Staff recommends approval of execution by the Mayor and City Clerk of an Amendment To Financing Agreement and Sixth Supplemental Financing Agreement between the City of Leesburg and Leesburg Regional Medical Center, Inc., LRMC Home Health Services, Inc., and The Villages Tri-County Medical Center, Inc., and of a Ninth Supplemental Indenture of Trust between the City of Leesburg and Bank of New York.
Not quite a year ago, the City Commission approved issuance of bonds for the construction of improvements at The Villages Tri-County Medical Center. Financing documents were drafted and approved at that time, however subsequently Ambac Assurance Corporation, as insurer of bonds issued for LRMC in 2001, requested certain amendments to the more recent bond documents, to place it on parity with Radian Asset Assurance, Inc., which insured the 2006 bonds. The purpose of the documents being submitted for your approval at this time is to make the amendments needed to the bond documents to satisfy the concerns of Ambac and Radian with respect to their obligations as bond insurers. The documents do not alter the obligations of the City or impose any additional obligations on the City, financial or otherwise, nor do they alter or amend the terms of repayment, rate of interest or any of the other material terms and conditions of the bonds themselves.
1. Approve the execution of the two documents, or
2. Such alternative action as the Commission may deem appropriate
There will be no fiscal impact to the City if the requested approval is granted.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager _______RS____________
Account No. _________________
Project No. ___________________
WF No. ______________________