NOTICE OF PUBLIC HEARING BEFORE THE VILLAGE OF ELK RAPIDS REGARDING THE ISSUANCE OF HOSPITAL REVENUE AND REVENUE REFUNDING BONDS FOR THE BENEFIT OF MARY FREE BED REHABILITATION HOSPITAL
The Village Council of the Village of Elk Rapids (the “Council”) will hold a public hearing at 7:00 p.m. on August 16, 2021 in the Government Center, 315 Bridge St., Elk Rapids, Michigan 49629 on the proposed issuance by the Kent Hospital Finance Authority (the “Authority”) of hospital revenue and revenue refunding bonds (the “Bonds”) for the benefit of Mary Free Bed Rehabilitation Hospital (the “Borrower”) and certain affiliates of the Borrower. The Bonds are proposed to be issued in one or more series, pursuant to a plan of financing, in the aggregate principal amount of not to exceed Seventy Million Dollars ($70,000,000).
The proceeds of the Bonds will be used by the Authority to make one or more loans to the Borrower. The Borrower will use a portion of the proceeds of the loan from the Authority, in an amount not to exceed $10,000,000, to pay the costs of acquisition and installation of a computer hardware and software system and associated equipment known as the EPIC project (the “EPIC Project”). The EPIC Project involves a complete installation of a charge capture, electronic medical record, and revenue cycle system for use by the Borrower. The EPIC Project will be used throughout the State of Michigan (the “State”), including the following locations located in the Village of Elk Rapids (the “Village”): 128 Ames Street, Elk Rapids, Michigan 49629.
The EPIC Project will be owned and operated by the Borrower or its affiliates for use as healthcare facilities. Additional detail with respect to the EPIC Project is available upon request.
The Bonds will be limited obligations of the Authority payable only from loan repayments to be made by the Borrower to the Authority and other security to be provided by the Borrower. The Bonds will not be a general obligation of the Authority and will not be a debt of the State, the County of Kent, the Village, or any political subdivision of the State. The Authority has no taxing power and the issuance of the Bonds will not obligate the State, the County of Kent, the Village or any political subdivision of the State to levy or pledge any form of taxation for the Bonds or to make any appropriation for the payment of the Bonds.
The hearing will provide a reasonable opportunity for expression of opinion, argument on the merits and introduction of documentary evidence pertaining to the proposed issuance of the Bonds. Written comments will be accepted by the Council, but must be received on or before the time and date of the hearing.
