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BE IT REMEMBERED, that the White County Commissioners held a Public Hearing on July 21, 2006, at 1:00 p.m. in the Commissioners conference room in the White County Courthouse.

Commissioners present were: President John C. Heimlich, Vice President Steve Burton, and Member O.D. “Bud” Ferguson. Also present was the White County Attorney George W. Loy, White County Auditor Mary Jo Pool, and the White County Commissioners Administrative Assistant Donya Tirpak.

Present in the audience was: Harry W. Voorhis, former County Councilman; Stephanie Long, White County Memorial Hospital; Rick Hall, Barnes & Thornburg, and Abby Lietz, Herald Journal.

The purpose of the meeting was to hold a public hearing regarding a Lease by and among the White County, Indiana, the Board of Trustees of White County Memorial Hospital, and the White County Hospital Association.

President Heimlich announced that the public hearing is now open to anyone wishing to speak to this matter.

Rick Hall, Barnes & Thornburg, said that this is the final approval of the lease and from here it will go to the State of Indiana Department of Local Government of Finance.

The 30-year term lease will begin after the construction is completed and the final expiration of the lease will be January 1, 2039.

And also approve issuance of the bonds.

Former Councilman Harry Voorhis said that he is very proud of everyone who has put effort in putting this together to make it happen. He feels that this is going to be wonderful for our community and also for the surrounding counties.

Commissioner Heimlich asked if there were any other comments from the public. No response.

Commissioner Heimlich announced that the comment public hearing is now closed.

ADOPT RESOLUTION – HOSPITAL

RESOLUTION NO. 06-07-21-03

RESOLUTION OF THE BOARD OF COMMISSIONERS OF WHITE COUNTY, INDIANA APPROVING PLANS, SPECIFICATIONS AND COST ESTIMATES AN AUTHORIZING THE EXECUTION OF A LEASE WITH WHITE COUNTY HOSPITAL ASSOCIATION AND THE BOARD OF TRUSTEES OF WHITE COUNTY MEMORIAL HOSPITAL

WHEREAS, the Board of Commissioners (the “Board”) of White County, Indiana (the “County”), the Board of Directors of White County Hospital Association (the “Association”), The Board of Trustees of White County Memorial Hospital (the “Hospital”), and the County Council (the “Council”) of the County have all agreed upon the terms and conditions of a lease by and between the Association, as lessor and the County and the Hospital, as lessees (the “Lease”), for the purpose of financing all or a portion of the acquisition, construction and equipping of a new county hospital facility and related improvements (the “Project”) and each such body has approved a form of the Lease; and

WHEREAS, the Hospital has provided the Board with financial information regarding the Hospital, and based on such information and upon the advice of the County’s financial advisor, the Board reasonably expects that the lease rentals under the Lease will be paid by the Hospital from net revenues of the Hospital (the “Net Revenues”); and

WHEREAS, as additional security to the extent the Net Revenues are insufficient to pay such lease rentals under the Lease, such lease rentals shall be payable from ad valorem property taxes to be levied on all taxable property in the County in an amount not to exceed $750,000 per year (the “County Pledge”); and

WHEREAS, the County Pledge automatically terminates on a date which is five (5) years from the date of issuance of bonds issued by the Association to finance the costs of acquisition, construction and equipping the Project without further action by this Board in the form of a resolution extending such County Pledge for a term or terms not to exceed the term of the Lease;

and

WHEREAS, pursuant to IC 16-22-6-18, there was published on July 6, 2006, notice of a public hearing to be held by the Board to allow all persons to be heard on the necessity for the Lease and whether the rental under the Lease is fair and reasonable; and

WHEREAS, the Board has held such public hearing on the date hereof and considered the testimony and other evidence presented s the public hearing; and

WHEREAS, IC 16-22-6-19 provides that following such public hearing the Board may authorize the execution of the Lease; and

WHEREAS, IC 16-22-6-25 provides that the Board shall approve the plans, specifications and estimates of cost for the Project before the execution of the Lease; and

WHEREAS, such plans, specifications and estimates of cost have been presented to the Board at this meeting; and

WHEREAS, the Board desires to approve the plans, specifications and estimates of cost for the Project and to authorize the execution of the Lease.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF WHITE COUNTY, INDIANA AS FOLLOWS:

Section 1. Providing for the financing, acquisition, constructing, and equipping of the Project by the Association and the leasing of the same to the County and the Hospital, as lessees, is the public interest of the citizens of this County, and is a proper public purpose for which the Board agrees to cooperate with the Association and the Hospital.

Section 2. The Lease, with a term commencing on the date the Association acquires all or a portion of the leased premises and ending on a date not later than January 1, 2039, and in the form presented at this meeting, is hereby approved in accordance with IC 16-22-6-19. The payment of lease rentals under the Lease shall be from ad valorem property taxes to be levied on all taxable property in the County in an amount not to exceed $750,000 per year to the extent the Net Revenues are insufficient to pay such lease rentals (“County Pledge”). The Lease provides for a fair and reasonable rental, and further, the execution of the Lease is necessary and wise. The County Pledge shall automatically terminate on a date which is five (5) years from the date of issuance of bonds issued by the Association to finance the costs of acquisition, construction and equipping the Project without further action by this Board in the form of a resolution extending such County Pledge for a term or terms not to exceed the term of the Lease.

Section 3. The Auditor of the County is authorized and directed to initial and date a copy of the proposed Lease and to place the same in the record book immediately following the minutes of this meeting, and further, the Lease is hereby made a part of this Resolution as fully as if the same were set forth herein.

Section 4. The board is authorized and directed to execute the Lease, in the name and on behalf of the County, and the Auditor of the County, is hereby authorized and directed to attest such execution of the Lease, with

such changes as deemed appropriate by the Board and Auditor as evidenced by their execution and attestation thereof.

Section 5. The Auditor of the County be, and hereby is, authorized and directed, on behalf of the County to publish notice of the execution of the Lease as required by law.

Section 6. The Board hereby approves the plans, specifications and estimates of cost for the Project.

Section 7. The Board hereby approves the issuance, sale and delivery by the Association of its bonds (the “Bonds”), in one or more series in the aggregate principal amount not to exceed $26,000,000, the proceeds of which will be used to finance the Project. The Association may issue, sell and deliver such Bonds, pursuant to the applicable laws of the State of Indiana, may encumber any property acquired by it for the purpose of financing such facilities, and may enter into contracts for the sale of the Bonds and the Project.

Section 8. Any member of the Board, member of the County Council, the Auditor of the County, and the County Attorney are hereby authorized, empowered and directed, on behalf of the County to take any other action as such individual deems necessary or desirable to effectuate the foregoing resolutions, in the name and on behalf of the County, and any actions heretofore made or taken be, and hereby are, ratified and approved.

Section 9. This resolution shall constitute an order of the Board authorizing the execution of the Lease pursuant to Ind. Code 16-22-6-19 and shall be entered into the official records of the Board.

Section 10. This Resolution shall be in full force and effect immediately upon adoption.

DULY PASSED on this 21st day of July, 2006, by the Board of Commissioners of White County, Indiana.

  • Commissioner Burton made a motion to approve Resolution # 06-07-21-03, Resolution of the Board of Commissioners of White County, Indiana approving plans, specifications and cost estimates an authorizing the execution of a Lease with White County Hospital Association and the Board of Trustees of White County Memorial Hospital, seconded by Commissioner. Vote: Unanimous

There being no further business to come before the board, the Special Meeting was adjourned.

______________________________ _______________________________ ____________________________

John C. Heimlich, President Steve Burton, Vice President O.D. “Bud” Ferguson, Member

ATTEST: ________________________________

Mary Jo Pool, White County Auditor