Title
TEFRA Hearing Novant Health
Action
ACTION:
1. Open a TEFRA Public Hearing to receive public comments on the proposed financing by Novant Health;
2. Close the Public Hearing and adopt a Resolution entitled Resolution of the Board of Commissioners of Mecklenburg County, North Carolina Approving the Issuance of Revenue Bonds of the National Finance Authority, a component unit of the business Finance Authority, a component unit of the Business Finance Authority of the State of New Hampshire, for Novant health Energy Projects, by the Public Finance Authority in an aggregate principal amount not to exceed $855,000,000 for the purposes stated therein.
Staff Contact: Tyrone C. Wade, County Attorney
Presentation: No
BACKGROUND/JUSTIFICATION:
As more fully explained in the attached Resolution, Novant and other Benefiting Entities (the "Borrower") has requested that the National Finance Authority (the "Authority") issue Revenue Bonds (Novant Health Energy Project), to be issued as qualified Section 501 (c)(3) bonds under Section 145 of the Code in one or more series, issuance, or advances (the “Bonds”), in an aggregate principal amount not to exceed $855,000,000 for the following purpose:
(1) The Bonds will finance and refinance facilities across the State of North Carolina and the State of South Carolina, including facilities located within the County.?
(2) Federal tax law requires that tax-exempt bonds issued to finance facilities for non-profit entities be approved by the elected legislative body of the governmental units that (1) control the issuer of the bonds and (2) have jurisdiction over the
area in which the facility is located after holding a public hearing.
Section 147(f) of the Code requires that any tax exempt bonds issued by the Authority may only be issued following a public hearing with respect to the issuance. Hosting the public hearing and approving issuance of the bonds is ministerial and
does not place any financia...
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