Title
Issuance of Hospital Revenue Bonds (Peoria Regional Hospital Project), Series 2021 (Resolution 21893)
Description
Request City Council approval for the issuance of Hospital Revenue Bonds (Peoria Regional Hospital Project), Series 2021, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $130,000,000.
Report
Summary
Request City Council adoption of a resolution granting approval of the proceedings under which The Industrial Development Authority of the City of Phoenix, AZ., (the "Phoenix IDA") has previously resolved to issue up to $130,000,000 of Hospital Revenue Bonds, (the "Revenue Bonds") for use by Peoria Regional Hospital, LLC (the "Borrower"), an Arizona limited liability company to,
a). finance acquisition, construction, furnishing, and equipping of a 32-bed, general, acute care hospital in Peoria, AZ., and
b). pay certain costs related to the issuance of the Revenue Bonds.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds at its meeting held on January 14, 2021.
Location
The Project is located at 26320 N. Lake Pleasant Parkway in Peoria, AZ.
Department
Responsible Department
This item is submitted by Assistant City Manager Milton Dohoney Jr.