In creating the Authority, the City Council found that there was a need for a health facilities authority to perform the functions set forth in the statute to provide a method for tax exempt financing and refinancing for not-for-profit organizations authorized by law to provide hospital, nursing home or other types of health related services. In connection with issuing bonds and approving interlocal agreements with other health facilties authorities, the Authority conducts the public hearings required by the federal Tax Exempt Financing Reform Act (i.e., TEFRA hearings) for health facilities projects.
The City Attorney's Office and Finance Department have provided assistance to the Authority since its creation. The Authority meets on an as needed basis upon an application or request from a health facility seeking financing or refinancing.
The City of St. Petersburg Health Facilities Authority was created by City Council Resolution No. 81-40 pursuant to Chapter 154, Florida Statutes.