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FRU~ 68 . <br />WHEREAS, the BOARD OF TRUSTEES OF LEE COUNTY <br />HOSPITAL, INC., have requested the Board of Commissioners to make <br />application for authority to issue bonds in the amount of $12, 300, 000, 00 for <br />hospital purposes; and <br />WHEREAS, the Board of Trustees have conducted a study and <br />reached the conclusion that a new hospital on a new site is necessary to provide <br />continued health care for the people of Lee County; and <br />WHEREAS, the study conducted by the Board of Trustees indicates <br />that it will require $9, 975, 000 for construction costs; $700, 000 for Engineering <br />and Architects fees; $200, 000 for land and rights of way in land; $1, 000, 000 for <br />movable equipment; $40, 000 for fiscal and legal expense; $300, 000 for construction <br />contingencies; and $85, 000 for miscellaneous expense and have for bonds in that <br />total amount to be issued; and <br />WHEREAS, for the past _ 44 years there has been no delay in <br />payment nor has there been a default in payment of matured bonds or coupons when <br />presented to Lee County's fiscal agent; and <br />WHEREAS, Lee County has complied with the Local Government <br />Budget and Fiscal Control Act in maintaining separate accounting funds for the <br />accounts required by law and has maintained a balanced budget for each such fund <br />and has maintained a program of purchase orders to control commitments over a <br />minimum account and has insured that all receipts are deposited daily and accounts <br />which are secured as required by Local Goverment Commission's regulations and <br />has distributed its taxes received to proper funds at least monthly and has and <br />intends to maintain a system of independent audit to insure future compliance with <br />such reouirements; and <br />WHEREAS the full amount of said bonds would require an increase <br />in property tax of 32¢, but the Board of Trustees of the Lee County Hospital, Inc. <br />have indicated their present intention to operate the current hospital facilities and, <br />thereafter, the new hospital facilities so that the revenues therefrom are and will <br />be sufficient to pay operating, maintenance and capital outlay expenses of the <br />hospital facilities and permit timely payments to the County equivalent to one- <br />ha!' of the debt service on the County's general obligation bonds issued to finance <br />