Council ActionMAYOR
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Official action detail
Source: LegislationDetail.aspx · gridLegislation
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WHEREAS, The Hospitals and Higher Education Facilities Authority of Philadelphia (the “Authority”), a body politic and corporate, was incorporated on February 9, 1974, pursuant to an Ordinance dated January 28, 1974, under the Municipality Authorities Act, Ch. 56
Act 22-2001, as amended (the “Act”); and
WHEREAS, the Act specifies,
inter alia,
the purpose of an Authority shall be for “acquiring, holding, constructing, financing, improving, maintaining and operating, owning or leasing, either in the capacity of lessor or lessee, projects of the following kind and character and providing financing for insurance reserves:
. . .
hospitals and health centers . . . “; and
WHEREAS, Centralized Comprehensive Human Services, Inc. t/a/ John F. Kennedy Community Mental Health/Mental Retardation Center (the “Borrower”), a Pennsylvania nonprofit corporation, located at 112 North Broad Street, Philadelphia, Pennsylvania, plans to undertake a project (the “Project”) consisting of the (a) refunding of the Authority’s (Community Mental Health/Retardation and Rehabilitation Service Providers Facilities Acquisition Program) Revenue Bonds, Series 1992; (b) acquisition of new computer equipment; (c) refinancing of an existing construction loan; (d) reduction of the amount outstanding on an existing line of credit; (e) funding of a reserve fund and (f) payment of costs of issuance; and
WHEREAS, the Borrower has requested the Authority to issue its Revenue Bonds in the aggregate principal amount (exclusive of original issue discount) not to exceed twelve million dollars ($12,000,000) for the purpose of financing the costs of the Project; and
WHEREAS, the Act provides that none of the powers granted thereby shall be exercised in the construction, financing, improvement, maintenance, extension or operation of any project or projects which in whole or in part shall duplicate or compete with existing enterprises servicing substantially the same purposes; and
WHEREAS, the Act further provides that the foregoing limitation shall not apply to health center projects to be financed with loans to nonprofit corporation health centers or nonprofit hospital corporations serving the public, if the municipality organizing the authority for such projects shall declare by resolution or ordinance that it is desirable for the health, safety and welfare of the people in the area served by such facilities to have such facilities financed through such authority; now, therefore,
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. It is hereby declared desirable for the health, safety and welfare of the people in the area served by Centralized Comprehensive Human Services, Inc. t/a/ John F. Kennedy Community Mental Health/Mental Retardation Center to have The Hospitals and Higher Education Facilities Authority of Philadelphia (the “Authority”) issue its Revenue Bonds, in one or more series, in the aggregate principal amount not to exceed twelve million dollars ($12,000,000) (exclusive of original issue discount) for the purpose of financing the costs of a project (the “Project”) consisting of the (a) refunding of the Authority’s (Community Mental Health/Retardation and Rehabilitation Service Providers Facilities Acquisition Program) Revenue Bonds, Series 1992; (b) acquisition of new computer equipment; (c) refinancing of an existing construction loan; (d) reduction of the amount outstanding on an existing line of credit; (e) funding of a reserve fund and (f) payment of costs of issuance.
SECTION 2. The declaration made in Section 1 hereof extends to additional bonds to complete the Project and to refunding bonds, which may be issued by the Authority, provided, however, that such declaration shall not be deemed authority to increase the scope of the Project.
SECTION 3. This Ordinance shall take effect immediately.
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