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HomeMy WebLinkAboutResolutions - R-99-028 - 09/22/1999 - PROPOSE ISSUANCE REVENUE BONDS FOR NIMED CORPR-99-028 A RESOLUTION proposing the issuance of revenue bonds for the benefit of NIMED Corporation, and the execution and delivery of certain documents in connection therewith; and related matters. The City of McHentry, Illinois, is a municipality duly organized and validly existing under the Constitution and the laws of the State of Illinois (the "City"), and WHEREAS, pursuant to The Industrial Project Revenue Bond Act (65 Illinois Compiled Statutes 1996, 5/11-74-1 et seq., as supplemented and amended and particularly as supplemented by the Local Government Debt Reform Act, 30 Illinois Compiled Statutes 1996, ' 50/1 et seq., as amended (collectively, the "Act")), the Municipality has the power to issue its revenue bonds to finance "industrial projects," as defined in the Act, by loaning the proceeds of such revenue bonds to an entity, and to pledge to the payment of the principal of, premium, if any, and interest on such revenue bonds the payments made with respect to such loan; and WHEREAS, Section 10 of Article VII of the Constitution of the State of Illinois authorizes units of local government and school districts to contract or otherwise associate among themselves in any manner not prohibited by law or by resolution; and WHEREAS, the Intergovernmental Cooperation Act (5 Illinois Compiled Statutes 1996, 220/1 et seq., as supplemented and amended), authorizes public agencies to exercise any power or powers, privileges or authority which may be exercised by any such public agency individually to be exercised and enjoyed jointly with any other public agency in the State of Illinois; and WHEREAS, the City, the Village of Antioch, Illinois ("Antioch"), the Village of Huntley, Illinois ("Huntley"), the City of Woodstock, Illinois ("Woodstock"), The County of Lake, Illinois ( "Lake County"), the Village of Island Lake, Illinois ( "Island Lake") and the Village of Lake in the Hills, Illinois ( "Lake in the Hills") (collectively, the "Municipalities") are each a unit of local government and a public agency of the State of Illinois; and WHEREAS, the City proposes to enter into an Intergovernmental Cooperation Agreement by and among the City, Antioch, Huntley, Woodstock, Lake County, Island Lake and Lake in the Hills, to provide for the issuance of revenue bonds to finance certain medical office buildings which constitute industrial projects; and WHEREAS, the municipalities have received requests of NIMED Corporation (the "Company") for assistance in financing certain medical office buildings owned or to be owned by the Company and located or to be located in the Municipalities and as described ill Exhibit A hereto (individually, a "Project" and collectively, the "Projects"); and WHEREAS, to finance the Projects, the City, at the request of the Company, proposes to issue, sell and deliver not to exceed (i) $6,000,000 aggregate principal amount of its Health Facilities Revenue Bonds (NIMED Corporation Projects) Series 1999A and (ii) $14,000,000 aggregate principal amount of its Taxable Health Facilities Revenue Bonds (NIMED Corporation Projects) Series 1999B (collectively, the "Bonds") on behalf of' all of the Municipalities to obtain funds to finance the Projects; and WHEREAS, the Company has represented to the City that the financing of the Projects through the issuance of the Bonds will result in savings to the Company which the; Company will utilize to finance projects which result in additional employment in the City; WHEREAS, the City finds that the financing of the medical office buildings will be of benefit to the City, and that therefore it is in the best interests of the health and general welfare of the citizens of the City; and WHEREAS, the Bonds shall not constitute an indebtedness or a loan of credit of the City within the meaning of any constitutional or statutory provision and no holder of any of the Bonds shall have the right to compel any exercise of the taxing power of the City to pay 1he same; and -2- WHEREAS, the Bonds will be limited obligations of the City payable by the City solely out of the revenues and receipts derived from the Company pursuant to a loan agreement between the City and the Company: Now, THEREFORE, Be It and it is Hereby Resolved by the City Council of the City of McHenry, Illinois, as follows: Section 1. That it is the finding and declaration of the City Council of the City that the issuance of the Bonds by the City is advantageous to the City and therefore serves a valid public purpose; that this authorizing resolution is adopted pursuant to the Constitution and the laws of the State of Illinois, and more; particularly the Act, Section 10 of Article V1I of the 1970 Constitution of the State of Illinois and the Intergovernmental Cooperation Act. Section 2. Subject to due compliance with all requirements of law and completion of documentation in form and substance satisfactory to the City and its counsel, the City by virtue of such authority as may now or hereafter be conferred by the Act, will issue and sell the Bonds in an amount not to exceed $20,000,000, which is the estimated aggregate cost of financing the Projects. Such amount may be amended, altered and changed by subsequent action of the City Council. Section 3. All commitments of the City hereunder are subject to the condition that on or before December 31, 1999 (or such other date as the City Council shall determine by subsequent action), the City and the Company shall have agreed to mutually acceptable terms of the Bonds and of the sale and delivery thereof and acceptable terms and conditions of the contracts, instruments and proceedings as are necessary for the issuance of the Bonds. Section 4. That the provisions of this resolution are hereby declared to be separable, and if any section, phrase or provision of this resolution shall for any reason be declared to be -3- invalid, such declaration shall not affect the validity of the remainder of the sections, phrases and provisions of this resolution. Section 5. That all ordinances, resolutions and orders, or parts thereof, in conflict with the provisions of this resolution are, to the extent of such conflict, hereby superseded; and that this resolution shall be in full force and effect upon its adoption and approval as provided by law. M Presented, passed, approved and recorded by the City Council of the City of McHenry, Illinois, this 22nd day of September, 1999. [SEAL] Attest: Ci y Clerk Nays: NONE. Absent or Not Voting: NONE. Approved: Mayor -5- EXHIBIT A THE PROJECTS PROPERTY NAME Northern Illinois Medical Center Medical Office Building A&B Memorial Medical Center Medical Office Building Huntley Medical Office Building Antioch Medical Office Building Kishwaukee Westlake Medical Office Building Medical Office Building ADDRESS 4309 Medical Center Drive, McHenry, IL RT 14 & Doty Rd., Woodstock, IL 11650 S. Rt. 47, Huntley, IL 935 Skidmore, Antioch, IL 13707 W. Jackson, Woodstock, IL 214 Washington St., Inglside, Lake County, IL Island Lake, IL Lake in the Hills, IL