2020-03-01-R - Laserfiche WebLink

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WHEREAS,the Board hereby finds and declares that UAMS provides an essential public health care service at the UAMS Buildings that enhances the Corporation's mission and its ability to provide essential health care services and facilities, and it is in the best interest of the Board, the Corporation, residents of the City, and the public at large that the UAMS Buildings be subleased to UAMS for such purposes; and WHEREAS, the Corporation has evidenced an interest in accomplishing the refunding of the Series 2011 Bonds and the Series 2013 Bonds and in accomplishing the permanent financing of the improvements to the DAMS Buildings by retiring the UAMS Buildings Indebtedness, all in order to provide debt service savings; and WHEREAS,the facilities financed and refinanced with proceeds of the Series 2011 Bonds and the Series 2013 Bonds and the UAMS Buildings and improvements thereto financed with the UAMS Buildings Indebtedness are "health care facilities" as contemplated by the Act; and WHEREAS, the Corporation has requested that the Board issue its Hospital Revenue Bonds (White River Health System, Inc.) Refunding Series 2020 in an aggregate principal amount not to exceed$42,000,000(the "Bonds")and make the proceeds available to the Corporation to accomplish the refunding of the Series 2011 Bonds and the Series 2013 Bonds;to provide permanent financing of the improvements to the UAMS Buildings by retiring the UAMS Buildings Indebtedness; to provide a debt service reserve; and to pay expenses incurred in connection with issuing the Bonds and accomplishing the refunding of the Series 2011 Bonds and the Series 2013 Bonds and the retiring of the UAMS Buildings Indebtedness; and WHEREAS,the Board hereby finds and determines that the refunding of the Series 2011 Bonds and the Series 2013 Bonds and the retiring of the UAMS Buildings Indebtedness will provide debt service savings to the Corporation and further the Corporation's mission and its ability to provide health care facilities and services within and around the City and,thus,it is in the public interest for the Board to issue the Bonds for such purposes,and the issuance of the Bonds for such purposes furthers the purposes of the Act and the Authorizing Ordinance, and, assuch, the Board desires to assist the Corporation by issuing the Bonds; and WHEREAS,the Bonds will be limited obligations of the Board and will be payable from amounts payable by the Corporation under the Agreement(as hereinafter defined) and will be secured as set forth in the Agreement and in the Master Trust Indenture dated as of the dated date of the Bonds, as amended and supplemented from the time to time (the "Master Indenture"), by and between the Corporation and Regions Bank, as Master Trustee; and WHEREAS, there has been presented to this meeting the form of the following instruments which the Board proposes to execute to carry out the transactions described herein, copies of which instruments shall be filed with the records of the Board: (a) a Bond Purchase Agreement (the "Bond Purchase Agreement") among the Board, the Corporation, and Crews & Associates, Inc. (the "Underwriter"); 2