Revenue Bond for health care projects @ VLCIA 2014-01-28

It’s good they posted the detailed agenda item, but since when do tax-funded authorities hold public hearings in a private attorney’s office?

The Industrial Authority posted a meeting notice for their own special called meeting on their facebook page (a day in advance) and their website (at some unknown time). And the agenda does say what it was for:

For the consideration of the adoption of a bond resolution of the Valdosta-Lowndes County Industrial Authority authorizing and providing for (a) the extension of the maturity date of its Economic Development Revenue Bond (Langdale Hospice House Project), Series 2006, in the original principal amount of $2,800,000, the proceeds of which were used to finance or reimburse, in whole or in part, the cost of the acquisition, construction and equipping of a hospice house and related facilities located in Lowndes County, Georgia, and operated by South Georgia Health Alliance, Inc., a Georgia nonprofit corporation, and (b) the execution of certain documents for such purpose.

That bond was previously discussed at the Lowndes County Commission Work Session of 23 October 2006:

Valdosta-Lowndes County Industrial Authority Economic Development Revenue Bonds, County Manager, Joe Pritchard, presented that the request had been presented by Attorney Steve Gupton, in an effort for the Authority to obtain revenue bonds for the Langdale Hospice House project. Commissioner Lee questioned the financial liability of Lowndes County to which Mr. Pritchard confirmed there would be none.

The Commission voted on it at their Regular Session of 24 October 2006:

Valdosta-Lowndes County Industrial Authority Economic Development Revenue Bonds, County Manager, Joe Pritchard, presented that the request had been presented by Attorney Steve Gupton, in an effort for the authority to obtain revenue bonds for the Langdale Hospice House project. Commissioner Lee made a motion to approve the request, Commissioner Carter second. Motion carried.

That same day of the special called VLCIA meeting of 28 Jan 2014, this appeared in the VDT: NOTICE TO THE PUBLIC YOU ARE HEREBY NOTIFIED

YOU ARE HEREBY NOTIFIED that there will be heard before the presiding Judge of the Superior Court of Lowndes County, Georgia, on the 11th day of February, 2014, at 9:30 A.M. .at the Lowndes County Courthouse, Courtroom 5-A the case of the State of Georgia vs. Valdosta-Lowndes County Industrial Authority and South Georgia Health Alliance, Inc., Civil Action File Number 2014 CV168, in the Superior Court for that County, the same being a proceeding to confirm and validate an issue of $2,800,000 in original principal amount of Valdosta-Lowndes County Industrial Authority Economic Development Revenue Bond (Langdale Hospice House Project), Series 2006 (the “Bond”) and the security therefor. The proceeds of the Bond were used for the purpose of financing or refinancing, in whole or in part, the costs of acquiring, constructing and equipping a hospice and related facilities located in Lowndes County, Georgia and owned and operated by South Georgia Health Alliance, Inc. and paying certain expenses relating thereto. The Court in such proceeding will also pass upon the validity and legality of a Project Financing Agreement, an Assignment, and a Security Agreement. Any citizen of the State of Georgia residing in Lowndes County, or any other person wherever residing, who has a right to object, may intervene and become a party to these proceedings.

This the 28th day of January, 2014.

Beth C. Greene

Clerk of Superior Court

Lowndes County, Georgia

00066787

1/31;2/7/14

And this notice of a public hearing in a lawyer’s office appeared 31 Jan 2014, NOTICE OF PUBLIC HEARING ON PROPOSED PLAN OF FINANCING BY VALDOSTA- LOWNDES COUNTY INDUSTRIAL AUTHORITY FOR THE BENEFIT OF SOUTH GEORGIA HEALTH ALLIANCE, INC. YOU ARE HEREBY NOTIFIED

NOTICE OF PUBLIC HEARING

ON PROPOSED PLAN OF

FINANCING BY VALDOSTA-

LOWNDES COUNTY

INDUSTRIAL AUTHORITY FOR

THE BENEFIT OF SOUTH

GEORGIA HEALTH

ALLIANCE, INC.

YOU ARE HEREBY NOTIFIED that on February 14, 2014, at 10:00 A.M., in the offices of J. Stephen Gupton, Jr., P.C., 201 E. Gordon Street, Valdosta, GA 31601, the Valdosta-Lowndes County Industrial Authority (the “Authority”), will hold a public hearing with respect to the proposed plan of financing involving the extension of the maturity of the Authority’s Economic Development Revenue Bond (Langdale Hospice House Project), Series 2006 in the original principal amount of $2,800,000 (the “Bond”). The proceeds of the Bond financed or refinanced, in whole or in part, the costs of acquiring, constructing and equipping a hospice house and related facilities located at 2251 Pinewood Drive, Valdosta, Georgia 31602 and an administrative support facility located at 2263 Pineview Drive, Valdosta, Georgia 31602 (collectively, the “Project”). South Georgia Health Alliance, Inc., a Georgia nonprofit corporation (the “Company”), owns and operates the Project.The Bond will not constitute an indebtedness or obligation of the State of Georgia or of any county, municipal corporation or political subdivision thereof, but will be payable solely from the revenues derived from the Company and pledged to the payment thereof.Any person interested in the issuance of the Bond or the location or the nature of the Project financed or refinanced from the proceeds of the sale of the Bond may appear and be heard.Pursuant to O.C.G.A. Section 36-82-100, the Authority hereby notifies all interested parties that no independent performance audit or performance review (the “Independent Audit”) will be conducted with respect to the Bond. However, the Company will ensure that the Bond proceeds are expended efficiently and economically as intended by the Independent Audit. VALDOSTA-LOWNDES COUNTY INDUSTRIAL AUTHORITY

00066785

1/31;2/7/14

We can guess this bond refinancing will come up at the next County Commission meeting.

-jsq

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