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STRATEGIC OUTCOMES |
ACTION |
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Department: |
☒ Safe & Prosperous |
☐ Motion |
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City Attorney |
☐ Active & Appealing |
☒ Resolution |
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☐ Respected & Responsible |
☐ Ordinance - Introduction |
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Division: |
☐ Connected & Engaged |
☐ Ordinance - Adoption |
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☐ Unique & Creative |
☐ Public Hearing |
TITLE:
title
Industrial Development Authority Hospital Revenue Bonds Series 2023A
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SUMMARY RECOMMENDATION:
Summary Recommendation
Approve the Issuance of Hospital Revenue Bonds, Series 2023A (Yuma Regional Medical Center) by the Industrial Development Authority (IDA) of the City of Yuma, Arizona and declare an emergency. (City Attorney) (Richard W. Files)
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STRATEGIC OUTCOME:
Authorizing the issuance of these bonds helps ensure that Yuma remains a Safe and Prosperous City in accordance with City Council’s desired strategic outcome.
REPORT:
At a special meeting of the Industrial Development Authority (IDA) on November 21, 2023, the IDA approved a not to exceed $105,000,000. bond issue for Yuma Regional Medical Center (YRMC) to refinance hospital expansion/improvements (refunding all or a portion of the existing Series 2014B variable rate bonds and all or a portion of the Series 2014C variable rate hospital bonds).
City Council approval of the Series 2023A bonds is required by state and federal law. The bonds are not, and will never become, the obligation of the IDA nor the City of Yuma. Neither the IDA nor the City of Yuma will bear any responsibility for repayment of the bonds, and no liability will accrue to either entity in the event of non-payment or other default of YRMC.
Closing on the 2023 bond issue is scheduled after City Council adoption of this Resolution which includes an emergency clause. Adoption with an emergency clause will make the Resolution immediately effective and requires an affirmative vote of at least 5 of 7 City Councilmembers.
FISCAL REQUIREMENTS:
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CITY FUNDS: |
$ 0.00 |
BUDGETED: |
$ 0.00 |
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STATE FUNDS: |
$ 0.00 |
AVAILABLE TO TRANSFER: |
$ 0.00 |
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FEDERAL FUNDS: |
$ 0.00 |
IN CONTINGENCY: |
$ 0.00 |
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OTHER SOURCES: |
$ 0.00 |
FUNDING: ACCOUNT/FUND #/CIP |
TOTAL $ 0.00
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To total; right click number & choose “Update Field” |
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FISCAL IMPACT STATEMENT:
NONE
ADDITIONAL INFORMATION:
SUPPORTING DOCUMENTS NOT ATTACHED TO THE CITY COUNCIL ACTION FORM THAT ARE ON FILE IN THE OFFICE OF THE CITY CLERK:
1. IDA Resolution adopted Nov. 21, 2023
2. Bond Indenture
IF CITY COUNCIL ACTION INCLUDES A CONTRACT, LEASE OR AGREEMENT, WHO WILL BE RESPONSIBLE FOR ROUTING THE DOCUMENT FOR SIGNATURE AFTER CITY COUNCIL APPROVAL?
☐ Department
☐ City Clerk’s Office
☐ Document to be recorded
☐ Document to be codified
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Acting City Administrator: |
Date: |
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John D. Simonton |
11/21/2023 |
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Reviewed by City Attorney: |
Date: |
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Rodney Short for Richard W. Files |
11/20/2023 |