OMB-23-0012

Published agenda

Heard once, at the Board of County Commissioners on Feb 7, 2023.

OutcomeAdopted by the Board of County Commissioners on Feb 7, 2023

Approved to adopt.

Official title

A Resolution Of The Board Of County Commissioners Of Pasco County, Florida (Regular) Authorizing The Issuance Of Not To Exceed $400,000,000 In Aggregate Principal Amount Of Pasco County, Florida Capital Improvement Cigarette Tax Allocation Bonds (H. Lee Moffitt Cancer Center Project), Series 2023A (The "Series 2023A Bonds"), For The Purpose Of Making A Loan Of Funds To H. Lee Moffitt Cancer Center And Research Institute, Inc. (The "Institute") To Finance And Refinance, Including Through Reimbursement, The Acquisition, Development, Construction, Equipping, Furnishing And Improvement Of Various Medical And Research Facilities, Which Is Or Will Be Owned And Operated By The Institute And/Or The H. Lee Moffitt Cancer Center And Research Institute Hospital, Inc., A Florida Not-For-Profit Corporation (The "Hospital"); Providing For The Rights Of The Owners Of Such Series 2023A Bonds And For The Payment Thereof; Making Certain Other Covenants And Agreements In Connection With The Issuance Of Such Series 2023A Bonds; Authorizing A Negotiated Sale Of Such Series 2023A Bonds; Providing Certain Terms And Details Of Said Series 2023A Bonds, Including Confirming The Sale Thereof And Providing For The Manner For Establishing The Interest Rate Or Rates Thereon And Establishing The Maturities Thereof; Authorizing The Use Of A Preliminary Official Statement And A Final Official Statement With Respect Thereto; Authorizing The Execution And Delivery Of A Contract Of Purchase, A Supplemental Trust Agreement And A Supplemental Financing Agreement; Approving And Authorizing The Execution And Delivery Of The Series 2023A Bonds And All Other Related Instruments Including, Without Limitation, A Tax Certificate And Agreement; Approving The Plan Of Financing And Issuance Of The Series 2023A Bonds For Purposes Of And Pursuant To Section 147(F) Of Internal Revenue Code Of 1986, As Amended; Appointing A Trustee, Registrar And Paying Agent; Providing For Other Miscellaneous Matters In Connection With The Foregoing; Providing For The Severability Of Parts Hereof If Declared Invalid; And Providing An Effective Date.

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TranscriptWhat was said at each appearance is below it. Machine transcription, with speaker names inferred from voice matching. 100% of 16 lines carry a name. It shows what was said, not what was decided, and both the words and the names can be wrong.

1Feb 7, 2023
Board of County CommissionersP45Public hearingAdopted
Approved minutes
Approved to adopt.
Open this item →
3m
MarianoChair
Okay, today we're gonna start with regular public hearing item P forty five. Approval publication?
Madam Clerk
Yes, sir. Um P forty five was published in the Tampa Bay Times on January twenty ninth, twenty twenty three.
MarianoChair
Okay. Um
Bob
present. Good afternoon. Bob Gordon, Pasco County Budget Director. Uh the item you have before you here is a TEFRA public hearing pursuant to Section 147F of the uh IRS Code. Uh basically the IRS has established procedures whereby a nonprofit organization can borrow money at tax exempt rates. So the Cliff Notes version of this process is that Pasco County facilitates the process amongst
all the stakeholders. Moffitt then goes to the market to borrow the funds. The county at that point just acts as a conduit, whereas the funds flow through the county ultimately to the borrower. A couple of things that are important for our residents to understand: first is that Pasco County is not borrowing the money and Moffitt. Moffat is not borrowing the money from Pasco County, as I mentioned. Moffat is going to the market to borrow these funds. Secondly, uh Pasco County is not responsible for paying off the loan. Moffat is paying the loan from its
share of the state cigarette tax revenues. IRS requires that this conduit bond be approved by the County Commission, which includes finding that the Moffitt project is indeed in the public interest, and IRS regulations also require a public hearing. So Moffat today is seeking to borrow up to $400 million. The purpose of those funds is to start the construction of its medical and research facilities at its Spiro's campus in Pasco
County.
We have a number of folks here that are available to answer questions for you if you have any. There's myself, Mr. Steinsnyder's been uh actively involved in this project. We have Dwayne Draper and Brooke Gonzalez from BMO, Brian Miller Olive representing Moffat. And we have four representatives of Moffat itself here. So we have David Dave, David De La Puerta, Executive Vice President, General Counsel, Henry Reyes, Vice President for Partnership Development, Joanna Weiss, Senior Vice President for
Finance, and Jonathan Ruth. Capital and Debt Management Director. So Mr Mr. Chair, if I may, I'd like to open this up for public hearing and then we will be available to answer any questions after the public hearing.
MarianoChair
Okay. All right, let's go to directly to public comment. Um anyone here from the public like to comment on this item?
Madam Clerk
Mr. Chairman Mariano signed up.
MarianoChair
No one signed up on WebEx?
Madam Clerk
No.
MarianoChair
Okay, so we have no public comment. We'll close public comment. Uh any questions for our staff? I'd just like to s thank Moffat. Um it's a tremendous opportunity that uh you're bringing to Pasco County and uh if this helps bring it home, we're gonna be happy to happy to do that. We greatly support what you're doing, we respect it and uh we're delighted you're you've chosen Pasco County.
OakleyVice Chair
Mode approval. Second.
MarianoChair
All in favor say aye. Aye. Any opposed? Nice and easy. Thank you, Jim.