RESOLUTION NO. __________, SERIES 2014
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A RESOLUTION RELATING TO A REQUEST 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 HEALTHCARE AND HEALTH RELATED FACILITIES LOCATED WITHIN THE BOUNDARIES OF METRO LOUISVILLE TO BE OWNED BY MASONIC HOME INDEPENDENT LIVING II, INC.
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Sponsored By: COUNCILMAN DAVID TANDY
WHEREAS, the Kentucky Economic Development Finance Authority (the "Authority") is authorized to issue bonds from time to time under the provisions of 154.20-035 of the Kentucky Revised Statutes and to use the proceeds of such bonds to make loans to provide financing for "Projects" which are, among other facilities and assets, healthcare and health related facilities in the Commonwealth of Kentucky to nonprofit organizations such as Masonic Home Independent Living II, Inc., a Kentucky nonprofit corporation (the "Company"); and
WHEREAS, the Company desires to provide for financing of the acquisition, construction, installation and equipping of facilities related to long term healthcare facilities owned and operated by the Company, which facilities are to be located at 3701 Frankfort Avenue (the "Project") through the issuance by the Authority of its Healthcare Facilities Revenue Bonds, Series 2014 (the "Bonds"), the proceeds of which would be loaned to the Company or its affiliate (the "Borrower") to provide the funds to pay the cost of the acquisition, construction, installation 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 with the Authority to meet it...
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