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
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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
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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
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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