SUBJECT
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Approve Resolution of the Board of County Commissioners of Polk County, Florida, Approving the Issuance by the City of Lakeland, Florida of its Hospital Revenue Refunding Bonds (Lakeland Regional Health Systems) and approve Interlocal Agreement.
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DESCRIPTION
Polk County, Florida ("Polk County") and the City of Lakeland, Florida (the "Issuer" or the "City") each have the authority pursuant to Part II, Chapter 159, Florida Statutes (the "Statute"), to issue healthcare facilities revenue bonds to finance qualifying projects.
Lakeland Regional Health Systems, Inc. (the "Borrower") has requested that the Issuer, City of Lakeland, issue bonds, in one or more series (the "Bonds"), and lend the proceeds of the Bonds to the Borrower to: (1) currently refund all or a portion of the City's outstanding Hospital Revenue Refunding Bonds (2) finance all or a portion of the costs (including reimbursement for prior related expenditures) relating to the conversion of the Borrower's hospital electronic medical record and billing system conversion primarily located at the LRMC Campus and the Cancer Center (3) finance all or a portion of the costs (including reimbursement for prior related expenditures) relating to the acquisition, construction, installation and equipping of certain capital improvements to the Borrower's healthcare facilities.
Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") requires as a condition of exclusion from gross income for federal income tax purposes of interest on private activity bonds, as defined in Section 141(a) of the Code, such as the Bonds, that such Bonds be approved by the governmental unit(s) having jurisdiction over the area(s) in which the private activity bond-financed facilities are to be located after a public hearing following reasonable public notice.
The Issuer on June 15, 2026, held a public hearing on behalf of itself and Polk County with respect to the issuance of the Bonds by the Issuer ...
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