Subject:
Title
Resolution for issuance by the Hillsborough County Industrial Development Authority (HCIDA) of an amount not to exceed $1,250,000,000.00 of Health System Revenue Bonds, BayCare Health System Issue, Series 2020, with such Series 2020 Bonds to be issued in one or more series from time to time.
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Recommended Action:
Recommended Action
Adopt a resolution authorizing the approval of the Hillsborough County Industrial Development Authority (HCIDA) issuance of an amount not to exceed $1,250,000,000.00 of Health System Revenue Bonds, BayCare Health System Issue, Series 2020 (the “Series 2020 Bonds”) on behalf of BayCare Health System, Inc. (BayCare). Upon request from BayCare, authorize a hearing officer to hold a public hearing on the proposed issuance of the Series 2020 Bonds. Authorize the County Administrator to execute an interlocal agreement related to the Series 2020 Bonds with HCIDA and BayCare.
• BayCare is requesting issuance of bonds for capital improvements and refinancing existing bonds.
• The interlocal agreement documents the authority for the HCIDA to issue the Bonds to finance and refinance the portions of the Project located in Pinellas County and thereby assist the Borrower.
• Issuance of these bonds will have no fiscal impact on the County.
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Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.2 Be a facilitator, convener, and purchaser of services for those in need
Summary:
Summary
BayCare Health System, Inc. (BayCare) has requested the issuance of not to exceed $1,250,000,000 of Health System Revenue Bonds, BayCare Health System Issue, Series 2020, by the Hillsborough County Industrial Development Authority (Issuer). As a portion of the bond proceeds will be expended in Pinellas County, a resolution is required to approve an interlocal agreement with HCIDA and BayCare that authorizes HCIDA to issue such bonds due to portions of the Project located in Pinellas County.
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Background Information:
BayCare Health System, Inc. (BayCare) has requested the issuance of not to exceed $1,250,000,000.00 of Health System Revenue Bonds, BayCare Health System Issue, Series 2020, by the Hillsborough County Industrial Development Authority (Issuer). If approved, a portion of the Series 2020 Bonds will be used for the principal purposes of
(i) financing, refinancing and reimbursing the costs of acquisition and construction of certain capital improvements, including items of machinery and equipment, to healthcare facilities owned and operated by BayCare and its affiliates, including the refunding of certain outstanding bonds previously issued for BayCare and its affiliates, all as more fully described in the Project Schedule attached to the proposed resolution as Exhibit A (collectively, the “Pinellas Project”), (ii) funding capitalized interest on the Bonds, if any, and (iii) paying costs issuance in connection with the Bonds.
BayCare will use the proceeds of the Series 2020 Bonds for the following purposes within Pinellas County, Florida (the “Pinellas Projects”):
(a) finance and refinance hospital and healthcare facilities and related equipment, including but not limited to the Master Facility Plan, for Mease Countryside Hospital (3231 McMullen-Booth Road, Safety Harbor, Florida) in the approximate amount of $156 million.
(b) finance and refinance hospital and healthcare facilities and related equipment, including but not limited to the Master Site Plan, Barnard 5 renovation, and IR expansion and renovation, for Morton Plant Hospital (300 Pinellas Street, Clearwater, Florida) in the approximate amount of $26.2 million.
(c) finance and refinance hospital and healthcare facilities and related equipment, including but not limited to the Master Facility Plan, Phases II and III, for St. Anthony’s Hospital (1200 7th Avenue North, St. Petersburg, Florida) in the approximate amount of $215.9 million.
(d) refund all or a portion of Health System Revenue Bonds, BayCare Health System Issues, previously issued by the City of Tampa or the Pinellas County Health Facilities Authority on behalf of BayCare Health System, Inc.
Fiscal Impact:
There is no fiscal impact to the County. The Borrower is responsible for payment of all fees and expenses.
Staff Member Responsible:
Bill Berger, Director, Office of Management and Budget
Pinellas County Health Facilities Authority Administrator Liaison
Partners:
Hillsborough County Industrial Development Authority
BayCare Health System
Attachments:
Resolution
Interlocal Agreement with Hillsborough County Industrial Development Authority and BayCare
Indemnification of Pinellas County Health Facilities Authority by BayCare
Executed Resolution by Hillsborough County Industrial Development Authority