Lee County OKs IDA authorization for up to $475M in Lee Health hospital revenue/refunding bonds
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Summary
The board adopted a resolution authorizing the Lee County Industrial Development Authority to issue hospital revenue and refunding bonds (not to exceed $475 million) for Lee Health; staff emphasized the bonds rely on Lee Health revenues and do not create county debt.
The Lee County Board of County Commissioners on Jan. 20 approved a resolution permitting the Lee County Industrial Development Authority to issue hospital revenue and refunding bonds not to exceed $475,000,000 for the benefit of Lee Health System Incorporated.
Mark Moore, who presented the item for EDO/IDA counsel and related staff, said the proceeds would finance improvements including a new Fort Myers medical campus, refund prior bonds and fund required reserves and issuance costs. “These bonds are not to exceed 475,000,000 and will be used to finance and refinance health care facility improvements,” the presenter said, adding that the bonds will be payable solely from Lee Health revenues and do not constitute Lee County debt.
Commissioners voted with no objection. EDO staff and Lee Health officials were present for questions; board members expressed support while noting the legal structure limits county financial exposure.
Provenance: topic introduced SEG 2814; resolution adopted SEG 2839–SEG 2846.
