ORDINANCE NO. _____, SERIES 2017
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AN ORDINANCE OF LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT AUTHORIZING THE ISSUANCE OF ITS HEALTH CARE FACILITIES REVENUE BONDS, SERIES 2017 (PMOB, INC. PROJECT) IN A MAXIMUM PRINCIPAL AMOUNT OF $48,610,000.00 FOR THE PURPOSE OF FINANCING THE COSTS OF THE ACQUISITION, CONSTRUCTION, INSTALLATION, AND EQUIPPING OF HEALTH CARE AND HEALTH RELATED FACILITIES FOR PMOB, INC.; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AND LOAN AGREEMENT AND A TAX REGULATORY AGREEMENT; AUTHORIZING CERTAIN OTHER MATTERS, INCLUDING THE EXECUTION OF RELATED DOCUMENTS, IN CONNECTION WITH THE ISSUANCE, SALE, AND DELIVERY OF THE SERIES 2017 BONDS
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SPONSORED BY: COUNCIL MEMBER BYRANT HAMILTON
WHEREAS, Louisville/Jefferson County Metro Government ("Metro Government"), a political subdivision of the Commonwealth of Kentucky (the "Commonwealth"), is authorized under KRS Chapter 103 (the "Act") to issue revenue bonds and to make loans to nonprofit organizations to finance and refinance the costs of the acquisition, construction, installation, and equipping of "industrial buildings" within the meaning of the Act, including facilities utilized by nonprofit health care and health-related organizations, the bonds to be secured by instruments evidencing the loans to such corporations and to be payable solely from payments made by such corporations thereon, and to enter into agreements providing for the issuance of the bonds and for their payment and security; and
WHEREAS, PMOB, Inc. (the "Corporation"), a Kentucky nonprofit corporation determined by the Internal Revenue Service to be a charitable organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), has requested Metro Government to issue its Health Care Facilities Revenue Bonds, Series 2017 (PMOB, Inc. Project) in a maximum par amount of $48,610,000.00 (the "Series 2017 Bonds") and to loan the proceeds of the Series 2017 Bonds t...
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