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Hospital Finance Authority
Date/Time: 6/12/2018 -- 12:00 PM
Location:
West Virginia State Treasurers office
322 70th Street SE
Charleston, WV 
Purpose: Notice is hereby given that the West Virginia Hospital Finance Authority (the Authority) will conduct a special meeting on Tuesday, June 12, 2018, at 12:00 noon in the second floor conference room in the West Virginia State Treasurers office located at 322 70th Street, SE, Charleston, West Virginia.

The purposes for which this meeting is being held and the agenda for the meeting will include the following items:

1.Call to Order.

2.Reading and Approval of Minutes for the meeting held on April 4, 2018.

3.The Board of the Authority (the Board) will conduct a TEFRA Hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended, regarding:

the proposed issuance by the Authority of its Hospital Revenue Improvement Bonds (West Virginia University Health System Obligated Group), 2018 Series A (the 2018 A Bonds) in an aggregate principal amount not to exceed $265,000,000, the proceeds of which will be loaned to the West Virginia United Health System, Inc. d/b/a West Virginia University Health System, a West Virginia nonprofit corporation (WVUHS), as obligated group agent (the Obligated Group Agent) on behalf of the West Virginia University Health System Obligated Group, consisting of (A) WVUHS, (B) West Virginia University Hospitals, Inc., a West Virginia nonprofit corporation (WVUH), (C) City Hospital, Inc. d/b/a Berkeley Medical Center, a West Virginia nonprofit corporation (Berkeley Medical), (D) University Healthcare Foundation, Inc., a West Virginia nonprofit corporation (UHF), (E) The Charles Town General Hospital d/b/a Jefferson Medical Center, a West Virginia nonprofit corporation (Jefferson Medical), (F) United Hospital Center, Inc., a West Virginia nonprofit corporation (UHC), and (G) Camden-Clark Memorial Hospital Corporation d/b/a CamdenClark Medical Center, a West Virginia nonprofit corporation (CCMC and collectively with WVUHS, WVUH, Berkeley Medical, UHF, Jefferson Medical and UHC, the Obligated Group), and used by the Obligated Group, together with other available funds, to: (i) (a) acquire and construct new parking facilities; (b) construct and equip a new childrens hospital tower; (c) acquire, construct, renovate, expand and equip additional clinical outpatient facilities; (d) renovate, expand, equip and install a neurosciences research lab, office space and other space to be used for human performance training, fixed magnetic resonance imaging (MRI) services, research, laboratories and hospital and/or physician services in the West Virginia University Rockefeller Neuroscience Institute (RNI); (e) acquire, renovate, expand and equip the Physician Office Center (POC) and the West Virginia University Eye Institute to provide for general building improvements and updates and to create a brain and spine center for neurosciences program in the POC; and (f) improve, renovate and equip the 6th floor of J.W. Ruby Memorial Hospital to convert childrens beds to in-patient beds, all to be located in the vicinity of WVUHs hospital facilities, 1 Medical Center Drive, Morgantown, West Virginia (collectively, the Project); (ii) pay capitalized interest, if any, on the 2018 A Bonds; and (iii) pay the costs of issuing the 2018 A Bonds (collectively, the foregoing is referred to herein as the 2018 A Bonds Financing);

the proposed issuance by the Authority of its Hospital Variable Rate Refunding Revenue Bonds (West Virginia University Health System Obligated Group) 2018 Series C, in an aggregate principal amount not to exceed $75,000,000 (the 2018 C Bonds) and Hospital Variable Rate Refunding Revenue Bonds (West Virginia University Health System Obligated Group) 2018 Series D, in an aggregate principal amount not to exceed $30,000,000 (the 2018 D Bonds and, together with the 2018 C Bonds, the 2018 C&D Bonds) the proceeds of which will be loaned to the Obligated Group Agent on behalf of the Obligated Group and used by the Obligated Group, together with other available funds, to (i) refund on a current basis the Issuers (a) $19,350,000 Hospital Auction Rate Certificates (ARCs(SM)) Revenue Refunding and Improvement Bonds (Camden-Clark Memorial Hospital Corporation) 2004 Series B (the 2004 B Bonds) issued for the benefit of CCMC located at 800 Garfield Avenue, Parkersburg, West Virginia; (b) $57,900,000 Hospital Auction Rate Certificates (ARCs(SM)) Revenue Refunding and Improvement Bonds (Camden-Clark Memorial Hospital Corporation) 2004 Series C (the 2004 C Bonds) issued for the benefit of CCMC located at 800 Garfield Avenue, Parkersburg, West Virginia; and (c) $38,145,000 Hospital Refunding Bonds (West Virginia United Health System Obligated Group) 2012 Series A (the 2012 A Bonds) issued for the benefit of UHC located at 327 Medical Park Drive, Bridgeport, West Virginia; (ii) pay capitalized interest, if any, on the 2018 C&D Bonds; and (iii) pay the costs of issuing the 2018 C&D Bonds (collectively, the foregoing is referred to herein as the 2018 C&D Bonds Financing); and

the proposed issuance by the Authority of its Hospital Variable Rate Refunding Revenue Bonds (West Virginia University Health System Obligated Group) 2018 Series E (R-Floats), in an aggregate principal amount not to exceed $75,000,000 (the 2018 E Bonds and, together with the 2018 A Bonds, 2018 C Bonds and the 2018 D Bonds, the 2018 Bonds) the proceeds of which will be loaned to the Obligated Group Agent on behalf of the Obligated Group and used by the Obligated Group, together with other available funds, to (i) refund on a current basis the Issuers (a) $45,680,000 Hospital Refunding Bond (West Virginia United Health System Obligated Group) 2012 Series D (the 2012 D Bond) and (b) $20,325,000 Hospital Refunding Bond (West Virginia United Health System Obligated Group) 2012 Series E (the 2012 E Bond) issued for the benefit of WVUH located at 1 Medical Center Drive, Morgantown, West Virginia, Berkeley Medical located at 2500 Hospital Drive, Martinsburg, West Virginia, and Jefferson Medical located at 300 South Preston Street, Ranson, West Virginia; (ii) pay capitalized interest, if any, on the 2018 E Bonds; and (iii) pay the costs of issuing the 2018 E Bonds (collectively, the foregoing is referred to herein as the 2018 E Bonds Financing and together with the 2018 A Bonds Financing and the 2018 C&D Bonds Financing, the Financing).

4.Following the public hearing, the Board will then consider and act upon a Resolution approving the issuance of the 2018 Bonds for the purposes set forth in paragraph 3 above.

5.Consideration of and action on a resolution preliminarily authorizing issuance by the Authority of not more than $350,000,000 in aggregate principal amount of hospital revenue bonds (the Bonds), the proceeds of which would be loaned to Cabell Huntington Hospital, Inc. (Cabell Huntington), to permanently finance its acquisition of St. Marys Medical Center, Inc. (St. Marys), and the refunding and redemption of St. Marys previously outstanding bonded indebtedness and to finance one or more other capital needs of Cabell Huntington or St. Marys, including additional costs of the acquisition of St. Marys, refunding and redemption of some or all of Cabell Huntingtons outstanding bonded indebtedness, the costs of terminating one or more interest rate agreements entered in connection with previously refunded bonds, and the costs of capital improvements to either or both the Cabell Huntington or St. Marys hospital facilities. The Bonds would be special obligations of the Authority and would not constitute a debt of the State of West Virginia. Cabell Huntingtons obligations with respect to the loan payments would be evidenced and secured by one or more notes issued under an amended and restated master trust indenture of the Cabell Huntington Hospital Obligated Group, currently comprised of Cabell Huntington and St. Marys. The resolution also authorizes a TEFRA hearing on the Bonds and other ancillary actions relating to the Bonds.

6.Discussion of and possible action on budgetary matters.

7.Update on possible refunding of bonds issued by the Authority in 2004 for the West Virginia Veterans Nursing Home.

8.Discussion of any other upcoming bond issues of the Authority.

Notes:

This is a compliant meeting.

Meeting was approved : 6/5/2018 3:45:36 PM

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Wednesday, August 15, 2018 — 1:00 AM