1996-05-20 RMPH Exhibits
New Hanovcr County Medical Centcr
Public Hearing
May 20, 1996
Chairman Grcer
One of thc purposes of this meeting is to conduct a public hcaring regarding the issuance
by the County of its hospital revenue bonds (the "Bonds") in an aggregate principal amount not
exceeding $61Qo00,000 for the purposes of (a) financing, or reimbursing New Hanover Rcgional
Medical Center, a North Carolina non-profit corporation (the "Corporation") for financing, a
portion of the costs of (i) the construction of a new Oncology Center, Clinical Laboratory and
Outpaticnt Clinic building with a connecting concourse to the Hospital (as defined below); (ii)
the rcnovation and addition of public areas; (iii) the renovation of the Emergcncy Department
and the Pediatrics unit; (iv) the purchase of furnishings to be added to the ncw building; (v) the
upgrade and installation of communication and information services; (vi) the construction of a
Cardiac Surgery Recovery Unit; and (vii) the relocation of the heliport and the construction of
the East Parking Area (collectively, the 'Project"); (b) paying a portion of the interest accruing
on the Bonds; and ( c) paying certain expenses in connection with the authorization and issuance
of the Bonds. The Project will be located at New Hanover Regional Mcdical Center 2131 South
17th Strcct, Wilmington, North Carolina 28402 (the "Hospital"). The Hospital is owncd by the
County and opcrated by the Corporation.
A notice of the public hearing has been published in the Wilmington Star-News on a datc
at least fourtccn (14) days prior to the date of the public hearing. The Clerk to the Board will
attach the affidavits showing such publication to the extract of the minutes as Exhibit A.
Is there a motion that the Board proceed to hold a public hearing on the project and the
issuance of hospital revenue bonds to finance a portion thereof?
Motion: Corrmissioner William A. Caster
Second. r:orrmissioner William E. Sisson, Jr
Vote: Ayes: UnaninDus
Nays:
Anyone who wishes to be heard on the advisability of the proposed projcct and the
issuance of hospital revcnue bonds to finance a portion thcrcof should come up to the podium to
do so.
Reccive any public commcnts
WHEREAS, the Board desires to authorize the Finance Director of the County to
apply to the North Carolina Local Government Commission for its approval ofthe issuance of
the hospital revenue bonds (the "Bonds") to pay for the Project and to take all other action
necessary in connection therewith; and
WHEREAS, the Board desires to retain LeBoeuf, Lamb, Greene & MacRae,
L.L.P as bond counsel, and Paine Webber Incorporated, Craigie Inc., J Lce Peeler Division of
Morgan Keegan, Inc. and Wheat First Butcher Singer as the underwriters in connection with the
issuance by the County of the Bonds.
NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the
County, as follows:
Section I That the Finance Director of the County is hereby authorized, directed
and designated to file an application with the Local Government Commission for its approval of
the issuance by the County of the Bonds.
Section 2. That the Board finds and determines and asks that the Local
Government Commission find and determine from the County's application and supporting
documentation.
(a) That the issuance of the Bonds is necessary and expedient;
(b) That $67,000,000 will be sufficient but is not excessive, when added to other
monies available to New Hanover Regional Medical Center, for the proposed
acquisition, construction and equipping of the Project,
(c) That the Project is feasible;
(d) That the County's debt management procedures and policies are excellent, and
(c) That the Bonds can be marketed at a reasonable interest cost to the County
Section 3 That the Chairman of the Board, the County Manager, the Deputy
County Manager, the County Attorney, the Finance Director, and the Clerk to the Board are
hereby aulhonzed to do any and all things necessary to complete the steps for the issuance of the
Bonds.
Section 4 That LeBoeuf, Lamb, GrecnC/& MacRae, L.L.P shall be retained to
serve as bond counsel and Paine Webber Incorporated,tCraigie Inc., J Lee Peeler Division of
Morgan Keegan, Inc. and Wheat First Butcher Singe! shall be retained to serve as the
lUlderwritcrs in connection with the issuance by the COlUlty of the Bonds.
Section 5 That the Board requests that the Local Government Commission sell
the Bonds th~'6ugh negotiation to Paine Webber Incorporated, Craigie Inc., J Lee Peeler Division
of Morgan Keegan, Inc. and Wheat First Butcher Singer on such temlS as may be agreed.
Section 6. That this Resolution shall become effective on the date of its adoption.
Obtain a second to the motion. Comnis~ioner William E Sisson, Jr
Vote: Ayes: UnaninDus
Nays:
The ncxt order of business is to consider and take action on a s;;ries resolution providing
for the issuance of the Bonds in the principal amount not exceeding $6~000,000 (the "Series
Resolution"), including approvals respecting an amendment to a lease agreement, an official
statement and a bond purchase agreement and providing for other matters in connection
therewith. The Series Resolution delegates to the Finance Director of the County the authority to
determine certain terms of the Bonds subject to limitations set forth in the Bond Order adopted
on October 6, 1993 and such Series Resolution.
I will now introduce the Series Resolution entitled "SERIES RESOLUTION
A11THORIZING AND APPROVING THE ISSUANCE AND SALE OF NOT EXCEEDING
$60000,000 AGGREGATE PRINCIPAL AMOUNT OF THE COUNTY OF NEW HANOVER,
NORTH CAROLINA HOSPITAL REVENUE BONDS (NEW HANOVER REGIONAL
MEDICAL CENTER PROJECT) SERIES] 996, TO PROVIDE FUNDS TO ACQUIRE,
CONSTRUCT AND EQUIP IMPROVEMENTS TO THE HEALTH CARE FACILITIES
OWNED BY THE COUNTY, AND AUTHORIZING AND APPROVING THE FORM AND
TERMS OF THE OFFICIAL STATEMENT AND THE BOND PURCHASE AGREEMENT
AND THE EXECUTION AND DELIVERY OF THE OFFICIAL STATEMENT A FIRST
AMENDMENT TO THE LEASE AGREEMENT AND THE BOND PURCHASE
AGREEMENT AND THE DISTRIBUTION AND USE OF THE PRELIMINARY OFFICIAL
STATEMENT, THE OFFICIAL STATEMENT AND THE BOND ORDER IN CONNECTION
WITH THE PUBLIC OFFERING OF THE BONDS," a copy of which with draft dated May 10,
1996 was submitted to the meeting. I move that it be adopted with such revisions as the
Chairman or Vice Chainnan of the Board and the Clerk to the Board, with the advice of counscl,
may deem necessary and appropriate.
Need a second to the motion that the Series Resolution be adopted.
Second.
Comnissioner William A. Caster
Vote: Ayes: Unaninous
Nays:
~
Is there a motion that the public hearing be closed?
Motion: Commissioner William E. Sisson, Jr
Second. CoIlIllissioner William A. Caster
Vote:
Ayes:
Unanirrous
Nays:
Is there a motion that the project be approved and that the issuance of the Bonds also be
approved?
Motion:
CoIlIllissioner William A. Cas ter
Second:
Vice-Chainnan E. L. Mathews, Jr
Vote: Ayes: Unanirrous
Nays:
The next order of business is to consider and take action on the resolution directing the
filing of an application with the Local Government Commission for approval of the issuance of
thc Bonds and the hiring ofbond counsel and underwriters for the financing.
r move that the following resolution be adopted:
RESOLUTION OF THE COUNTY OF NEW HANOVER, NORTH CAROLINA
DIRECTING THE FILING OF AN APPLICATION WITH THE LOCAL
GOVERNMENT COMMISSION FOR APPROVAL OF THE ISSUANCE OF
HOSPITAL REVENUE BONDS AND CERTAIN RELATED MATTERS
WHEREAS, the Board of Commissioners (the "Board") of the County of New
Hanover, North Carolina (the "County") hereby determines that the acquisition, construction and
equipping of certain improvements and additions to the New Hanover Regional Medical Center,
including a portion of the cost of (i) the construction of a new Oncology Center, Clinical
Laboratory and Outpatient Clinic building with a connecting concourse to the Hospital (as
defined below); (ii) the renovation and addition of public areas; (iii) the renovation of the
Emergency Department and the Pediatrics unit; (iv) the purchase of furnishings to be added to
the new building; (v) the upgrade and installation of communication and information services;
(vi) the construction of a Cardiac Surgery Recovery Unit; and (vii) the relocation of the heliport
and the construction of the East Parking Area (collectively the 'Project"), must be undertaken by
thi County and by New Hanover Regional Medical Center at an estimated cost not to exceed
$6'4l000,OOo.J,ncluding the cost of financing; and