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Sussex County closes hearing and approves tax-exempt bonds for TidalHealth Nanticoke
Summary
After a public hearing with no public speakers, Sussex County Council approved a resolution under Internal Revenue Code section 147(f) allowing TidalHealth Nanticoke to issue up to $185 million in tax-exempt bonds, with up to $90 million allocated to projects in Sussex County.
At a public hearing Oct. 7, the Sussex County Council closed the record and approved a county resolution confirming a public hearing required under Section 147(f) of the Internal Revenue Code so that TidalHealth Nanticoke may issue federally tax-exempt bonds. Kathy Rolfe, representing TidalHealth Nanticoke, told the council the financing request would allow the nonprofit health system to issue up to $185,000,000 in tax-exempt bonds overall, of which $90,000,000 would be allocated to projects in Sussex County. "These bonds are obligations of the nonprofit, TidalHealth Nanticoke, and not Sussex County government," Rolfe said.
No members of the public spoke during the hearing. Following staff confirmation that no remote commenters were present, the council voted to adopt the resolution under the Internal Revenue Code requirement for a public hearing. The motion was moved and seconded on the record and the council recorded unanimous approval. The county's action provides the local public-hearing certification required for federal tax-exempt treatment but does not obligate county funds for the bond issue.
