Title
RESOLUTION AUTHORIZING THE CONVEYANCE OF CERTAIN CATHOLIC CARE CENTER FACILITIES FINANCED WITH THE PROCEEDS OF INDUSTRIAL REVENUE BONDS OF THE COUNTY BACK TO THE TENANT; AND AUTHORIZING THE EXECUTION AND DELIVERY OF (1) A SPECIAL WARRANTY DEED, (2) A BILL OF SALE, (3) A TERMINATION AND RELEASE OF LEASE, AND (4) A SATISFACTION, DISCHARGE AND RELEASE OF INDENTURE.
Presented by: Chris Chronis, Chief Financial Officer.
RECOMMENDED ACTION: Adopt the resolution.
Body
Since 1989, the County has been the issuer of health care facilities revenue bonds for the benefit of Catholic Care Center, Inc., which bonds have been used to acquire, construct, and remodel the nursing home and assisted living facility known as the “Catholic Care Center” located at 6700 East 45th Street North, now within the city limits of the City of Bel Aire. Most recently, the County issued its Health Care Facilities Refunding Revenue Bonds, Series 2010 (Catholic Care Center, Inc.) (the “2010 Bonds”) which are the only bonds currently outstanding with respect to these facilities. Catholic Care Center, Inc. is a joint venture between Via Christi Health, Inc. and the Catholic Diocese of Wichita.
Recently, Ascension Health Alliance (“Ascension”) became the 100% member of Via Christi Health, Inc. In connection with this change in control, Ascension intends to have the Wisconsin Health and Educational Facilities Authority issue revenue bonds (the “New Bonds”), a portion of the proceeds of which will be used to provide for the payment of, and defease, all the outstanding 2010 Bonds issued by the County.
Catholic Care Center, Inc. has provided notice that it intends to exercise its option to purchase the Catholic Care Center facility from the County, pursuant to the Lease Agreement executed in connection with the 2010 Bonds, upon the defeasance of the 2010 Bonds (which will occur by the deposit of government securities with an escrow trustee in an amount necessary to pay all principal of, int...
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