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Commissioners approve TEFRA hearing resolution for Novant Health bond financing
Summary
The board held a TEFRA public hearing and approved a resolution supporting issuance of tax-exempt bonds that will finance Novant Health improvements, including at Rowan Medical Center; county staff said the county bears no financial obligation for the bond issuance.
Alan Robertson, managing partner at Roberts & Bradshaw serving as bond counsel, explained the Tax Equity and Fiscal Responsibility Act (TEFRA) requirement for a public hearing when tax-exempt bonds issued by an entity will finance projects in a jurisdiction. Robertson said the bonds would be issued by the National Finance Authority, a New Hampshire-based governmental issuer, with Novant Health and affiliates as the ultimate beneficiaries and that some proceeds will fund improvements at Rowan Medical Center.
Robertson clarified the county would not incur financial responsibility by approving the TEFRA resolution. "The county has no financial responsibility by virtue of taking action," Robertson said, and that identical approvals were being sought from multiple jurisdictions where Novant operates.
The board opened the public hearing; no members of the public testified. A commissioner moved to approve the resolution of support; the board approved the resolution by voice vote.
The county’s action was limited to conducting the TEFRA hearing and approving the requested resolution; Robertson and staff said the approval does not create a county debt or obligation related to the bond issuance.
