AGENDA MEMORANDUM

 

 

Meeting Date:           August 28, 2006

 

From:                          Fred A. Morrison, City Attorney

 

Subject:                      Resolutions approving supplemental agreements for the LRMC/Villages Regional Bond Issue

 

 

Staff Recommendation:

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.

 

Analysis:

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.

 

Options:

1.  Approve the execution of the two documents, or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact

There will be no fiscal impact to the City if the requested approval is granted.

 


Submission Date and Time:    8/23/2006 7:05 PM8/23/2006 3:11 PM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager _______RS____________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________