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' • • <br /> LEGAL DEPARTMENT MEMORANDUM <br /> No. 96-11 <br /> May 30, 1996 <br /> TO: Honorable Mayor and City Council Members <br /> � <br /> FROM: Daniel R. Sommerfeldt, Acting City Manager , �' <br /> 7ohn W. Couter, Corporation Counsel�G�`- <br /> v <br /> RE: 1988 DMH Bond Issue I <br /> In 1988, Decatur Memorial Hospital bonowed $7,365,000 to purchase the McKinley <br /> Court and McKinley Terrace nursing homes. The bonowing was accomplished through a bond <br /> issue of the City - as is customary in these issues, the Hospital was solely responsible for the <br /> payment of the bonds, and such were (and are) not debts of the City. The Hospital now wishes to <br /> pre-pay these bonds with funds obtained through another bond issue (through the State of Illinois <br /> Health Facilities Authority). In order to accomplish that, the trust indenture established for the <br /> 1988 issue needs to be modified. An ordinance on the June 3 agenda will so modify that <br /> indenture and permit the bonds to be pre-paid. <br /> Staff recommends that the ordinance be passed and adopted. <br /> JWC:ps <br />