11-82 Hospital Improvement Revenue Bonds

Home Browse Search

"Section 8. Additional Bonds, (a) The Issuer shall have the right from time to time to issue Addi- tional Bonds (hereinafter in this Section referred to as 'Parity Obligations') for the purpose only of (i) providing any necessary additional funds to complete payment of the costs of constructing any project financ- ed with the proceeds of a prior issuance of Parity Obligations, provided that the aggregate principal amount of any issuance of Parity Obligations for such purpose shall not exceed ten percent (10%) of the aggregate principal amount of such prior issuance of Parity Obligations, (ii) making replacements, exten- sions and improvements to the Hospital Facilities, or (iii) refunding for any lawful purpose any outstanding Bonds, which Parity Obligations shall be payable from the special funds hereinabove established and shall be secured by a lien upon the revenues of the Hospital Facilities on a parity with the Bonds then outstanding." Section 4, Amendments Regarding Financial Tests for Additional Bonds. Subsections (b)(4) and (b)(5) of Section 8 of the Original Bond Ordinance as amended by the 1982 Bond Ordinance, which in their present form read respec- tl~ely in their entirety as follows: "(4) 'Projected Annual ~equirements' shall mean the aggregate maximum amount required to be paid ~nto the Debt Service Fund in any fiscal year of the then operator of the Hospital Facilities following the pro3ected date for the issuance of the proposed Parity Obligations for the payment of principal of (whether at maturity or by mandatory sinking fund retirement) and any premium or interest on the Bonds including any then outstanding Parity Obligations and the Parity Obliga- tions proposed to be issued. (5) 'Debt Service Coverage' shall mean that Ne~ Annual Income is 150~ of Annual Requirements and 3ected Annual Income is 135~ of Projected Annual Requirements." shall be amended to read in their entirety as follows: "(4) Pro3ected Annual Requirements shall mean the aggregate maximum amount required to be paid into the Debt Service Fund in any fiscal year of the then ope- rator of the Hospital Facilities following the project- ed date for the completion of the project to which the proceeds of the proposed Parity Obligations are to be applied, for the payment of principal of (wtlether at maturity or by mandatory sinking fund retirement) and any premium or interest on the Bonds including any then outstanding Parity Obligations and the Parity Obliga- tions proposed to be issued. (5) 'Debt Service Coverage' shall mean that Net An~uat Income is 120~ of Annual Requirements and Pro- jected Annual Income is 120~ of Projected Annual Requirements."