| Item Title: | UMC - Approval of Tax Anticipation Note for EPCHD |
| Submitted By: | R. Jacob Cintron, President & CEO, Hospital District/University Medical Center (915) 521-7600 |
| Subject: | Discuss and take appropriate action to authorize the County Judge to sign an order authorizing the El Paso County Hospital District to enter into a tax anticipation loan agreement with Bank of America - Merrill Lynch, and authorizing certain officers of the El Paso County Hospital District to sign the necessary loan documents and resolve any other matters incident and related thereto. |
| Background: | Provide working capital, primarily for Intergovernmental Transfers for the various State Medicaid financing programs, for University Medical Center for the months of October 2018 through February 2019. |
| Fiscal Impact: | University Medical Center of El Paso's request for a $25 million Tax Anticipation Note, interest payable monthly at the (i) Daily Floating One Month LIBOR or (ii)( one or three month LIBOR rate of plus 0.38% with a maturity date of February 28, 2015.
The estimated financing costs are estimated to be $130,000 based on the forecasted drawdown requests. |
| Recommendation: | Authorize the County Judge to sign an order authorizing the El Paso County Hospital District to enter into a tax anticipation loan agreement with Bank of America - Merrill Lynch, and authorizing certain officers of the El Paso County Hospital District to sign the necessary loan documents and resolve any other matters incident and related thereto.
Approve University Medical Center of El Paso's request for a $25 million Tax Anticipation Note, interest payable monthly at the (i) Daily Floating One Month LIBOR or (ii)( one or three month LIBOR rate of plus 0.38% with a maturity date of February 28, 2015. |
| Prior Action: | None |
| Strategic Plan: | .. |
| Strategic Plan Information: | |