Am posting below, and breaking it out into paragraphs for easier reading.
NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY
NOTICE OF PUBLIC HEARING
NOTICE OF PUBLIC HEARING
Notice is hereby given that the New Jersey Health Care Facilities Financing Authority (the "Authority") will hold a public hearing on September 25, 2008, at 10:00 a.m., in the offices of the Authority at 22 South Clinton Avenue, Trenton, New Jersey, with respect to the financing requested by the following institutions:
OWNER AND OPERATOR: (i) The Community Hospital Group, Inc., t/a JFK Medical Center ("JFK"); (ii) Hartwyck at Oak Tree, Inc. ("Hartwyck"); and (iii) Muhlenberg Regional Medical Center, Inc. ("Muhlenberg")
MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF TAX-EXEMPT BONDS ("Series 2008B Bonds"): $169,000,000, as described below.
PROJECT: The project to be financed consists of
(1) various capital improvements to JFK Medical Center, including, but not limited to, expansion of inpatient bed capacity and unit renovations, emergency room expansion, cardiac catheterization lab suite expansion, operating room renovations and expansion, renovation of existing space for hyperbaric wound center, relocation of support departments, conversion of HVAC system and other necessary expansions, renovations and improvements, and the refinancing of various series of bonds issued on behalf of, and other indebtedness of, JFK, Hartwyck and Muhlenberg, as described below, all in connection with the termination of the provision of hospital acute care services at Muhlenberg Regional Medical Center and pursuant to the State's Hospital Asset Transformation Program,
(2) payment of capitalized interest on a portion of the Series 2008B Bonds and
(3) payment of costs of issuance of the Series 2008B Bonds. It is expected that a portion of the proceeds of the Series 2008B Bonds will be applied to refinance all or a portion of the following:
(i) $22,200,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds, JFK Systems Obligated Group Issue, Series 1993 (the "1993 Bonds") The proceeds of the 1993 Bonds were loaned to Hartwyck for the purpose of financing (a) the acquisition of Edison Estates Rehabilitation and Convalescent Center (the "Center"), (b) certain renovations and improvements to the Center, (c) a deposit to the Debt Service Reserve Fund and
(iv) costs of issuance.
(ii) $30,100,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds, JFK Health Systems Obligated Group Issue, Series 1995 (the "1995 JFK Bonds") The proceeds of the 1995 JFK Bonds were loaned to JFK to (a) finance (i) the construction of an addition to house new operating rooms, lobby, coffee and gift shops, administrative offices and a medical/surgical bed unit and renovations to the existing facilities including operating rooms and obstetrical areas; (ii) construction of an addition to the rehabilitation facility to house out-patient services and renovation of existing treatment and service areas; (iii) the acquisition of certain major moveable equipment; (b) fund capitalized interest for the 1995 JFK Bonds; (c) fund a Debt Service Reserve Fund for the 1995 JFK Bonds and (d) pay certain costs of issuance incidental to the issuance of the 1995 JFK Bonds.
(iii) $53,205,000 New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds JFK Medical Center/Hartwyck at Oak Tree Obligated Group Issue, Series 1998 (the "1998 JFK - Hartwyck Bonds") The proceeds of the 1998 JFK - Hartwyck Bonds were used by JFK and Hartwyck (the "Institutions") to: (a) refinance a loan from First Union National Bank (the "First Union Loan") used to acquire major moveable equipment and property, (b) renovate existing facilities of the Institutions; (c) currently refund the Authority's Revenue Bonds, Intercare Health Systems, Inc. - J.F.K. Medical Center Issue, Series 1988 Bonds (the "1988 JFK Bonds"); (d) advance refund the Authority's Revenue Bonds, JFK Health System Obligated Group Issue, Series 1991 Bonds; and (e) pay certain costs incidental to the issuance and sale of the 1998 JFK - Hartwyck Bonds.
(iv) $25,990,000 New Jersey Health Care Facilities Financing Authority Revenue and Refunding Bonds Muhlenberg Regional Medical Center Issue, Series 2000 (the "2000 Muhlenberg Bonds") The proceeds of the 2000 Muhlenberg Bonds were loaned to Muhlenberg for the purpose of (i) purchasing major moveable equipment which was part of Muhlenberg's 2000 Capital Budget (the "2000 Muhlenberg Project"), (ii) currently refunding the Authority's Revenue Bonds, Muhlenberg Regional Medical Center Issue, Series B; and (iii) paying costs incidental to the issuance and sale of the 2000 Muhlenberg Bonds.
(v) $20,000,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Variable Rate Composite Program - the Community Hospital Group, Inc. Project) Series 2003 A-1 (the "2003 Bonds") The proceeds of the 2003 Bonds were loaned to JFK for the purpose of financing the costs of the following: (i) land and building improvements, (ii) various items of equipment for hospital use, including, but not limited to: mobile MRIs, air conditioning replacements, elevator upgrades, linear accelerator, uninterrupted power supply system for computer room, sleep lab-rooms, chapel renovations, operating room renovations, maternity expansion, and furniture and equipment for use in various hospital departments, including, fire alarm replacements, treadmills, beds, radiology and imaging, monitoring systems, network infrastructure, Legacy (X-ray) System, mammography system, MRI clinical projection computer system (the "2003 Project") and (iii) paying costs associated with the issuance of the 2003 Bonds.
(vi) $18,000,000 New Jersey Health Care Facilities Financing Authority Revenue Bonds, Variable Rate Composite (COMP) Program, Series 2005 A-3 (the "2005 Bonds") The proceeds of the 2005 Bonds were loaned to JFK to finance the costs of building improvements and various items of equipment, including renovations to the Access Center, the dietary department, the radiology department, a nursing unit, and major equipment purchases in the area of information technology as well as furniture and equipment for use in various hospital departments.
(vii) $6,500,000 line of credit from Wachovia Bank, National Association ("Wachovia") to JFK (the "JFK Line of Credit") made available to JFK pursuant to a Loan Agreement by and between Wachovia and JFK, dated as of July 27, 2006. Amounts available under the JFK Line of Credit were applied to fund capital expenditures at JFK Medical Center. PROJECT LOCATIONS: (i) 65 James Street, Township of Edison, County of Middlesex, New Jersey; (ii) (a) 10 Brunswick Road, Township of Edison, County of Middlesex, New Jersey, (b) 2048 Oak Tree Road, Township of Edison, County of Middlesex, New Jersey and (iii) Park Avenue & Randolph Road, City of Plainfield, County of Union, New Jersey.
FINANCING PLAN: In order to finance the Project described above, the Authority will issue one or more series of bonds on a tax-exempt and/or taxable basis. At the above-referenced meeting of the Authority, members of the public may appear in person or by representative to provide information and make statements concerning the foregoing. The bonds to be issued will be special obligations of the Authority payable solely out of amounts received pursuant to the State Contract. [Emphasis added -- DD]
THE STATE OF NEW JERSEY (THE "STATE") SHALL NOT BE OBLIGATED TO PAY, AND NEITHER THE FAITH AND CREDIT NOR TAXING POWER OF THE STATE SHALL BE PLEDGED TO THE PAYMENT OF, THE PRINCIPAL OR REDEMPTION PRICE, IF ANY, OF OR INTEREST ON SUCH BONDS. THE BONDS SHALL BE A SPECIAL, LIMITED OBLIGATION OF THE AUTHORITY, PAYABLE SOLELY OUT OF THE REVENUES OR OTHER RECEIPTS, FUNDS OR MONEYS OF THE AUTHORITY PLEDGED UNDER THE RESOLUTION AUTHORIZING SUCH BONDS AND FROM ANY AMOUNTS OTHERWISE AVAILABLE UNDER SUCH RESOLUTION FOR THE PAYMENT OF THE BONDS. THE BONDS SHALL NEVER CONSTITUTE A CHARGE AGAINST THE GENERAL CREDIT OF THE AUTHORITY. THE AUTHORITY HAS NO TAXING POWER. THE BONDS SHALL NOT BE A DEBT OR LIABILITY OF THE STATE OR ANY AGENCY OR INSTRUMENTALITY THEREOF (OTHER THAN THE AUTHORITY TO THE LIMITED EXTENT SET FORTH IN THE RESOLUTION), EITHER LEGAL, MORAL OR OTHERWISE, AND NOTHING IN THE AUTHORITY'S ACT SHALL BE CONSTRUED TO AUTHORIZE THE AUTHORITY TO INCUR ANY INDEBTEDNESS ON BEHALF OF OR IN ANY WAY OBLIGATE THE STATE OR ANY POLITICAL SUBDIVISION THEREOF.
This notice is published in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended.
NEW JERSEY HEALTH CARE FACILITIES FINANCING AUTHORITY
Fee $101.12
9/6/08 Times
Read the online original HERE.
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