HomeMy WebLinkAboutAPPROVAL OF THE ISSUANCE OF REVENUE BONDS FOR THE BENEFIT OF AU MEDICAL CENTER, INC. APPROVAL OF THE ISSUANCE OF
REVENUE BONDS
FOR THE BENEFIT OF
AU MEDICAL CENTER, INC.
WHEREAS,the Development Authority of Richmond County(the"Issuer")proposes
to issue its Revenue Bonds(AU Medical Center,Inc.)Series 2017 in an aggregate principal amount
not to exceed $75,000,000 (the "Bonds"); and
WHEREAS, the proceeds of the Bonds will be loaned to AU Medical Center, Inc.
("AUMC") for the purpose of (a) refunding a loan, the proceeds of which were used to make
improvements to AU Medical Center(the"Medical Center")and acquire equipment for the Medical
Center,(b)financing or refinancing certain improvements to the Medical Center and equipment for
the Medical Center(collectively,the"Projects")and(b) paying all or a portion of the costs of issuing
the Bonds; and
WHEREAS, the Augusta-Richmond County Commission (the "Commission")has
been advised by AUMC that the Projects will be located on the campus of the Medical Center(a)
which is bounded by Walton Way to the north,Laney-Walker Boulevard to the south, St. Sebastian
Way to the east and Emmett Street to the west and(b)consists also of a corridor on the east and west
side of 15th Street.2 miles north of the intersection of 15th Street and Walton Way,that the principal
address of the Medical Center campus is 1120 15`h Street,Augusta,Georgia,that the Projects will be
owned by the Board of Regents of the University System of Georgia (the "Board of Regents") or
AUMC and that the Projects will be operated by AUMC; and
WHEREAS,the Commission has also been advised by AUMC that the Bonds will
not constitute an indebtedness of the State of Georgia or Augusta, Georgia,that no tax revenues or
other revenues of the State of Georgia or Augusta,Georgia will be used to pay the Bonds and that the
Bonds will be payable solely from moneys received by the Issuer from AUMC; and
WHEREAS, Section 147(f)of the Internal Revenue Code of 1986,as amended(the
"Code")requires that the governmental unit having jurisdiction over the conduit issuer of the Bonds
and over the area in which any facility financed or refinanced with the proceeds of the Bonds is
located approve the issuance of such Bonds following a public hearing; and
WHEREAS,the duly appointed hearing officer of the Issuer(the"Hearing Officer")
conducted a public hearing (the "Hearing") on behalf of the Issuer concerning the issuance of the
Bonds and the Projects to be financed with the proceeds of such Bonds following the publication of a
notice of the Hearing (the "Notice"); and
WHEREAS, the Hearing Officer has presented a report to the Commission to the
effect that the Hearing and the Notice complied with Section 147(f) of the Code; and
WHEREAS,the Hearing Officer recommends and requests that the Commission give
the approval required by Section 147 of the Code.
NOW,THEREFORE,BE IT RESOLVED by the Augusta-Richmond Commission,as
follows:
1. The issuance of the Bonds and the Projects are hereby approved to the extent
required by Section 147(f) of the Code, as follows:
(a) The Projects are described above and each of the components of the Projects
will be located at the address listed above;
(b) The Projects will be owned by the Board of Regents or AUMC, and the
Projects will be operated by AUMC; and
(c) The maximum amount of Bonds that will be issued is $75,000,000.
2. This approval is solely for the purposes of complying with Section 147(f)of
the Code. This approval does not constitute an endorsement to a prospective purchaser of the Bonds
or of the creditworthiness of AUMC. This approval shall not result in or impose any pecuniary
liability on the part of Augusta, Georgia.
2
. .
Adopted and approved this 18th day of April, 2017.
AUGUSTA-RICHMOND COUNTY
COMMISSION
(SEAL)
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By:
AmMayor, grriii-e to cl Yids)
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Attest:p 1410/17
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CLERK'S CERTIFICATE
STATE OF GEORGIA
COUNTY OF RICHMOND
The undersigned Clerk of the Augusta-Richmond County Commission (the
"Commission"), DOES I-IEREBY CERTIFY that the foregoing pages constitute a true and correct
copy of the resolution adopted by the Commission on April 18, 2017 at a meeting which was duly
called and at which a quorum was present and acting throughout, authorizing the issuance up to
$75,000,000 in aggregate principal amount of Development Authority of Richmond County Revenue
Bonds(AU Medical Center,Inc.)Series 2017,that the original of said resolution is duly recorded in
the Minute Book of the Commission,which Minute Book is in my custody and control,and that said
resolution was duly adopted by a vote of:
Aye 2 Nay 0 Abstain
WITNESS my hand and the official seal of Augusta, Georgia this 18th day of April,
2017.
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Clerk Atit'A. '.,,....«.,.a�* til.
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