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County to escrow hospital-sale proceeds to defease outstanding bonds
Summary
Board approved moving forward with a defeasance agreement so sale proceeds from the county hospital can be placed with a third‑party fiduciary to satisfy outstanding hospital bond debt when bonds become callable.
Oktibbeha County supervisors approved a plan to put sale proceeds from the county hospital into escrow with a third‑party fiduciary to defease outstanding hospital bonds.
A county representative told the board the hospital has approximately $15,360,000 in outstanding bond debt. The county has approved a purchase agreement with Baptist for the hospital sale; because some bonds are not yet…
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