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2014-33 AUTHORIZING PARTIAL REISSUANCE AND CURRENT REFUNDING OF A PORTION OF HOSPITAL FACILITY REVENUE BONDS, SERIES 2010
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2014-33 AUTHORIZING PARTIAL REISSUANCE AND CURRENT REFUNDING OF A PORTION OF HOSPITAL FACILITY REVENUE BONDS, SERIES 2010
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8/3/2015 11:46:09 AM
Creation date
8/3/2015 11:46:01 AM
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Resolution/Ordinance
Res Ord Num
2014-33
Res Ord Title
AUTHORIZING THE PARTIAL REISSUANCE AND CURRENT REFUNDING OF A PORTION OF HOSPITAL FACILITY REVENUE BONDS, SERIES 2010
Department
Finance
Approved Date
7/21/2014
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WHEREAS, the Corporation has requested that the purchasers of the Series 2010 Bonds <br /> (the "Purchasers") consider providing additional interest rate relief on the Series 2010 Bonds so <br /> as to reduce the total interest cost of the Series 2010 Bonds; and <br /> WHEREAS, the Purchasers have agreed to offer such additional reduction in the total <br /> interest cost of the Series 2010 Bonds in the form of interest rate reductions on the remaining <br /> portion of the Series 2010 Bonds that were not part of the 2012 Refunding, on the condition that <br /> the Series 2010 Bonds remain "Qualified Tax-Exempt Obligations" pursuant�o and as defined in <br /> Section 265(b)(3) of the Code; and <br /> WHEREAS, such additional interest rate reductions on a portion of the Series 2010 Bonds <br /> in the aggregate principal amount of $4,773,600 will constitute a reissuance and current <br /> refunding of that portion of the Series 2010 Bonds under the Code (the "2014(Refunding"); and <br /> WHEREAS, in order to provide for the 2014 Refunding and the reregistration of the Series <br /> 2010 Bonds the City approved and authorized the execution of this Second Supplemental Bond <br /> Indenture; and <br /> WHEREAS, in order to obtain funds to refinance a portion of the outstanding principal <br /> amount of the Bank Debt, as permitted under the Act, the Corporation issed to the City its <br /> Direct Note Obligations, Series 201OA-D (City of Decatur, Macon County, Illinois) each dated <br /> December 22, 2010 and aggregating $18,360,000 in principal amount (the "Series 2010 <br /> Obligations") and is concurrently with the delivery hereof issuing to the City its Direct Note <br /> Obligations, Series 201OA-D (City of Decatur, Macon County, Illinois) each dated January 25, <br /> 2012 (as set forth in the table below, the "Reregistered Series 2010 Obligations") under and <br /> pursuant to the Master Trust Indenture dated as of June 1, 1991 (the "Original Master <br /> Indenture"), as previously supplemented and amended, and as further j supplemented and <br /> amended by the Eighth Supplemental Master Trust Indenture dated as of July 24, 2014 (the <br /> "Eighth Supplemental Master Indenture") between the Corporation and U.S. Bank National <br /> Association, as successor master trustee (the "Master Trustee"): <br /> Series 201OA: Series 201OB: <br /> R-4 $1,632,800 R-4 $1,300,000 <br /> R-5 $2,449,200 R-5 $1,950,000 <br /> Series 201OC: Series 201OD: <br /> R-4 $1,145,300 R-4 $ 695,500 <br /> R-5 $1,717,950 R-5 $1,043,25; and <br /> WHEREAS, in order to accomplish the 2014 Refunding and in connection with the <br /> delivery to the City of the Reregistered Series 2010 Obligations, the City authorized the <br /> reregistration of the Series 2010 Bonds (the "Reregistered Series 2010 Bonds"); and <br /> WHEREAS, Section 902 of the Bond Indenture permits supplements to the Bond Indenture <br /> to effect a reduction in the rate of interest on the Series 2010 Bonds with the consent of the <br /> holders of the Series 2010 Bonds of each series which are affected thereby; and <br /> 2 <br />
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