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Pasco commission approves TEFRA resolution for Johns Hopkins All Children’s Hospital borrowing
Summary
The board held a TEFRA public hearing and approved a resolution supporting Johns Hopkins All Children’s Hospital’s application to borrow up to $280 million through the Maryland Health and Higher Education Facilities Authority; county staff said the county bears no debt service obligation.
The Pasco County Board of County Commissioners conducted a TEFRA public hearing and approved a resolution that allows Johns Hopkins All Children’s Hospital to seek issuance of tax-exempt private activity bonds for a proposed patient-care facility in Wesley Chapel.
Amy Farrell, budget director, explained federal tax rules require the local governing body to hold a public hearing and make a finding that the project is in the public interest so the applicant may access tax-exempt financing. Farrell said the hospital seeks to borrow up to $280 million through the Maryland Health and Higher Education Facilities Authority and emphasized the county will not be liable for debt service or issuance costs.
A commissioner disclosed a board role with the hospital’s board of trustees and, following county attorney guidance that the position was unpaid, did not recuse. The board heard no public opposition and voted to approve the TEFRA resolution.
The approval allows Johns Hopkins Health System Corporation to pursue lower-cost financing for construction, renovation and equipping of the new facility; the county’s resolution does not create any county financial obligation.
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