TITLE
SHANDS HEALTH FACILIITES REVENUE NOTE, SERIES 2000 (B)
A Resolution of the City of Gainesville, Florida authorizing the issuance of its Health Facilities Revenue Note, Series 2000 (Shands Teaching Hospital and Clinics, Inc. Project) in the principal amount of $10,000,000 (the "Note"); providing for the loan of the proceeds of such Note to Shands to finance the cost of certain capital improvements and equipment at Shands Teaching Hospital and Clinics, Inc. ("Shands"); providing for the rights of the holder of such Note; making certain other covenants and agreements in connection with the issuance of such Note; authorizing execution and delivery of a Loan Agreement and a Note Purchase Agreement; designating the Note as a bank qualified obligation; awarding the Note; and providing an effective date.
recommendation
The City Commission: 1) hear an explanation from Shands' representatives; 2) hold a public hearing; 3) acknowledge the report of the public hearing conducted by the Alachua County Health Facilities Authority; and 4) adopt the proposed Resolution.
explanation
SHANDS FINANCING SUMMARY
Shands Teaching Hospital and Clinics, Inc. ("Shands"), a Florida not-for-profit corporation, has requested that the City issue a Health Facilities Revenue Note, Series 2000 (Shands Teaching Hospital and Clinics, Inc.) (the "Note"), pursuant to Part II, Chapter 159, Florida Statutes, in an amount not in excess of $10,000,000 to finance the cost of capital improvements and equipment to be located at Shands Hospital at the University of Florida (the "Project"). The purpose of the use of such funds Shands, as explained by Bill Robinson, Vice President and Chief Financial Officer of Shands is to renovate several interior floors of the hospital. The ICU area would be expanded, a linear accelerator would be purchased, Shands would replace approximately 550 beds that have been utilized for a number of years and are getting to the point where new beds are re...
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