City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 6, 2016
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Resolution Authorizing the Issuance of Refunding Bonds by the Industrial Development Authority of Fairfax County for Inova Health Systems. [ROLL-CALL VOTE]
BODY
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ISSUE: Resolution approving the issuance of refunding bonds by the Industrial Development Authority (IDA) of Fairfax County to assist Inova Health Systems (Inova) in refunding all or a portion of the outstanding amount of revenue bonds.
RECOMMENDATION: That City Council adopt the attached Resolution (Attachment 1) as recommended by the Alexandria Industrial Development Authority (AIDA).
BACKGROUND: In April 2009, the IDA of Fairfax County issued $355 million in bonds (2009 Bonds) so that Inova could refinance debt that was originally issued in 1995, 2001, and 2005 for a variety of hospital projects. In addition to facilities in Fairfax County, some of these projects were in Loudoun County and the City of Alexandria, including facilities at Inova Alexandria Hospital. When the original bonds were issued, the Loudoun Board of Supervisors and Alexandria City Council voted to approve the financing, as required by the Industrial Development Revenue Bond Act ("Act") and the Internal Revenue Code ("Code"). In December 2012, when all or a portion of the 2009 Bonds were advance refunded, including by the issuance of the IDA of Fairfax County's Health Care Revenue Bonds (Inova Health System Project), Series 2012C (2012C Bonds), the Loudoun Board of Supervisors and Alexandria City Council voted to approve the refinancing, as required by the Act and the Code.
DISCUSSION: On April 5, 2016, the AIDA held a public hearing and considered a resolution (Attachment 4) concurring in and approving the issuance of...
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