County Manager Kevin Lindahl, County Attorney At 1:45 p.m., the appointed time therefor, the County Attorney informed the Board of County Commissioners that a notice of public hearing on the proposed issuance by the County of a bond to finance a TOMOSCAN CX /Q System for the Vail Valley Medical Center in the form attached to the following resolution ah}}'bit A was published in The Eagle County Enterprise on UX7,7, 31 , 1991, as evidenced by the affidavit of publication Attached to the following resolution as Exhibit A. Thereupon the Chair opened the public hearing and afforded all interested persons an opportunity to be heard. Commissioner J�' then moved the adoption of the following resolution: 3 RESOLUTION NO. 91- A RESOLUTION AUTHORIZING AND DIRECTING THE ISSUANCE OF UP TO $405,000 AGGREGATE PRINCIPAL AMOUNT OF THE COUNTY'S HOSPITAL AND HEALTH CARE FACILITIES REVENUE BOND (TOMOSCAN CX /Q PROJECT SOMETIMES REFERRED TO AS THE CT SCANNER PROJECT), SERIES 1991A, THE EXECUTION AND DELIVERY OF A HOSPITAL AND HEALTH CARE FACILITIES FINANCING AGREEMENT, AND RELATED DOCUMENTS; AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY OF SUCH BOND; MAKING CERTAIN DETERMINATIONS WITH RESPECT THERETO; PROVIDING FOR THE PRINCIPAL AMOUNT, PROVISIONS FOR MATURITY OF, AND RATES OF INTEREST ON THE BOND; AUTHORIZING INVESTMENTS; AUTHORIZING INCIDENTAL ACTION; AND REPEALING INCONSISTENT ACTIONS. WHEREAS, Eagle County, Colorado (the "Issuer ") is authorized by the Colorado County and Municipality Development Revenue Bond Act § §29 -3 -101 et sec. Colorado Revised Statutes, as amended (the "Act ") to issue revenue bonds for the purpose of financing hospital and health care facilities projects for hospital and other health care providers; and WHEREAS, the Issuer has been requested to enter into a Hospital and Health Car e Facilities Financing Agreement (the "Agreement ") dated as of 11,,1- , 1991, with Vail Clinic, Inc., d /b /a Vail Valley Medical Center, a Texas nonprofit corporation (the "Company "), to finance a hospital and health care facilities project (the "Project ") and its related costs by the issuance and delivery of up to $405,000 in principal amount of its bond to be known as "Hospital and Health Care Facilities Revenue Bond (TOMOSCAN CX /Q System Project), Series 1991A" (the "Bond "); and WHEREAS, a public hearing was held by the Issuer on November 18, 1991 after due notice as evidenced by the affidavit of publication attached as Exhibit A, at which public hearing all interested persons were afforded an opportunity to present their views regarding the issuance of the Bond to finance the Project. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADO, AS FOLLOWS: Section 1. APPROVAL OF AGREEMENT. The form of the Agreement presented to this meeting (copies of which shall be filed in the records of the Issuer) is hereby approved, and the Chairman of the Board of County Commissioners of the Issuer (the "Chairman ") is hereby authorized to execute and deliver, and the County Clerk and Recorder of the Issuer (the "Clerk ") is hereby authorized to affix the seal of the Issuer where appropriate to, and attest, such document in substantially such form and upon the -2- 3 terms and conditions set forth herein and therein, with such changes therein as such officers shall approve (including changes in dates and amounts necessary to conform such documents to the final terms as approved by the Company) such approval to be evidenced by their execution thereof. In accordance with the requirements of the Act, the Issuer hereby determines that the following provisions shall be as set forth in the form of the Agreement hereinbefore approved, which form is hereby incorporated herein by reference as if set forth in full: (a) Custody of the proceeds from the sale of the Bond, including their investment and reinvestment until used to defray the costs of the Project; (b) The creation of funds or accounts into which any Bond proceeds, revenues and income may be deposited or created; (c) Limitation on the purpose to which proceeds of the Bond may be applied; (d) The rights and remedies available in case of a default to the Bondholders under the Agreement. In accordance with the requirements of the Act, the Issuer hereby determines that the fixing and collection of revenues from the Project shall be as set forth in the form of Agreement hereinbefore approved, which form is hereby incorporated herein by reference as if set forth in full. Section 2. ISSUANCE OF BOND. The issuance of the Bond is hereby authorized. The form of the Bond set forth in the Agreement is hereby approved; the Bond shall be executed with the manual signatures of the Chairman and the Clerk in substantially such form with appropriate insertions and variations, and the seal of the Issuer or a facsimile thereof is hereby adopted and authorized to be affixed or imprinted thereon. Section 3. TERMS OF BOND. The Bond shall be in a principal amount not to exceed $405,000, shall initially bear interest at a rate of 7.2% per annum simple interest, to be subject to adjustment to 10.91% per annum on the unpaid principal amount thereof if a Determination of Taxabilitv (as defined in the form of Bond) occurs, shall be dated as of its actual date of issuance and delivery and shall be issued as a fully registered bond in the denomination of $405,000. The Bond shall maturate serially with monthly payments being made commencing through and including `ij/,nv 9� /99(a Pursuant to the Act, the maximum net effective interest rate for the Bond shall not exceed -3- 20 %. The provisions for prepayment of the Bond prior to its maturity, the registration and exchangeability privileges, and the medium of payment, shall be as set forth in the aforesaid form of such Bond which form is hereby approved and incorporated by reference as if set forth in full. Section 4. DETERMINATION OF REVENUES. In accordance with the Act, it is hereby determined that: (a) no amount is necessary for payment into any reserve fund for retirement of the Bond and maintenance of the Project; and (b) the Company shall be required under the terms of the Agreement to pay all taxes levied by the State of Colorado and local taxing bodies with respect to the Project. It is hereby determined that, based upon the potential for the Bond to become taxable and to therefore bear interest at a rate of 10.91°% the following amounts will be necessary for the payment of principal and interest on the Bond: Year Ending December 31 1991 $ 8,708.34 1992 104,500.00 1993 104,500.00 1994 104,500.00 1995 104,500.00 1996 95,791.74 It is hereby determined that the Company shall be required, under the terms of the Agreement, to maintain the Project and carry all proper insurance with respect thereto. Section 5. INVESTMENT OF FUNDS. Colorado National Leasing, Inc., in its capacity as funding agent, and its successors shall be, by virtue of this Resolution and without further authorization from the Issuer, authorized, directed and requested to invest and reinvest all monies available therefor held by it pursuant to the Agreement which by the terms of said Agreement may be invested, or to deposit and redeposit such monies in such accounts as may be permitted by said Agreement all subject to the terms and limitations contained in the Agreement. Section 6. INCIDENTAL ACTION. The Chairman and Clerk of the Issuer are hereby authorized and directed to execute and deliver such other documents and to take such other action as may be necessary or appropriate in order to effectuate the delivery of the aforesaid Agreement, the performance of the Issuer's obligations thereunder, and the issuance and sale of the Bond. Notwithstanding any other provision of this Resolution, the Chairman and Clerk are hereby authorized to make or approve such revisions in the Agreement, as, in the opinion of counsel to the Issuer, may be necessary or convenient to carry out or assist in carrying out the purposes of this Resolution and the financing of the Project and determining the actual principal amount of the Bond. Section 7. TAX MATTERS. The Issuer: (a) hereby designates the Bond a "qualified tax - exempt obligation" under Section 265(b)(3)(B) of the Internal Revenue Code of 1986, as amended (the "Code "); and (b) for the purposes of Section 147(f) of the Code, the Issuer hereby approves the Bond and the Project, including the following information regarding the Project: the Project consists of the acquisition and installation of a TOMOSCAN CX /Q System which will be (with certain building modifications) installed at the Company's primary place of business at 181 West Meadow Drive, Vail, Colorado, and which will be owned and operated by the Company. Section 8. BOND SHALL NOT CONSTITUTE A PECUNIARY LIABILITY OF THE ISSUER. As required by the Act, the Bond shall be a special, limited obligation of the Issuer, payable solely from the revenues derived from the Project and shall never constitute the debt or indebtedness of the Issuer within the meaning of any provision or limitation of the Colorado Constitution, or Colorado Statutes, and shall not constitute or give rise to a pecuniary liability of the Issuer or a charge against its general credit or taxing powers. Section 9. REPEALER. All acts, orders, resolutions, or parts thereof, taken by the Issuer in conflict with this Resolution are hereby repealed, except that this repealer shall not be construed so as to revive any act, order, resolution, or part thereof, heretofore repealed. Section 10. RESOLUTION IRREPEALABLE. This Resolution is, and shall constitute, a legislative measure of the Issuer, and after the Bond is issued and outstanding, this Resolution shall constitute a contract between the Issuer and the owner or owners of the Bond, and shall be and remain irrepealable until the Bond and the interest accruing thereon shall have been fully paid, satisfied and discharged. Section 11. SEVERABILITY. If any paragraph, clause or provision of this Resolution is judicially adjudged invalid or unenforceable, such judgment shall not affect, impair or invalidate the remaining paragraphs, clauses or provisions hereof, the intention being that the various paragraphs, clauses or provisions hereof are severable. Section 12. EFFECTIVE DATE. effect immediately upon its passage. -5- This Resolution shall take PASSED, APPROVED 4�-, C; , 1991. AND ADOPTED this 9 day of EAGLE COUNTY, COLORADO By: 4, �,� Chairma Board of County Commissioners By• \ County C mmissioner By A2 , County Commissioner The motion to pass the foregoing Resolution was duly seconded by Commissioner die s put to a vote and carried upon the following vote: Commissioners voting "Yes ": Commissioner voting "No ": The Chairman thereupon declared the motion carried and the Resolution duly passed. After consideration of other business to come before the Board, the meeting was adjourned. By: 4d�e� 4 Chair n, Board of County Commissioners Eagle County, Colorado -6- } STATE OF COLORADO ) ss. COUNTY OF EAGLE ) I, Johnnette Phillips, County Clerk and Recorder of Eagle County, Colorado do hereby certify that the attached copy of Resolution No. 91- K is a true and correct copy; that said Resolution was passed by the Board of County Commissioners of Eagle County, Colorado, at its regular meeting held at 500 Broadway, Eagle ounty, Color the regular meeting place thereof, on , the day of ��p,� , 1991; that a true copy of said Resolution has been authenticated by the signatures of the Chairman of the Board of County Commissioners of Eagle County and myself as County Clerk and Recorder thereof, sealed with the seal of the County, and numbered and recorded in a book kept for that purpose in my office; that the foregoing pages 1 through 7, inclusive, constitute a true and correct copy of the record of the proceedings of said Board at its aforesaid meeting, insofar as said proceedings relate to said Resolution; that said proceedings were duly had and taken, that the meeting was duly held; and that the persons were present at said meeting as therein shown. IN WITNESS WHEREOF, I have hereunto, set my ha -d and the seal of Eagle County, Colorado, this day of 1 . ,.� 1991. C unty Clerk and-Recorder Agle County, Colorado EXHIBIT A ATTACH PROOF OF PUBLICATION AND NOTICE OF PUBLIC HEARING WM