Ordinance 95-1263AN ORDINANCE OF THE CITY of LONGWOOD, FLORIDA,
AUTHORIZING THE REFINANCING OF THE EXISTING
LONGWOOD HEALTH CARE CENTER AND CONTINDING TO
WHEREAS, the City of Longwood, by Resolution — dated.Ianuary
29, 1979, approved a plan for financing the cost of constructing
and acquiring a nursing home in the City of Longwood by a nonprofit
corporation and an agreement to accept a grant to the City of
Longwood of title to such nursing home upon retirement of the bonds
to be issued pursuant to such plan; and
If Longwood approved a change of name of the nonprofit corporation
from Longwood Health Authority, Inc., to Longwood Health Care
Center, Inc., and appointing its Incorporators and first board of
approved the form of bond to be issued by the Longwood Health Care
Center, Inc., and determining that the Indenture of Mortgage and
Deed of —It and Contract to Lease and Security Agreement contain
WHEREAS, pursuant to said Resolutions, on July 1, 1979, the
Longwood Health Care Center, Inc., a Florida not -for profit
corporation, issued $2,100,000,00 of first mortgage revenue bonds
to conse It a 120-bed nursing Care facility in the City of
Longwood, Florida, and leased the project to Mediplex, Inc., and
WHEREAS, Beverly Enterprises -Florida, Inc., acquired this
facility from Mediple Inc., in 1982 and currently leases and
operates the facility, and is paying the debt service payments,
which will be repaid in full on July 1, 2009; and
WHEREAS, approximately $1,6 ,000.00 is currently outstanding
It a -rxed interest rate of 9,125 percent (9.12541; and
WHEREAS, the bond documents allow the City If Longwood and
Beverly Enterprises e0 optionally redeem or repay the bonds in full
on any interest payment date on or after July 1, 1989; and
WHEREAS, the City of Longwood has determined that it is
desirable to It as the rssner of these refinancing bonds by
replacing Sngwood Health Case Center, III_ as issuer If the
bonds; and upon refinancing of the bonds, the title t0 the project
would be conveyed to the City of Longwood.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COO ISSION OF THE
CITY OF LONOWOM, FLORIDA, as follows:
SECTION I. The City of Longwood shall replace the Longwood
Health Care Center, Inc., as the issuer of the bonds and shall take
title to the project, subject to the—diti0nE and requirements as
,IT forth hereinafter.
The City It Longwood shall work With Beverly
Enterprises -Florida, inc., and J. C. Bradford 5 CO. CS refinance
the subject bonds and t0 transfer the title to the property to the
City of Longwood.
Beverly Enterprises-P10rida, Inc., shall be
responsible for any and all cos-s of the refinancing and transfer
Ordinance No. 95-1263
sage 3
of title to the City of Longwood, including, but not limited to
accrued int erese, redempti n premiums, appraisal fees, survey fees,
bond fees, state. and federal fees and taxes, documentary stamp
taxes, intangible taxes, at eorneys' fees of Beverly Enterprises -
Florida, Inc., J. C. Bradford & Co. (if any), and attorneys' fees
of the City of Longwood, and all other fees and costs of any nature
associated with the refinance and transfer of title to Che City of
SECTION I That the bonds to be issued shall be non recourse
bonds, and the bonds and all related documents shall be subject to
Che approval of attorney (s) fox the City of Longwood.
CTION V. That Che terms and conditions of the existing
Lease between Beverly Enterprises -Florida, Inc., and Longwood
Health Care Center, Inc., 1ha11 remain rn full force and effect
with an assignment or appropriate documentation from Longwood
Health Care Center, Inc., to Che City of Longwood, Florida, or a
new Lease rn substantially — same form and terms shall be
negotiated between the City of Longwood and Beverly EnCerprises-
eloriaa, Inc.
SECTION VI. CONFLICTS. All ordinances or parts of ordinances
rn conflict with any of the provisions of this ordinance are hereby
repealed.
SECTION VII. LITY. If any section or portion of a
section of this ordinance proves t0 be ivval id, unlawful or
unconstitutional, it shall not be held to invalidate 11 impair Che
y �.L"T1,0'Y_tg .,,, _Fa7•'e. Th>s ozdinance shall J. ef=ecl
of t,o,... d, f—,Id-
a,s e and adItid th! of 4 _
t.ityloC �ongv,00do���lo-i.da
M d I"o it, 1 c,doP G
Lc nlY.