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HHC board authorizes bond refunding plan to convert 2010-era debt, free reserves and reduce future payments
Summary
Board approved resolutions enabling refunding of outstanding 2010 A2 and B2 series bonds; presentation estimated cash-flow savings, release of a $33.8M cash reserve and a timeline requiring municipal approvals.
The Health and Hospital Corporation Board of Trustees approved resolutions to proceed with refunding portions of its outstanding 2010 A2 and 2010 B2 bond series, a multi-step transaction presented by the bond bank and HHC finance staff that aims to convert portions of taxable Build America Bonds-era debt to tax-exempt financing and reduce future rental and debt service payments.
Karen Strunk, deputy director of the bond bank, told the board the requested authorizations would allow reissuance of the 2010 A2 and B2 series and an addendum to the lease with the Indianapolis Marion County Building Authority. She said the structure would…
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