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Warren County approves up to $8 million in hospital revenue bonds for Community First Solutions
Summary
The Warren County commissioners adopted a resolution authorizing the issuance and sale of up to $8 million in hospital facilities improvement revenue bonds for Community First Solutions to finance acquisition and improvement of a 41-unit assisted-living community in Mason; the bonds are nonrecourse to county taxpayers.
Warren County commissioners on Monday authorized the issuance and sale of hospital facilities improvement revenue bonds not to exceed $8,000,000 for Community First Solutions, a nonprofit operator that will use bond proceeds to acquire and improve a 41-unit assisted-living and memory-care community in Mason.
The bonds will be issued under Ohio law and are, as bond counsel said at the public hearing, "backed solely by the revenues of the borrowers" and "do not constitute debt or general obligations of the county." That representation was repeated by counsel and accepted by the commissioners during the hearing.
Ally Kimbler of bond counsel presented the proposal and said the proceeds would finance the acquisition and improvement of the facility at 6491 Reading Road in Mason and pay certain costs of issuance. Brian Krause, chief financial officer of Community First Solutions, attended as the borrower’s representative.
Following the public hearing — which produced no public testimony — the board considered a resolution “authorizing the issuance and sale of not to exceed $8,000,000 County of Warren, Ohio, hospital facilities improvement revenue bonds, series 2025,” and authorizing related documents including an agreement of lease, a sublease, a bond purchase agreement and a tax exemption agreement. A motion and second were made; the board then called the roll.
The roll call recorded Commissioner Grossman, Commissioner Young and Commissioner Jones voting yes on the resolution. The board signed the documents following the vote.
The commissioners and counsel emphasized that no county tax dollars or county debt capacity would be pledged to repay the bonds. Kimbler told the board that the borrowers would form an “obligated group” and that repayment would come from borrower revenues. Bruce (staff) answered procedural questions about recordkeeping and document signature logistics after the vote.
The board placed the executed bond documents with staff for signature and recordation and closed the public hearing portion of the meeting.
Votes at a glance: Resolution authorizing issuance and sale of up to $8,000,000 hospital facilities improvement revenue bonds for Community First Solutions — outcome: approved; roll call: Grossman yes, Young yes, Jones yes.
The authorization clears the way for the county to issue the bonds under Ohio Revised Code procedures; bond counsel said the proceeds will be lent to Community First Solutions and Colonial Senior Services 2 (an affiliate) to finance the Mason assisted-living property and related issuance costs. No county general fund or taxpayer pledge was authorized.
Documents referenced at the public hearing included the proposed resolution, agreement of lease, sublease, bond purchase agreement and tax exemption agreement.
