NOTICE OF PUBLIC HEARING
Notice is hereby given pursuant to Internal Revenue Code Section 147(f) that on Tuesday, June 12, 2018, a public hearing will be held in the conference room located on second floor at 322 70th Street SE, Charleston, West Virginia, commencing at 12:00 Noon, prevailing time, with respect to the proposed issuance by the West Virginia Hospital Finance Authority (the âIssuerã) of qualified 501(c)(3) bonds as described below.
The Issuer intends to issue its Hospital Revenue Improvement Bonds (West Virginia University Health System Obligated Group) 2018 Series A, in an aggregate principal amount not to exceed $265,000,000 (the â2018 A Bondsã), the proceeds of which will be loaned to the West Virginia United Health System, Inc. d/b/a West Virginia University Health System, a West Virginia nonprofit corporation (ãWVUHSã), as obligated group agent (the âObligated Group Agentã) on behalf of the West Virginia University Health System Obligated Group, consisting of (A) WVUHS, (B) West Virginia University Hospitals, Inc., a West Virginia nonprofit corporation (ãWVUHã), (C) City Hospital, Inc. d/b/a Berkeley Medical Center, a West Virginia nonprofit corporation (ãBerkeley Medicalã), (D) University Healthcare Foundation, Inc., a West Virginia nonprofit corporation (ãUHFã), (E) The Charles Town General Hospital d/b/a Jefferson Medical Center, a West Virginia nonprofit corporation (ãJefferson Medicalã), (F) United Hospital Center, Inc., a West Virginia nonprofit corporation (ãUHCã), and (G) Camden-Clark Memorial Hospital Corporation d/b/a CamdenClark Medical Center, a West Virginia nonprofit corporation (ãCCMCã and collectively with WVUHS, WVUH, Berkeley Medical, UHF, Jefferson Medical and UHC, the âObligated Groupã), and used by the Obligated Group, together with other available funds, to (i) (a) acquire and construct new parking facilities; (b) construct and equip a new children’s hospital tower; (c) acquire, construct, renovate, expand and equip additional clinical outpatient facilities; (d) renovate, expand, equip and install a neurosciences research lab, office space and other space to be used for human performance training, fixed magnetic resonance imaging (MRI) services, research, laboratories and hospital and/or physician services in the West Virginia University Rockefeller Neuroscience Institute (ãRNIã); (e) acquire, renovate, expand and equip the Physician Office Center (ãPOCã) and the West Virginia University Eye Institute to provide for general building improvements and updates and to create a brain and spine center for neurosciences program in the POC; and (f) improve, renovate and equip the 6th floor of J.W. Ruby Memorial Hospital to convert children’s beds to in-patient beds, all to be located in the vicinity of WVUH’s hospital facilities, 1 Medical Center Drive, Morgantown, West Virginia (collectively, the âProjectã); (ii) pay capitalized interest, if any, on the 2018 A Bonds; and (iii) pay the costs of issuing the 2018 A Bonds (collectively, the foregoing is referred to herein as the â2018 A Bonds Financingã).
The Issuer intends to issue its Hospital Variable Rate Refunding Revenue Bonds (West Virginia University Health System Obligated Group) 2018 Series C, in an aggregate principal amount not to exceed $75,000,000 (the â2018 C Bondsã) and Hospital Variable Rate Refunding Revenue Bonds (West Virginia University Health System Obligated Group) 2018 Series D, in an aggregate principal amount not to exceed $30,000,000 (the â2018 D Bondsã and, together with the 2018 C Bonds, the â2018 C&D Bondsã) the proceeds of which will be loaned to the Obligated Group Agent on behalf of the Obligated Group and used by the Obligated Group, together with other available funds, to (i) refund on a current basis the Issuer’s (a) $19,350,000 Hospital Auction Rate Certificates (ARCs(SM)) Revenue Refunding and Improvement Bonds (Camden-Clark Memorial Hospital Corporation) 2004 Series B (the â2004 B Bondsã) issued for the benefit of CCMC located at 800 Garfield Avenue, Parkersburg, West Virginia; (b) $57,900,000 Hospital Auction Rate Certificates (ARCs(SM)) Revenue Refunding and Improvement Bonds (Camden-Clark Memorial Hospital Corporation) 2004 Series C (the â2004 C Bondsã) issued for the benefit of CCMC located at 800 Garfield Avenue, Parkersburg, West Virginia; and (c) $38,145,000 Hospital Refunding Bonds (West Virginia United Health System Obligated Group) 2012 Series A (the â2012 A Bondsã) issued for the benefit of UHC located at 327 Medical Park Drive, Bridgeport, West Virginia; (ii) pay capitalized interest, if any, on the 2018 C&D Bonds; and (iii) pay the costs of issuing the 2018 C&D Bonds (collectively, the foregoing is referred to herein as the â2018 C&D Bonds Financingã).
The Issuer intends to issue its Hospital Variable Rate Refunding Revenue Bonds (West Virginia University Health System Obligated Group) 2018 Series E (R-Floats), in an aggregate principal amount not to exceed $75,000,000 (the â2018 E Bondsã and, together with the 2018 A Bonds, 2018 C Bonds and the 2018 D Bonds, the â2018 Bondsã) the proceeds of which will be loaned to the Obligated Group Agent on behalf of the Obligated Group and used by the Obligated Group, together with other available funds, to (i) refund on a current basis the Issuer’s (a) $45,680,000 Hospital Refunding Bond (West Virginia United Health System Obligated Group) 2012 Series D (the â2012 D Bondã) and (b) $20,325,000 Hospital Refunding Bond (West Virginia United Health System Obligated Group) 2012 Series E (the â2012 E Bondã) issued for the benefit of WVUH located at 1 Medical Center Drive, Morgantown, West Virginia, Berkeley Medical located at 2500 Hospital Drive, Martinsburg, West Virginia, and Jefferson Medical located at 300 South Preston Street, Ranson, West Virginia; (ii) pay capitalized interest, if any, on the 2018 E Bonds; and (iii) pay the costs of issuing the 2018 E Bonds (collectively, the foregoing is referred to herein as the â2018 E Bonds Financingã and together with the 2018 A Bonds Financing and the 2018 C&D Bonds Financing, the âFinancingã).
All of such uses are permitted by Chapter 16, Article 29A of the Code of West Virginia, 1931, as amended, and one or more loan agreements to be executed by the Issuer and the Obligated Group Agent.
The 2018 Bonds will be special obligations of the Issuer and will not constitute a debt or a pledge of the faith and credit of the Issuer or a pledge of the faith and credit or taxing power of the State of West Virginia or any political subdivision thereof. Persons wishing to express their views on the proposed issuance of the 2018 Bonds may appear at the hearing or may submit their views in writing regarding the proposed issuance of the 2018 Bonds and the Financing. Any written submissions should be sent to the West Virginia Hospital Finance Authority, 322 70th Street SE, Charleston, West Virginia 25304, Attention: Chairman, and clearly marked âRe: West Virginia Hospital Finance Authority’s Hospital Revenue Bonds (West Virginia University Health System Obligated Group), 2018 Series.ã Written submissions should be mailed in sufficient time to be received before June 12, 2018.
The State of West Virginia acting by and through the West Virginia Hospital Finance Authority, James R. Christie, Chairman.
May 23