Florida Development Finance Corporation development Finance corporation ... provided, the Borrower is not ... Securities Offered $59,405,000 Florida Development Finance Corporation Healthcare Facilities

Download Florida Development Finance Corporation  development Finance corporation ... provided, the Borrower is not ... Securities Offered $59,405,000 Florida Development Finance Corporation Healthcare Facilities

Post on 26-Apr-2018

215 views

Category:

Documents

3 download

TRANSCRIPT

<ul><li><p>New Issue Book eNtry oNly ratINgs: see ratINgs hereIN</p><p>$59,405,000Florida development Finance corporation</p><p>Healthcare Facilities revenue Bonds (UF Health-Jacksonville project), Series 2013B (r-Floats)</p><p>Bond Issuer. The Bonds are being issued by Florida Development Finance Corporation (the Issuer).</p><p>Beneficiary of Financing. The Bonds are being issued to provide financing for the benefit of Shands Jacksonville Medical Center, Inc. (the Borrower or SJMC).</p><p>Shands Jacksonville medical center, inc.</p><p>Purpose of Financing. Proceeds of the Bonds will be used to refund certain outstanding debt of the Borrower.</p><p>Authorizing Document. The Bonds are being issued pursuant to a Series 2013B Bond Trust Indenture to be dated as of November 1, 2013 (the Bond Indenture) between the Issuer and U.S. Bank National Association, as bond trustee.</p><p>Source of Payment. The Bonds are limited obligations payable solely out of (a) payments to be made by the Borrower pursuant to a Loan Agreement to be dated as of November 1, 2013 (the Loan Agreement) between the Issuer and the Borrower and (b) an obligation (the Master Indenture Obligation) issued by the Borrower under the Master Trust Indenture dated June 1, 2013, as supplemented (the Master Trust Indenture), between the Members of the Obligated Group and U.S. Bank National Association, as master trustee, to evidence and secure the Borrowers obligation under the Loan Agreement and (c) any other assets that constitute part of the trust estate established under the Bond Indenture, including money in the funds and accounts established under the Bond Indenture. the Bonds are limited obligations of the issuer, payable solely out of (a) payments to be made by the Borrower pursuant to the loan agreement with respect to debt service on the Bonds, (b) payments by the obligated Group pursuant to the master indenture obligation, and (c) any other assets that constitute part of the trust estate established under the Bond indenture, including money in the funds and accounts established under the Bond indenture. the Bonds do not constitute general obligations of the issuer, the State of Florida (the State) or any political subdivision or agency of the State. none of the issuer, the State nor any political subdivision or agency of the State has pledged its full faith and credit to the payment of the Bonds. the issuer has no taxing power. </p><p>Pricing Terms and Payment Dates. Pricing information for the Bonds, principal maturities, interest rates, payment dates and authorized denominations are shown on the inside cover of this Official Statement. All Bonds will be issued initially in the R-FLOATs Mode with an R-FLOATs Weekly Period. While in this mode, the Bonds shall be in authorized denominations of $100,000 or any larger amount that is a multiple of $1,000. The initial interest rate for the Bonds will be communicated by the Remarketing Agent to the prospective purchasers of such Bonds, and thereafter will be determined as described herein for Bonds in the R-FLOATs Mode with an R-FLOATs Weekly Period. Interest on the Bonds will accrue from the date of delivery, and while in the R-FLOATs Mode with an R-FLOATs Weekly Period, will be payable on the first Business Day of each month, commencing December 2, 2013. The Bonds will continue to bear interest at the R-FLOATs Weekly Rate unless, at the option of the Borrower, the Bonds are converted to bear interest for a different R-FLOATs Period or at a different Interest Rate Mode, as described herein. this official Statement describes the Bonds only while in the r-Floats mode.</p><p>Redemption; Tender Rights. The Bonds are subject to optional and mandatory redemption and purchase in lieu of optional redemption prior to maturity as more fully described herein. The Bonds are also subject to optional and mandatory tender to the extent and as described herein while in the R-FLOATs Mode. Payment for Bonds which are tendered for purchase will be made from proceeds of the remarketing of such Bonds or funds the Borrower elects (at its sole discretion) to provide for such purpose; provided, the Borrower is not obligated to pay the purchase price of any Bonds tendered for purchase. For so long as the Bonds are in the R-FLOATs Mode, the Bonds will not be supported by a letter of credit, line of credit, standby bond purchase agreement, bond insurance or any other liquidity facility.</p><p>Form and Date of Delivery. The Bonds are being issued in the book-entry only form under the DTC system. The Bonds are expected to be delivered on November 21, 2013.</p><p>Legal Opinions. Nabors, Giblin &amp; Nickerson, P.A., Tampa, Florida, has served as bond counsel and will deliver its opinion with respect to the Bonds in substantially the form attached as Appendix e. In connection with the issuance of the Bonds, Broad and Cassel, Orlando, Florida, has served as counsel to the Issuer, Jonathan W. Dixon III, Senior Counsel to SJHC, Jacksonville, Florida, has served as counsel to the Borrower and the Obligated Group, and Balch &amp; Bingham LLP, Birmingham, Alabama, has served as counsel to the Underwriter.</p><p>Tax Status. Under existing statutes, regulations, rulings and court decisions, interest on the Bonds (i) will not be included in gross income of the holders for purposes of federal income taxation and (ii) will not be an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, subject to limitations or exceptions described under TAx STATuS. The opinion of bond counsel will address these aspects of the tax status of the Bonds and should be read in its entirety for a complete understanding of the scope of the opinion and the conclusions expressed.</p><p>Bofa merrill lynchThe date of this Official Statement is November 13, 2013. </p></li><li><p>$59,405,000 Florida Development Finance Corporation </p><p>Healthcare Facilities Revenue Bonds (UF Health-Jacksonville Project), Series 2013B (R-FLOATs) </p><p>MATURITY, PRINCIPAL AMOUNT, PRICE AND INTEREST RATE INFORMATION AND ORIGINAL CUSIP </p><p> Principal Amount: $59,405,000 Price: 100% CUSIP Number: 34061QAK3 Last Day of First R-FLOATs Weekly Rate: Wednesday, November 27, 2013 First R-FLOATs Rate Determination Date: Wednesday, November 27, 2013 First Interest Payment Date: December 2, 2013 R-FLOATs Rate Determination Dates: Generally, Thursday of each week Interest Payment Dates: Generally, the first Business Day of each month Maturity Date: February 1, 2029 </p></li><li><p>TABLE OF CONTENTS Page </p><p>INTRODUCTION ............................................................................................................................................................... 1 </p><p>DEFINITIONS ................................................................................................................................................................... 2 </p><p>THE BONDS .................................................................................................................................................................... 5 Interest Rate Mode .................................................................................................................................................... 5 Date, Form of Bonds and Denominations ................................................................................................................. 6 Book Entry System ................................................................................................................................................... 6 Interest Rate and R-FLOATs Periods ....................................................................................................................... 6 Calculation of Interest Payments .............................................................................................................................. 7 Interest Payment Dates ............................................................................................................................................. 7 Optional Tender of Bonds in R-FLOATs Mode ....................................................................................................... 7 Mandatory Tender of Bonds in the R-FLOATs Mode .............................................................................................. 7 R-FLOATs Non-Remarketed Bonds ........................................................................................................................ 8 Redemption Prior to Maturity ................................................................................................................................... 8 Purchase of Bonds Upon Conversion of Interest Rate Mode .................................................................................. 10 </p><p>SOURCE OF PAYMENT AND SECURITY .......................................................................................................................... 10 Source of Payment .................................................................................................................................................. 10 Security for Payment of the Bonds ......................................................................................................................... 11 The Master Trust Indenture .................................................................................................................................... 11 Mortgage ................................................................................................................................................................. 13 No Debt Service Reserve Fund ............................................................................................................................... 13 Limitations on Remedies ........................................................................................................................................ 13 </p><p>THE PLAN OF FINANCE ................................................................................................................................................. 14 Sources and Uses of Funds ..................................................................................................................................... 14 Debt Service Requirements on the Bonds and Series 2013A Bonds ...................................................................... 15 </p><p>THE ISSUER .................................................................................................................................................................. 16 General .................................................................................................................................................................... 16 Disclosure Required by Section 517.051, Florida Statutes ..................................................................................... 16 </p><p>THE BORROWER AND THE OBLIGATED GROUP ............................................................................................................ 17 </p><p>RISK FACTORS .............................................................................................................................................................. 17 General .................................................................................................................................................................... 17 Mortgage or Other Liens ......................................................................................................................................... 17 Limitation on Remedies Upon Default ................................................................................................................... 18 Secondary Market ................................................................................................................................................... 18 Parity and Additional Indebtedness ........................................................................................................................ 18 Interest Rate Swap Risk .......................................................................................................................................... 18 Impact of Market Turmoil ...................................................................................................................................... 18 Health Care Reform ................................................................................................................................................ 19 Health Care Industry Factors Affecting the Obligated Group ................................................................................ 20 Increased Competition ............................................................................................................................................ 26 Affiliation, Merger, Acquisition and Divestiture .................................................................................................... 26 Licensing, Surveys, Investigations and Audits ....................................................................................................... 27 Antitrust .................................................................................................................................................................. 27 Cybersecurity .......................................................................................................................................................... 27 Nonprofit Health Care Environment ....................................................................................................................... 28 Tax-Exempt Status of Bonds .................................................................................................................................. 28 Other Risk Factors .................................................................................................................................................. 29 </p></li><li><p>CONTINUING DISCLOSURE ............................................................................................................................................ 30 General .................................................................................................................................................................... 30 Consequences of Failure to Provide Information ................................................................................................... 30 Compliance with Previous Undertakings ................................................................................................................ 30 </p><p>TAX STATUS ................................................................................................................................................................. 31 General .................................................................................................................................................................... 31 Opinion of Bond Counsel .......</p></li></ul>

Recommended

View more >