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Lucas County commissioners approve up to $35 million revenue bonds for Lutheran Home Society project
Summary
The Lucas County Board of Commissioners approved a resolution authorizing issuance and sale of up to $35 million in Series 2025 revenue bonds to refund and improve health care facilities tied to a Lutheran Home Society project and to authorize related financing documents.
The Lucas County Board of Commissioners voted unanimously on Sept. 23 to approve a resolution authorizing the issuance and sale of health care facilities refunding and improving revenue bonds (Series 2025) for a Lutheran Home Society Inc.-obligated project, with an aggregate principal amount not to exceed $35,000,000.
Deputy Administrator Hireman read the lengthy title of the financing measure before Commissioner Gerken moved approval. The clerk called the roll; each commissioner present voted yes, passing the resolution.
The resolution authorizes execution and delivery of a bond purchase agreement, base lease and lease assignments, a trust indenture, a tax-regulated agreement, and related documents in connection with the Series 2025 bonds. No additional debt terms beyond a not-to-exceed principal were discussed at the meeting.
The board’s action was procedural: the commissioners approved the financing authorization and the staff are expected to complete the required financing documents and agreements. The resolution's title and the reading indicate the bonds will support a health care facilities project associated with the Lutheran Home Society; specific project scope, repayment sources and final bond pricing were not detailed in the transcript.
Next steps: staff will execute the financing documents authorized by the resolution and proceed with the bond issuance process.
