SUBJECT
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Resolution granting host approval for the issuance by the Orange County Health Facilities Authority of its not to exceed $95,000,000 principal amount revenue bond (Presbyterian Retirement Communities Obligate Group Project), Series 2024 for the benefit of the Presbyterian Retirement Communities Obligated Group and Florida Presbyterian Homes, Inc.
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DESCRIPTION
The Polk County Industrial Development Authority (the "Authority") previously issued its Health Care Facilities Revenue Bond (Florida Presbyterian Homes Project), Series 2010A and its Health Care Facilities Revenue Bond (Florida Presbyterian Homes Project), Series 2015 (collectively, the "FPH Bonds") to finance and refinance certain health care facilities at Florida Presbyterian Homes, Inc. ("FPH") for its continuing care retirement community located at the following addresses in Lakeland, Florida: 16 Lake Hunter Drive, 909 South Lakeside Avenue, 824/826, 828/830 and 829 Lakeside Court, and 320 Cannon Street.
FPH intends to join the Obligated Group (the "PRC Obligated Group") presently composed of Presbyterian Retirement Communities, Inc., Palm Shores Retirement Community, Inc., Suncoast Manor Retirement Community, Inc., Wesley Manor, Inc., Westminster Pines, Inc., Westminster Retirement Communities Foundation, Inc., Westminster Services, Inc. ("Westminster Services"), and Westminster Shores, Inc.; and Westminster Services presently manages the operation of the continuing care retirement community owned by FPH known as "Florida Presbyterian Homes".
The Authority has recommended that the Board of County Commissioners (the "Board") of Polk County, Florida (the "County") grant host approval under Section 147(f)(2) of the Internal Revenue Code of 1986, as amended, (the "Code") for the issuance by the Orange County Health Facilities Authority (the "Issuer") of its Revenue Bonds (Presbyterian Retirement Communities Obligated Group Project), Series 2024, in one or more installments or series p...
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