DATE: January 8, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
SUBJECT:
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*Consideration of Resolution 2016-02, A Resolution Authorizing The Issuance By The Health And Educational Facilities Board Of The Metropolitan Government Of Nashville And Davidson County, Tennessee Of One Or More Series Of Revenue Bonds For The Purpose Of Providing Funds To Finance One Or More Loans To Vanderbilt University Medical Center (01/26/16 WS)
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Purpose
The purpose of this memorandum is to provide the Franklin Board of Mayor and Aldermen (BOMA) with information to consider Resolution 2016-02, authorizing the issuance of revenue bonds by the Health and Education Facilities Board of the Metropolitan Government of Nashville and Davidson County for financing by the Vanderbilt University Medical Center.
Background
The Vanderbilt University Medical Center (VUMC), a non-profit corporation, is in the process of legally and financially separating medical center facilities from Vanderbilt University. This transaction involves a $1.2 billion financing through the Health and Education Facilities Board of the Metropolitan Government of Nashville and Davidson County. On January 7, 2016, the Health and Education Facilities Board held a public hearing and approved the VUMC plan. Due to the location of certain medical center properties within the City of Franklin, state and federal law requires consent by the local government. Attached is a resolution for consideration by the Board of Mayor and Aldermen. The City of Franklin is only granting its consent and is not incurring any other obligation.
Financial Impact
The City of Franklin is granting its consent to this financial transaction. The City is not incurring any financial obligation through this action.
Recommendation
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Staff recommends approval of Resolution 2016-02 granting consent of the City of Franklin for the financial transaction of VUMC through...
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