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On agenda:
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12/7/2021
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Final action:
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Title:
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Conduct a public hearing and approve, adopt and authorize the Chair to sign a resolution approving the issuance by the Arizona Industrial Development Authority, in one or more series, of taxable bonds and/or tax-exempt 501(c)(3) revenue bonds on behalf of QCF/I, Inc., a 501(c)(3) healthcare organization, in an amount not to exceed $640,000,000, in order to finance the acquisition, construction, expansion, rehabilitation, renovation and equipping of hospital facilities located in Nevada and Texas, including the Desert Parkway Behavioral Healthcare Hospital located at 3223 S. Maryland Pkwy and 3247 S. Maryland Pkwy, Las Vegas, Nevada 89109, to which not more than $300,000,000 will be allocable. (For possible action)
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| 12/7/2021 |
Clark County Board of Commissioners
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Agenda note: SPEAKER(S): Present
DISCUSSION: Following introduction of the item, Ed Uehling inquired how the money would be spent, and hoped more information regarding the project would be released.
Commissioner Kirkpatrick clarified that a local public hearing was required for the resolution, but the County did not have control of the funds.
Michael Salem advised that the purpose of the bonds allowed investors to invest in and allow QCF/I Inc., a non-profit health care organization to acquire the Desert Parkway Behavioral Healthcare Hospital; Signature Health would continue to operate the hospital and there would be no changes or expansion to the hospital.
Responding to a question from Commissioner Segerblom, Mr. Salem advised that an amount not to exceed had to be set and a purchase price had not yet been set; and further advised that with the non-profit status, the hospital would be able to add additional services and programs including, but not limited to, Hope for Heroes. | Pass |
Action details
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Meeting details
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Video/Audio
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CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Jessica L. Colvin, Chief Financial Officer |
Recommendation:
title
Conduct a public hearing and approve, adopt and authorize the Chair to sign a resolution approving the issuance by the Arizona Industrial Development Authority, in one or more series, of taxable bonds and/or tax-exempt 501(c)(3) revenue bonds on behalf of QCF/I, Inc., a 501(c)(3) healthcare organization, in an amount not to exceed $640,000,000, in order to finance the acquisition, construction, expansion, rehabilitation, renovation and equipping of hospital facilities located in Nevada and Texas, including the Desert Parkway Behavioral Healthcare Hospital located at 3223 S. Maryland Pkwy and 3247 S. Maryland Pkwy, Las Vegas, Nevada 89109, to which not more than $300,000,000 will be allocable. (For possible action)
body
FISCAL IMPACT:
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Fund #: |
N/A |
Fund Name: |
N/A |
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Fund Center: |
N/A |
Funded PGM/Grant: |
N/A |
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Amount: |
N/A |
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Description: |
N/A |
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Additional Comments: |
No fiscal impact. The bonds are not a financial responsibility of the County. |
BACKGROUND:
Pursuant to Section 147(f) of the Internal Revenue Code, prior to their issuance, the bonds are required to be approved by the “applicable elected representative” of the governmental unit having jurisdiction over the area in which the project is located, after a public hearing is held following reasonable public notice. Consequently, approval of the Board is needed to meet the requirements of Section 147(f).
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