Subject:
Title
Tax Equity Fiscal Responsibility Act Resolution for the issuance by the Pinellas County Health Facilities Authority of its Healthcare Facilities Revenue and Revenue Refunding Bonds in an aggregate principal amount not to exceed $25,000,000 on behalf of St. Mark Village, Inc., a Florida not-for-profit corporation for a project to be located in Palm Harbor, Florida.
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Recommended Action:
Recommended Action
Conduct a public hearing and consider the adoption of a Tax Equity Fiscal Responsibility Act (TEFRA) Resolution authorizing TEFRA approval of the Pinellas County Health Facilities Authority Healthcare Facilities Revenue and Revenue Refunding Bonds (St. Mark Village Project Project), in one or more series of tax-exempt qualified 501(c)(3) bonds (the Bonds) in an aggregate principal amount not to exceed $25,000,000.00 on behalf of St. Mark Village, Inc. (the Corporation), a Florida not-for-profit corporation for a project to be located in Palm Harbor, Florida.
The Corporation is requesting the issuance of the Bonds for the purpose of:
• Refinancing the Authority's outstanding Revenue and Revenue Refunding Bonds (St. Mark Village Project), Series 2015A (Tax-Exempt).
• Refinancing a conventional taxable loan from Hancock Whitney Bank, a Mississippi chartered bank to the Corporation, as more fully described in the application filed with the Authority.
• Financing and reimbursing the costs of certain improvements and equipping of the Corporation's facilities.
• Funding certain reserve funds.
• Paying certain costs of issuance in connection with the issuance of the Bonds.
• The Corporation is responsible for payments of all fees and expenses. Issuance of the Bonds will have no fiscal impact on Pinellas County, Florida (the County).
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Strategic Plan:
Healthy and Safe Communities
Improve public health
Summary:
Summary
The Corporation has requested the issuance of a not-to-exceed $25,000,000 Pinellas County Health Facilities Authority Healthcare Facilities Revenue and Revenue Refunding Bonds (St. Mark Village Project) (the Bonds) for the purpose of the financing and refinancing, including through reimbursement, of the Corporation 's facilities which include the (a) refinancing the Authority's outstanding Revenue and Revenue Refunding Bonds (St. Mark Village Project), Series 2015A (Tax-Exempt); (b) refinancing a conventional taxable loan from Hancock Whitney Bank, a Mississippi chartered bank (the Bank) to the Corporation, as more fully described in the application filed with the Authority; (c) financing and reimbursing the costs of certain improvements and equipping of the Corporation's facilities; (d) funding certain reserve funds; and (e) paying certain costs of issuance in connection the issuance of the Bonds (collectively, the Project).
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Background Information:
Providing for this financing will allow Pinellas County Health Facilities Authority to issue the debt on behalf of the Corporation to finance the Project.
Fiscal Impact:
No fiscal impact on the County. The Corporation is responsible for payments of all fees and expenses.
Staff Member Responsible:
Chris Rose, Director, Office of Management & Budget
Jim Abernathy, Operating Budget Manager, Office of Management & Budget
Partners:
Pinellas County Health Facilities Authority
St. Mark Village Project
Attachments:
TEFRA Resolution and Exhibits