Subject:
Title
Tax Equity Fiscal Responsibility Act Resolution granting host community approval pursuant to Section 147(f) the Internal Revenue Code of 1986, as amended, and approving, solely for the purposes of 163.01, Florida Statutes (the "Interlocal Act"), the expenditure of a portion of the proceeds of the Hillsborough County’s Industrial Development Authority’s Health System Revenue Bonds in an aggregate principal amount not to exceed $1,900,000,000.00 on behalf of BayCare Health System, Inc.
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Recommended Action:
Recommended Action
Conduct a public hearing and consider the adoption of a Tax Equity Fiscal Responsibility (TEFRA) Resolution authorizing TEFRA approval and in satisfaction of the requirements of Interlocal Act enter into an Interlocal Agreement between the Pinellas County and the Hillsborough County Industrial Development Authority (Authority) in connection with the issuance of the Authority's Health System Revenue Bonds, BayCare Health System Issue, Series 2024 (Bonds), in one or more series issued from time to time pursuant to a 3-year plan of finance, in an aggregate principal amount not to exceed $1,900,000,000.00 on behalf of BayCare Health System, Inc. (Borrower), a Florida not-for-profit corporation.
• The Borrower is requesting host community approval for the issuance of $659,000,000.00 of the Bonds to finance and refinance capital projects in Pinellas County, Florida (County) for the purpose of:
a) Financing, refinancing, and reimbursing costs of certain capital expenditures related to the health facilities of the Borrower ($331,000,000.00)
b) Refunding the Authority’s outstanding Health Care Facilities Revenue and
c) Paying certain costs of issuance of the Bonds.
• The Borrower is responsible for payments of all fees and expenses. Granting this approval, issuing the Bonds, and refunding the Bonds will have no fiscal impact on the County.
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Strategic Plan:
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:
Summary
The Borrower has requested host community approval for the expenditure of a portion of the proceeds of the not to exceed $1,900,000,000.00 aggregate principal amount Hillsborough County Industrial Development Authority’s Health System Revenue Bonds, BayCare Health System Issue, Series 2024 (the “Series 2024 Bonds”) for the purposes of financing and refinancing, including through reimbursement, the costs incurred or to be incurred by BayCare Health System, Inc. which include:
• Proceeds of the Bonds in an amount not to exceed $56,000,000 shall be used to finance and refinance the integrated hospital and healthcare facilities owned and operated by Trustees of Mease Hospital, Inc., located at the Mease Countryside Hospital campus at 3231 N. McMullen-Booth Road, Safety Harbor, Pinellas County, Florida, consisting of (i) construction and renovation of several buildings on the hospital campus as part of the Mease Countryside Hospital Master Facility Plan, and (ii) miscellaneous construction, renovations, improvements and equipment acquisitions.
• Proceeds of the Bonds in an amount not to exceed $43,000,000 shall be used to finance and refinance the integrated hospital and healthcare facilities owned and operated by Trustees of Mease Hospital, Inc., located at the Mease Dunedin Hospital campus at 601 Main Street in Dunedin, Pinellas County, Florida, consisting of miscellaneous construction, renovations, improvements and equipment acquisitions.
• Proceeds of the Bonds in an amount not to exceed $76,000,000 shall be used to finance and refinance the integrated hospital and healthcare facilities owned and operated by Morton Plant Hospital Association, Inc., located at the Morton Plant Hospital campus at 300 Pinellas Street, Clearwater, Pinellas County, Florida, consisting of miscellaneous construction, renovations, improvements and equipment acquisitions.
• Proceeds of the Bonds in a principal amount not to exceed $126,000,000 shall be used to finance and refinance the integrated hospital and healthcare facilities owned and operated by St. Anthony’s Hospital, Inc., at the St. Anthony’s Hospital campus at 1200 7th Avenue North, St. Petersburg, Pinellas County, Florida, consisting of (i) construction and renovations of several buildings, including construction, furnishing and equipping of a new 90-bed patient tower, expansion of the emergency department, acquisition and installation of a new generator, and (ii) miscellaneous construction, renovations, improvements and equipment acquisitions.
• Proceeds of the Bonds in a principal amount not to exceed $30,000,000 shall be used to finance and refinance the costs of construction, furnishing and equipping of freestanding emergency room facilities to be owned and operated by BayCare or one or more of its wholly-owned affiliates and to be located at 2501 Tyrone Boulevard N., St. Petersburg, Pinellas County, Florida.
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Background Information:
Providing for this approval will allow the Hillsborough County Industrial Development Authority to issue the debt on behalf of the Borrower to finance and refinance the Project.
Fiscal Impact:
There is no fiscal impact on the County. The Borrower is responsible for payments of all fees and expenses.
Staff Member Responsible:
Chris Rose, Director, Office of Management & Budget
Jim Abernathy, Budget and Financial Management Analyst, Office of Management & Budget
Partners:
BayCare Health System, Inc.
Hillsborough County Industrial Development Authority
Attachments:
Resolution-24-XX
Exhibit A - the Project Schedule
Exhibit B - Certificate of Posting of Notice of Public Hearing with Notice Attached
Exhibit C - Indemnification Certificate of the Borrower
Exhibit D - Interlocal Agreement between the County and the Authority