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Hamilton County holds first public hearing on up to $23 million general obligation bond to buy Riverview Hospital property
Summary
County bond counsel and municipal adviser presented the statutory preliminary information for a proposed general obligation bond not to exceed $23 million to purchase Riverview Hospital real estate; state law requires two hearings and the council will hold a second hearing in September.
Hamilton County held the first of two statutorily required public hearings Aug. 6 on an ordinance to authorize general obligation bonds not to exceed $23,000,000 to purchase real estate now owned by Riverview Hospital.
Max Adams, an attorney with Barnes & Thornburg serving as bond counsel for the 2025 B general obligation series, explained that the ordinance opens the general obligation process and that state law requires two public hearings before moving forward on bonds of a certain size. Oscar Gutierrez, municipal adviser with Boundary Consulting, presented the preliminary determination statutory information and highlighted that the bonds would be limited to no more than 20 years and carry a maximum interest rate of 7 percent (a ceiling for planning, with county AAA credit expected to produce lower rates).
Gutierrez said the bonds’ $23 million cap is a maximum and that the county would size the bonds based on appraisals; funds from the sale of the hospital property would be used to retire existing Riverview debt and provide working capital to Riverview Hospital, according to the presentation. Gutierrez also said the county expects the tax-rate effect to be neutral because assessed values are expected to increase in 2026.
The hearing was noticed as required in the public packet and in the newspapers, bond counsel said. No members of the public addressed the ordinance during the hearing. The council closed the hearing and will hold the second required public hearing and consider a resolution in September as part of the statutory bond issuance process.
Why it matters: The county-authorized bond would enable the purchase of Riverview Hospital real estate so sale proceeds can be applied by the hospital to retire debt and obtain working capital; bond terms, sizing and final tax impact will be determined after appraisals and market pricing.
Next steps: Council will hold the second public hearing at its September meeting and then may consider a resolution to advance bond issuance pending final appraisals and pricing.
