RESOLUTION NO. __________, SERIES 2016
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A RESOLUTION OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT REQUESTING THAT THE KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY ADOPT A RESOLUTION PROVIDING FOR THE ISSUANCE OF REVENUE BONDS, THE PROCEEDS OF WHICH WILL PROVIDE FOR THE FINANCING OF THE ACQUISITION, CONSTRUCTION, INSTALLATION AND EQUIPPING OF CERTAIN FACILITIES CONSISTING OF HEALTH CARE AND HEALTH RELATED FACILITIES LOCATED WITHIN THE BOUNDARIES OF LOUISVILLE METRO TO BE OWNED BY MASONIC HOME INDEPENDENT LIVING II, INC.
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Sponsored By: Councilman Hollander
WHEREAS, the Kentucky Economic Development Finance Authority (the "Authority") is authorized to issue bonds from time to time under the provisions of Chapter 154 of the Kentucky Revised Statutes and use the proceeds of such bonds to make loans to nonprofit organizations such as Masonic Home Independent Living II, Inc., a Kentucky nonprofit corporation (the "Corporation") to defray the costs of "Projects" involving health care and health related facilities in the Commonwealth of Kentucky ; and
WHEREAS, the Corporation desires to defray the costs of acquiring, constructing, installing and equipping of facilities located at 3701 Frankfort Avenue related to long term health care facilities owned by the Corporation (the "Project") through the issuance by the Authority of its Healthcare Facilities Revenue Bonds, Series 2016 (the "Bonds") in one or more series, the proceeds of which would be loaned to the Corporation (the "Borrower") to provide the funds to defray the costs of acquiring, constructing, installing and equipping of the Project; and
WHEREAS, the loan payments to the Authority from the Borrower for such loan will be at an effective rate below the interest rate charged to the Borrower by conventional lenders for similar loans; and
WHEREAS, the Borrower wishes to enter into a loan agreement or loan agreements with the Authority to meet its financing needs; and...
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