Public Hearing - Healthcare Revenue Bond (Baptist Health) - not to exceed $85,000,000
Notice is hereby given, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") that public hearings will be conducted by a representative or delegate of the Arkansas Development Finance Authority (the "Authority"), on the question of the issuance of not to exceed $85,000,000 in aggregate principal amount of revenue bonds (the "Bonds") by the Authority. The Bonds will be issued as "qualified 501(c)(3) bonds" as defined in Section 145 of the Code.
NOTICE OF PUBLIC HEARINGS
Notice is hereby given, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") that public hearings will be conducted by a representative or delegate of the Arkansas Development Finance Authority (the "Authority"), on the question of the issuance of not to exceed $85,000,000 in aggregate principal amount of revenue bonds (the "Bonds") by the Authority. The Bonds will be issued as "qualified 501(c)(3) bonds" as defined in Section 145 of the Code.
The Bonds will be issued to refund the Authority's Healthcare Revenue Bond (Baptist Health), Taxable Refunding Series 2020A (the "2020 Bond") pursuant to a forward delivery arrangement entered into in 2020. The 2020 Bond was issued to refund a portion of the Pulaski County Public Facilities Board Healthcare Revenue Bonds (Baptist Health), Series 2014 (the "2014 Bonds"). The 2014 Bonds were issued to finance a portion of the costs of improvements to and equipment for health care facilities that are owned and operated by Baptist Health, an Arkansas nonprofit corporation (the "Corporation"), including particularly, without limitation, (1) acquiring, constructing, furnishing and equipping betterments, renovations and improvements to: (a) Baptist Health Medical Center - Little Rock (which is located at 9601 Baptist Health Drive, Little Rock, Arkansas 72205) ("BHMC-LR") including, without limitation, repairs and renovations to exterior masonry; renovations and improvements to patient care areas; renovations and improvements to public areas (including elevators, lobby, bathrooms, corridors, and waiting areas); renovations and improvements to the Gilbreath Conference Center; roof repair and replacement; and expansions, improvements and renovations to the neonatal intensive care unit; (b) Baptist Health Medical Center - North Little Rock (which is located at 3333 Springhill Drive, North Little Rock, Arkansas 72117) ("BHMC-NLR"), including, without limitation, renovations and improvements to patient care areas and floor replacement and repair; and (c) Baptist Health Rehabilitation Institute (which is located at 9601 Baptist Health Drive, Little Rock, Arkansas 72205) ("BHRI"), including, without limitation, roof repair and replacement and renovations and improvements to patient care and treatment areas; and (2) acquiring hospital and health care equipment, software, and other personal property for BHMC-LR, BHMC-NLR and BHRI (collectively, the "2014 Project").
BHMC-LR, BHMC-NLR, and BHRI, and the 2014 Project are and will be owned and operated by the Corporation.
The Bonds will be payable by the Authority from payments received from the Corporation and certain of its affiliates under agreements executed in connection with the Bonds.
Any persons interested may express their views, both orally and in writing, on the proposed issuance of the Bonds and the purposes for which the Bonds are proposed to be issued before a representative or delegate of the Authority at the following public hearings:
On October 8, 2024 at 10:00 a.m., in the offices of the Authority, 1 Commerce Way, Suite 602, Little Rock, Arkansas 72202; and
On October 8, 2024 at 10:00 a.m., in the Board Room, located on the 3rd floor of Baptist Health Medical Center - North Little Rock, 3333 Springhill Drive, North Little Rock, Arkansas 72117.
Dated: September 18, 2024.
Mark Conine
President, Arkansas Development Finance Authority
Location:
1 Commerce Way, Suite 602, Little Rock, Arkansas 72202