Loading...
RESOLUTION 92-20590 j RESOLUTION NO. 92-20590 RESOLUTION APPROVING THE ISSUANCE OF NOT TO EXCEED $95,000,000 AGGREGATE INITIAL PRINCIPAL AMOUNT OF CITY OF MIAMI BEACH HEALTH FACILITIES AUTHORITY HOSPITAL REVENUE REFUNDING BONDS, SERIES 1992 (MOUNT SINAI MEDICAL CENTER PROJECT) BY THE CITY OF MIAMI BEACH HEALTH FACILITIES AUTHORITY, INCLUDING THE APPROVAL REQUIRED BY SECTION 147 (F) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND PROVIDING THAT SAID BONDS SHALL NOT CONSTITUTE A DEBT, LIABILITY OR OBLIGATION OF THE CITY OR THE STATE OF FLORIDA OR ANY POLITICAL SUBDIVISION THEREOF BUT SHALL BE PAYABLE SOLELY FROM THE REVENUES PROVIDED THEREFOR. WHEREAS, the City of Miami Beach Health Facilities Authority (the "Authority") was created by Ordinance No. 90-2701 adopted on July 25, 1990 (the "Ordinance") by the City Commission of the City of Miami Beach, Florida (the "Commission") pursuant to the Florida Health Facilities Authorities Law, Chapter 154 , Part III, Florida Statutes, as amended (the "Act") ; and WHEREAS, the Ordinance was amended by Ordinance No. 91-2738 adopted on April 10, 1991 by the Commission; and WHEREAS, the Ordinance was further amended by Ordinance No. 92-2776 adopted on March 4 , 1992 by the Commission; and WHEREAS, the Ordinance, as so amended provides for the approval by the Commission of all bond issues of the Authority; and WHEREAS, on August 12 , 1992 , the Authority adopted a resol- ution (the "Bond Resolution") authorizing the issuance of the Bonds (hereinafter defined) , under the provisions of the Act and the Florida Industrial Development Financing Act, Chapter 159, Part II, Florida Statutes, the proceeds of which, with other available moneys, are expected to be used to (i) advance refund the out- T standing portion of the Dade County Health Facilities Authority $50, 000, 000 original aggregate principal amount of Hospital Revenue Bonds, Series 1987 (Mount Sinai Medical Center Project) and Dade County Health Facilities Authority $24, 000, 000 original aggregate principal amount of Hospital Revenue Bonds, Series 1989-A (Mount Sinai Medical Center Project) issued on behalf of Mount Sinai Medical Center of Greater Miami, Inc. , (ii) fund a deposit to a debt service reserve and (iii) pay costs of issuance with respect to the Bonds; and WHEREAS, on September 8 , 1992 the Authority (i) held a public hearing, for which there was reasonable public notice published on August 24 , 1992 in The Miami Herald (a copy of which notice is attached hereto as Exhibit I and made a part hereof) , for the purpose of giving all interested persons an opportunity to express their views, either orally or in writing, or both, in connection with the Authority' s proposed issuance of not to exceed $95, 000, 000 aggregate initial principal amount of City of Miami Beach Health Facilities Authority Hospital Revenue Refunding Bonds, Series 1992 (Mount Sinai Medical Center Project) (the "Bonds") for the purposes described above, and (ii) adopted a resolution recommending the issuance of the Bonds to the Commission (the "TEFRA Resolution") ; and WHEREAS, this Commission desires to approve the Bond Resol- ution and the issuance of the Bonds pursuant thereto. - 2 - y c NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA: Section 1. The Bond Resolution adopted by the Authority on August 12 , 1992 and the TEFRA Resolution adopted by the Authority on September 8 , 1992 and the issuance of the Bonds in an aggregate initial principal amount not to exceed $95, 000, 000 pursuant thereto are hereby in all respects approved, including approval in accord- ance with Section 147 (f) of the Internal Revenue Code of 1986, as amended. Copies of the Bond Resolution and the TEFRA Resolution are attached hereto as Exhibit II and Exhibit III, respectively, and made a part hereof. Section 2 . The Bonds and interest thereon shall not be deemed to constitute a debt, liability or obligation of the City of Miami Beach, Florida or of the State of Florida or of any political subdivision thereof, but shall be payable solely from the revenues referred to in the Bond Resolution, and neither the faith and credit nor any taxing power of the City of Miami Beach, Florida or of the State of Florida or of any political subdivision thereof is pledged to the payment of the principal of, redemption premium, if any, or interest on the Bonds. ADOPTED this 16th day of September, 1992 . \\..) [SEAL] Mayor Attest: FORM APPROVED ej6c , LE _ A DEPT. City Clerk By _ / _ 3 _ 996 Date r '� - EXHIBIT l • - 1 • 1je artatni Hera@ NOTICEOf PUBLIC HEARING R GARDMIG THE PROPOSED ISSUANCE BY THE CITY OF MIAMI REACH HEALTH FACILITIES AUTHORITY OF UP TO $R95E00N0w0 HOSPITAL EFUNDING PUBLISHED DAILY ( T SERIESi 1992IC CENTER PROJE°c L MIAMI—DADE—FLORIDA Notice is hereby yen that a public hearing will held by the City of Miami Beach Health Facilities Authority STATE OF FLORIDA the .Authority..,at its meeting on ept,ember a COUNTY OF DADE .m. the office at 8:3d a.m.at the office the Authority, 1700 Convention Center Drive,3rd Floor, Beech,Florida 33139, for Miamithe purpose of providing a Before the undersigned authority reasonable for internested persoexpress • their views bath and in personally appeared: writing(which must be received the Authority ANN MARTULA before the date in an ePPreenvelope)own the issuance by the of iss who on oath says that he/she is: Ref RBS series 1992 (Wount Si Medical Center Protect)in an aggregate initial CUSTODIAN OF RECORDS prsncipal amount not � exceed 696,000.000(the of The Miami Herald, a daily news— "Bonds"). paper published at Miami in Dade will Greeter Bondsoceeds of the a' County, Florida; that the attached CentMiaer Inc.`the or-pr"medioal Canter"),a not-for-profit i the lawsa o►e Ste copy of advertisement was published Flether orida,and wwithill be used, in said newspaper in the issues of: movailable neys fan to:(othes) advance the Dade County Health F ung AUGUST 24, 19 9 2 Re°�ie°«d. 1987 Medical Center Mo�ect 19H7 t=•• andlie Dade County Health Facilities R24u��� HOspitM Affiant further says that the said - 1989-A`MountS The Miami Herald is a newspaperinai- Medical Cans Pro • a °; •t:'..Ref,x, ' publishedat Miami, in the said sued In � Dade County, Florida and that theme`r. d ` the Bonds:and(d)pay the said newspaper has heretofore been costs of of the continuously published in said Dade Refunded Bonds were used County, Florida each day and has to provide facilities and equipment which are owned been entered as second class mail by the Medical Center and are part of the Medlcal Center•s matter at the post office in Mi faciles toich i loc Mi at Miami, 4300 Alton Fllorid@ 331440. Miami in said Dade, County Florida, for a t The Bonds and the Interest period of one year next precedingrmi �f Florida,Florida, CoupFlorida the first publication of the at— or of the State of Florida or of subdivision to ch e d copy advertisement; 74:reof,°'bawl,be poyabie, py o f and �1ely lam„the r,e hues ano affiant further says that he hasloan s P 'under neither paid nor promised an the � Medical Y per— cent.. son, firm or corporation any dis— RWORD ORD RsTENBY A CERTIFIED count, rebate, commission or refund COURT REPORTER WILL BE MADE OFTHE EGGING for the purpose of securing this MEETING. AC DINGLY, ANY PERSON MAY advertisement for publication in SEEK APPEA`AN • MATTE IO HIREIN the said newspaper(s) . WILL A VE B'TIM FOR RECORD OF THE TESTIMp�Y AND a/, ,e4tv L,7446-e .tk,!,(4- ,-'.....s!-:.--..--- - . ••- EVIDENCE AT SAID MEETING UPON Vi INCH ANY APPEAL IS TU BE BASED. - • This notice is published • ,•: �s ! of sSection 147 f/ encs Sworn to and subscribed before me t`!; .,..-;..,.—•- 1of 198e Revenuecods this 31st day of August A D 19 92 `:'' My Commiss'9n expires: ;��. !/`/� // ......_ I/ r 1 , , r i Miami Beach, Florida September 8, 1992 The City of Miami Beach Health Facilities Authority met in public session at the regular meeting place of the Authority in the Finance Director' s Conference Room, 3rd Floor, City of Miami Beach City Hall, in the City of Miami Beach, Florida, at 8 : 30 a.m. on September 8 , 1992 . Upon call of the roll, the following were found to be present: David Berger Miguel Karpel Fred Hirt Jose Raij Absent: Nathan Segel It was announced by the Chairman that the purpose of the meeting included the adoption of a resolution recommending for approval the issuance of City of Miami Beach Health Facilities Authority Hospital Revenue Refunding Bonds, Series 1992 (Mount Sinai Medical Center Project) (the "Series 1992 Bonds") of the Authority in an aggregate initial principal amount not to exceed $95, 000, 000. Thereupon the following resolution was introduced in written form by the Chairman, the title thereof was read in full, and pursuant to motion made by Mr. Karpel and seconded by Mr. Raij , was adopted by the following vote: Aye: Mr. Berger Mr. Karpel Mr. Raij Nay: None Not Voting: Mr. Hirt The resolution was thereupon declared and adopted, signed by the Chairman and attested by Mr. Karpel. The resolution reads in full as follows: A RESOLUTION recommending for approval the issuance of City of Miami Beach Health Facilities Authority Hospital Revenue Refunding Bonds, Series 1992 (Mount Sinai Medical Center Project) (the "Series 1992 Bonds") of the City of Miami Beach Health Facilities Authority (the "Authority") in an aggregate initial principal amount not to exceed $95, 000, 000 for the following purposes: to advance refund the outstanding Dade County Health Facilities Authority $50, 000, 000 original aggregate principal amount of Hospital Revenue Bonds, Series 1987 (Mount Sinai Medical Center Project) and Dade County Health Facilities Authority $24 , 000, 000 original aggregate principal amount of Hospital Revenue Bonds, Series 1989-A (Mount Sinai Medical Center Project) , to fund a debt service reserve, and to pay costs of issuance with respect to the Series 1992 Bonds. WHEREAS, the City of Miami Beach Health Facilities Authority (the "Authority") has been created pursuant to Chapter 74-323 , Laws of Florida 1974, being Part III of Chapter 154 of the Florida Statutes, as amended, known as the Health Facilities Authorities Law (the "Act") , and has been determined to be needed by the City Commission of the City of Miami Beach, Florida (the "Commission") under Section 4 of the Act; and -2- WHEREAS, the Authority has previously on August 12 , 1992 adopted a resolution wherein the Authority, among other things, authorized the issuance of its Hospital Revenue Refunding Bonds, Series 1992 (Mount Sinai Medical Center Project) in an aggregate initial principal amount not to exceed $95, 000, 000 (the "Series 1992 Bonds") ; and WHEREAS, on this date the Authority is holding a duly noticed public hearing for the purpose of giving all interested persons an opportunity to express their views, either orally or in writing, on the proposed issuance of the Series 1992 Bonds in an aggregate initial principal amount not to exceed $95, 000, 000; and WHEREAS, the Authority desires to recommend for approval to the Commission the issuance of the Series 1992 Bonds in an aggregate initial principal amount not to exceed $95, 000, 000; NOW, THEREFORE, Be It Resolved by the City of Miami Beach Health Facilities Authority as follows: Section 1. Recommendation to the City Commission. On this date, a public hearing was held by the Authority, for which hearing there was reasonable public notice for the purpose of giving all interested persons an opportunity to express their views, either orally or in writing, on the proposed issuance of the Series 1992 Bonds in an aggregate initial principal amount not to exceed $95, 000, 000. Pursuant to the provisions of Section 147 (f) of the Internal Revenue Code of 1986, as amended, the issuance of the Series 1992 Bonds in an aggregate initial principal amount not to exceed $95, 000, 000 for the purposes of advance refunding the outstanding Dade County Health Facilities Authority $50, 000, 000 original aggregate principal amount of Hospital Revenue Bonds, -3- Series 1987 (Mount Sinai Medical Center Project) and Dade County Health Facilities Authority $24 , 000, 000 original aggregate principal amount of Hospital Revenue Bonds, Series 1989-A (Mount Sinai Medical Center Project) , funding a debt service reserve, and paying costs of issuance with respect to the Series 1992 Bonds, is hereby recommended for approval to the Commission. Section 2 . Effective Date. This resolution shall take effect immediately upon its adoption, and any provisions of any previous resolutions in conflict with the provisions herein are hereby superseded. Adopted this 8th day of September, 1992 . [SEAL] irman Attest: 411r4siAllf > Mel*.-r -4- ` J { 1 • t STATE OF FLORIDA ) SS: COUNTY OF DADE ) We, the undersigned, do hereby certify that we are duly qualified and acting Members of the City of Miami Beach Health Facilities Authority (the "Authority") . We further certify according to the official records of the Authority in our possession that the above and foregoing constitutes a true and correct excerpt from the minutes of the regular meeting of the Authority held on September 8 , 1992 , including a resolution adopted at said meeting, insofar as said minutes pertain to the matters above set out. We further certify that the ayes and nays taken on the passage of said resolution have been or will immediately be entered on the minutes of the Authority and that provision has been made for the preservation and indexing of said resolution, which is open for inspection by the public at all reasonable times at the office of the Finance Director in the City of Miami Beach, Florida. -5- • IN WITNESS WHEREOF, we have hereunto set our hands and affixed the official seal of the Authority this 8th day of September, 1992 . 1C- 11 ( ....Chairman Vice Chai • an Membe Member Member [SEAL] SUBSCRIBED AND SWORN to before me, a Notary Public in the State and County aforesaid, this 8th day of September, 1992 . Notary Public ,, LLow - 757/(2/AI/11C My Commission expires: , ,_.R�V PUBLIC ST�p OF COMMISSION EXP. �L4RID1! [Notarial Seal] BONDEDv JULY 11,1995 3 �• '414# .4 08/31/92\LXR\MBCH-TEF.RES -6- / EXHIBIT I , f 1 1jcaNam.a moue THII PR IIISUANCIII M AUTHOR �To sss 000 000 NOSPVTAL i. PUBLISHED DAILY �' " �� CENTlA MO�! MIAMI-DADE-FLORIDA Notice dh.r Crave the cjty nrn1 iklml b Neetth Facllt9s Authority STATE O F FLORIDA (the Auth n 'at its 3d 19 r9 at 8: COUNTY OF DADE 'Aum,i, "" Canter or .3rd Floor Miami Beech.Fiarid.33135. for the purpose of provldnp a Before the undersigned authority in �,a,= personally appeared: o 'l'd thrrnust AutAorlty ANN MARTULA . b. oa' ,► �'t'in an env�Nope)on tM 4euanoe by the d who on oath says that be/she is: "'" R'"'t"'a R afuno�( Bod. Sade° 1992 Dunt Si.n.i INedMc..l Canter�'ro tt/in an CUSTODIAN OF RECORDS "cumr_Ot aicceed:B6.000.000(thy of The Miami Herald, a daily news- The proceeds of the Bonds paper published at Miami in Dade will be`°""d to t�"" Medical Gr�tar 9? ak wOM County, Florida; that the attached ,G • �1„ "°�',imirs,under copy of advertisement was published .. . in said newspaper in the issues of: together 'odi.r ,:dam'"nine•:'�id. AUGUST 24, 1992 ifi.e.,Lnheboncinundedt00++ _� Courtly Faolilti.. A Affiant further says Revenue aoo • y that the said 1989-A The Miami Herald is a newspaper (together tl» published at Miami, in the said ,�„edh Dade County, Florida and that the °Dithereser �"sreqt en qv` service reserve fund for said newspaper has heretofore been the Son::=1.011Y° tre the Bonds. continuously published in said Dade The proceed.dthe County, Florida each day and has Refunded Sonde were used to p.nr+de facilities and scpiipment wi tI i owned been entered as second class mail pa the Gn Moil awe matter at the post office in Miami, ��which=located�, M • i, B..ch.Florida�!i dQ in said Dade, County Florida, for a Tne sands and the inters.: period of one d` °"''""a �, Year next preceding o„�,�, ,�,� the first publication of the at- °' of or of tacked copy of advertisement; and shall p•OW. and affiant further says that he has a °ayn nt'eoliWy worn the t?Under neither paid nor promised anypethe Authortty r- Canter. Medical son, firm or corporation � `"'"`� any dis- NO STENOGRAPHIC count, rebate, commission or refund RCODU O A s� for the purpose of securing MADE a •••, `0l.° this SEEK P: '� _ANi � advertisement for publication in ME... •,. *!-.4.." T>w wiAi.i. 1 •,t VD=P the said newspaper(s) . MAKIN A - 1., RE•• /• • `' TE- ,'. V AND Fle,r. rAT=,�,+. iNie L74.(dA&d, _ � VOW BASED. This notloe is pJubrllsd of Sig-tion!/ "wt.a7tt110�!r .e Sworn to and subscribed before me �°d' of this 31st day of August A.D.1992 My Commiss' • expires: .4 - �� Li • Miami Beach, Florida September 8, 1992 The City of Miami Beach Health Facilities Authority met in public session at the regular meeting place of the Authority in the Finance Director's Conference Room, 3rd Floor, City of Miami Beach City Hall, in the City of Miami Beach, Florida, at 8: 30 a.m. on September 8 , 1992 . Upon call of the roll, the following were found to be present: David Berger Miguel Karpel Fred Hirt Jose Raij Absent: Nathan Segel It was announced by the Chairman that the purpose of the meeting included the adoption of a resolution recommending for approval the issuance of City of Miami Beach Health Facilities Authority Hospital Revenue Refunding Bonds, Series 1992 (Mount Sinai Medical Center Project) (the "Series 1992 Bonds") of the Authority in an aggregate initial principal amount not to exceed $95, 000, 000. Thereupon the following resolution was introduced in written form by the Chairman, the title thereof was read in full, and pursuant to motion made by Mr. Karpel and seconded by Mr. Raij , was adopted by the following vote: t Aye: Mr. Berger Mr. Karpel Mr. Raij Nay: None Not Voting: Mr. Hirt The resolution was thereupon declared and adopted, signed by the Chairman and attested by Mr. Karpel. The resolution reads in full as follows: A RESOLUTION recommending for approval the issuance of City of Miami Beach Health Facilities Authority Hospital Revenue Refunding Bonds, Series 1992 (Mount Sinai Medical Center Project) (the "Series 1992 Bonds") of the City of Miami Beach Health Facilities Authority (the "Authority") in an aggregate initial principal amount not to exceed $95, 000, 000 for the following purposes: to advance refund the outstanding Dade County Health Facilities Authority $50, 000, 000 original aggregate principal amount of Hospital Revenue Bonds, Series 1987 (Mount Sinai Medical Center Project) and Dade County Health Facilities Authority $24 , 000, 000 original aggregate principal amount of Hospital Revenue Bonds, Series 1989-A (Mount Sinai Medical Center Project) , to fund a debt service reserve, and to pay costs of issuance with respect to the Series 1992 Bonds. WHEREAS, the City of Miami Beach Health Facilities Authority (the "Authority") has been created pursuant to Chapter 74-323 , Laws of Florida 1974, being Part III of Chapter 154 of the Florida Statutes, as amended, known as the Health Facilities Authorities Law (the "Act") , and has been determined to be needed by the City Commission of the City of Miami Beach, Florida (the "Commission") under Section 4 of the Act; and -2- E�' WHEREAS, the Authority has previously on August 12 , 1992 adopted a resolution wherein the Authority, among other things, authorized the issuance of its Hospital Revenue Refunding Bonds, Series 1992 (Mount Sinai Medical Center Project) in an aggregate initial principal amount not to exceed $95, 000, 000 (the "Series 1992 Bonds") ; and WHEREAS, on this date the Authority is holding a duly noticed public hearing for the purpose of giving all interested persons an opportunity to express their views, either orally or in writing, on the proposed issuance of the Series 1992 Bonds in an aggregate initial principal amount not to exceed $95, 000, 000; and WHEREAS, the Authority desires to recommend for approval to the Commission the issuance of the Series 1992 Bonds in an aggregate initial principal amount not to exceed $95, 000, 000; NOW, THEREFORE, Be It Resolved by the City of Miami Beach Health Facilities Authority as follows: Section 1. Recommendation to the City Commission. On this date, a public hearing was held by the Authority, for which hearing there was reasonable public notice for the purpose of giving all interested persons an opportunity to express their views, either orally or in writing, on the proposed issuance of the Series 1992 Bonds in an aggregate initial principal amount not to exceed $95, 000, 000. Pursuant to the provisions of Section 147 (f) of the Internal Revenue Code of 1986, as amended, the issuance of the Series 1992 Bonds in an aggregate initial principal amount not to exceed $95, 000, 000 for the purposes of advance refunding the outstanding Dade County Health Facilities Authority $50, 000, 000 original aggregate principal amount of Hospital Revenue Bonds, -3- GZ Series 1987 (Mount Sinai Medical Center Project) and Dade County Health Facilities Authority $24, 000, 000 original aggregate principal amount of Hospital Revenue Bonds, Series 1989-A (Mount Sinai Medical Center Project) , funding a debt service reserve, and paying costs of issuance with respect to the Series 1992 Bonds, is hereby recommended for approval to the Commission. Section 2. Effective Date. This resolution shall take effect immediately upon its adoption, and any provisions of any previous resolutions in conflict with the provisions herein are hereby superseded. Adopted this 8th day of September, 1992. r SEAL) irman Attest: ,AIIMMEmmEMMMMgrr -4- 61,3 . ; '► I STATE OF FLORIDA SS: COUNTY OF DADE We, the undersigned, do hereby certify that we are duly qualified and acting Members of the City of Miami Beach Health Facilities Authority (the "Authority") . We further certify according to the official records of the Authority in our possession that the above and foregoing constitutes a true and correct excerpt from the minutes of the regular meeting of the Authority held on September 8, 1992, including a resolution adopted at said meeting, insofar as said minutes pertain to the matters above set out. We further certify that the ayes and nays taken on the passage of said resolution have been or will immediately be entered on the minutes of the Authority and that provision has been made for the preservation and indexing of said resolution, which is open for inspection by the public at all reasonable times at the office of the Finance Director in the City of Miami Beach, Florida. -5- 66 • IP a IN WITNESS WHEREOF, we have hereunto set our hands and affixed the official seal of the Authority this 8th day of September, 1992 . Chairman 6111_11111del...,,„, 40101111011 Vice hai • lan Membe Membe Member [SEAL] SUBSCRIBED AND SWORN to before me, a Notary Public in the State and County aforesaid, this 8th day of September, 1992 . AOP A . Notary Public -67/( //tinz_S- My Commission expires: Notarial Seal ral ia,..,11:iitt's17sDIL0ILEZTsOF Fi0RID4[ ] U ' `�'Y 11,1995 0A2, nim OS/]1/112NUERNM04-Tii.RES -6- 67 (TA CITY OF MIAMI BEACH CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139 OFFICE OF THE CITY MANAGER TELEPHONE: (305) 673-7010 FAX: (305) 673-7782 COMMISSION MEMORANDUM NO. 3Z9� DATE: September 16 , 1992 TO: Mayor Seymour Gelber and Members of the City Commission FROM: Roger M. Carilo►� City Manager�,4i SUBJECT: Resolution Approving the Issuance of not more then $95,000,000 in City of Miami Beach Health Facilities Authority Hospital Revenue Refunding Bonds (Mount Sinai Medical Center Project) Administrative Recommendation The Administration recommends that the City Commission Adopt this Resolution authorizing the issuance of not more than $95,000,000 in City of Miami Beach Health Facilities Authority Hospital Revenue Refunding Bonds. Background The City Commission of the City of Miami Beach adopted Ordinance No. 90-2701 on July 25, 1990, creating the City of Miami Beach Health Facilities Authority to improve the access to funds for the health providing institutions on Miami Beach. The Ordinance, as amended, provides that the City Commission must approve any bonds issued by the Authority as the final step in the approval process. On August 12, 1992, the Health Facilities Authority adopted a Resolution authorizing the issuance of bonds to advance refund the outstanding debt, issued by the Dade County Health Facilities Authority, of Mount Sinai Hospital. The City of Miami Beach Health Facilities Authority held an additional meeting, after proper public notice, to hold a public hearing in compliance with the provisions of Chapter 147(f) of the Internal Revenue Code of 1986 (the TEFRA public hearing). All of the debt of the Health Facilities Authority is not considered a debt, liability or obligation of the City of Miami Beach and is payable solely from the revenues from the facility financed. Analysis Just as the City is undertaking an advance refunding of its outstanding debt to save money due to the decline in interest rates, Mount Sinai Hospital can also achieve significant savings through refinancing its outstanding debt. The purpose of assisting health providers i6 AGENDA ITEM DATE - �0 -r? 2-- in securing access to the credit markets is achieved in this, the Authority's first of many transactions. The Authority will receive a fee of .2% of the principal amount of the bonds to be issued for their assistance in the completion of this transaction for the hospital. Most of the funds earned by the Authority will be transferred to the City during FY 1992/93. It is anticipated that $100,000 will flow to the City from the Authority as a result of this transaction. Staff will also endeavor to negotiate more favorable rates for Mount Sinai medical services utilized by the City as a sign of cooperation by the hospital. Conclusion The fact that the City Commission can assist one of our hospitals save substantial funds and receive a fee for the service rendered to assist the General Fund Budget is the basis for the recommendation that the Commission approve this Resolution. 57 RESOLUTION NO. 92-20590 Approving the issuance of not �__.___ ,_ to exceed00 $95,000,000 aggregate initial '� ' princlpal amount of City of Miami Beach Health Facilities Authority Hospital Revenue Refunding Bonds, Series 1992 (Mount Sinai Medical Center Project) bythe Cityof - Miami Beach Health Facilities Authority, 7 including the approval required by §147(F) of the Internal Revenue Code of 1986, as amended, and providing that said bonds shall not constitute a debt, liability or obligation of the City or the State of Florida or any political subdivision thereof but shall be payable solely from • the revenues provided thereof. - • i 10 ti .. y 1