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. � _ .. , <br /> , <br /> LEGAL DEPARTMENT MEMORANDUM <br /> No. 96-29 <br /> November 25, 1996 ' <br /> TO: Honorable Mayor and City Council Members <br /> FROM: James L. Williams, Jr., City Manager, <br /> John W. Couter, Corporation Counsel <br /> RE: Decatur Memorial Hospital Bond Issue <br /> i <br /> In 1991, the City issued $30,000,000 worth of revenue bonds to assist Decatur Memorial <br /> Hospital. As is normal for such bond issues, the Hospital is solely responsible for the repayment of the <br /> debt, and the City has no liability whatsoever. The Hospital is now asking the City to amend that issue so <br /> as to allow the advance refunding of a portion of the debt, to be paid by another borrowing from the <br /> Illinois Health Facilities Authority (at a mQre favorable interest rate). The City will continue to have no <br /> liability. <br /> Staff recommends approval of the amendment. <br /> JWC:ps <br /> Attachments <br /> cc: Wendy L. Morthland <br /> John T. Robinson ' <br /> ,' <br /> � <br /> �I <br />