Reference No. CR-034-2017    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 6/13/2017
Introduced Date 5/16/2017 Public Hearing Date 6/13/2017 @ 10:00 a.m.
Effective date: 9/11/2017    
Title: A RESOLUTION CONCERNING CONTRACT APPROVALS for the purpose of approving a multi-year Financing Agreement to fund the county’s portion of the new Regional Medical Center.
Proposers/Sponsors: County Executive, Derrick Leon Davis, Todd M. Turner, Dannielle M. Glaros, Mel Franklin, Deni L. Taveras, Andrea C. Harrison
Attachments: 1. R2017034, 2. CR-34-2017 AIS, 3. CR-34-2017 Report, 4. CR-34-2017 Transmittal, 5. Certification of Conditions
Related files: CB-051-2017
Contact: Ronald Halper, Office of Finance

Title

A RESOLUTION CONCERNING CONTRACT APPROVALS for the purpose of approving a multi-year Financing Agreement to fund the county’s portion of the new Regional Medical Center.

 

Background

This Resolution will:  a) approve two series of multi-year Financing Agreements to fund the County’s capital contribution of $208 million plus associated issuance expenses towards the new Regional Medical Center, and b) authorize refinancing the multi-year Financing Agreements.  These approvals are required by Section 819 of the Charter for Prince George’s County, Maryland. 

 

The fiscal impact on the County will be negative.  Debt service is the sole responsibility of the County. 

 

When completed, the 220-bed Regional Medical Center will be a state of the art medical facility for Prince George’s County and Southern Maryland residents with the following centers, units and services:

 

•                     Cardiac Surgery Center,

•                     Comprehensive Regional Cancer Center,

•                     Maryland Level II Trauma Center,

•                     Neonatal Intensive Care Unit,

•                     Stroke and Neurocare Center, and

•                     Comprehensive obstetrics, gynecology and maternal-child care services.

 

The Regional Medical Center will be affiliated with the University of Maryland Medical System and will be the first teaching hospital in Southern Maryland.

 

NOTE:  THIS RESOLUTION SHALL BECOME EFFECTIVE AS OF THE DATE THE CONTINGENCY IS MET.



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