Travis County Commssioners Court
February 18, 2003
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Item 2
We do have posted for 1:30 today a public hearing related to issuance of revenue bond, a portion of the proceeds of which will be used to finance and refinance hospitals and related facilities owned and/or operated by daughters of charity health services of Austin. And what's the relationship between daughters of charity and seton?
>> I will let the [inaudible]
>> good afternoon, I'm michael riguer, the council for the seton network. It's the legal name for the corporation that does business at seton. The daughters of charity are a religious congregation of women who are one of the sponsors, two sponsoring congregations of our national health system, ascension health based in missouri.
>> I hear seton, but every now and then daughters of charity. Like the county judge, I presume.
>> judge, I move that the public hearing be opened.
>> second.
>> all in favor? Thatasses by unanimous vote with -- we did indicate commissioner Davis is absent for the entire mention. It was about [inaudible]
>> well, briefly, I'm cliff blunt with thompson co, counsel to the Travis County development corporation which has issued certain bonds to finance some facilities that seton or daughters of charity has here in Travis County. And just for the record, notice of this public hearing was published more than 14 days ago in the Austin american-statesman as required by the internal revenue code. It w originally scheduled for last Tuesday, February 11th, it was postponed over until today. And I will let mr. Riguer or mr. White with seton tell us briefly about the project if there's anyone else here to speak.
>> I'm douglas [inaudible], chief financial officer for the seton health care network. Basically what we are requesting is in this hearing is that we are a member of ascension health, national health system, and ascension health is going to be refinancing bonds that were issued in 1999, some of which were issued here in Travis County. And we are refinancing a portion of those bonds to take advantage of lower interest rates. And we are committing to pay the 10 basis points on the original amount of those bonds through the first call date, which would be 2009. There would be seven more payments that would be paid approximately in November 1st of each year, through 2009.
>> okay.
>> there's a written document in my possession now, dated February 14th. To that effect. And it's signed by mr. Barnett and mr. Sporanzo.
>> yes.
>> judge, is the intent to also enter this document into the official record so that the clerk can always have that as part of the record?
>> I have given a copy to --
>> I was hoping that we could do that either as part of the record --
>> part of 36.
>> on the action item.
>> okay.
>> either one -- action item on on may be more appropriate -- one of the -- I'm sorry. One of the questions that I got, I want an answer, I want it included within the record, is there any portion of this refunding that is going to be used for the construction of -- of potential new children's hospital here in Austin?
>> no, there are no funds for that new children's hospital in this transaction.
>> very good, thank you.
>> would anyone like to give testimony during this public hearing? If so, please come forward?
>> move that the public hearing be closed.
>> second.
>> all in favor that passes by unanimous vote. I think every public hearing that we've had so far under -- for the corporations we've had 100% non-attendance, we must be doing an outstanding job down there, cliff.
Last Modified: Wednesday, April 2, 2003 10:25 AM