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Commission hears request to authorize $1.5 billion bond issuance for Vanderbilt projects in county; officials say county credit not at risk
Summary
The commission reviewed Resolution 2638 seeking permission for the Health and Educational Facilities Board to issue $1.5 billion in bonds to loan to Vanderbilt Medical Center for improvements affecting Montgomery County; staff told commissioners the request would not affect county bonds or bond ratings.
Montgomery County commissioners heard presentation of Resolution 2638, which asks the commission to approve issuance of bonds by the Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County. According to the resolution text read into the record, proceeds totaling $1,500,000,000 would be loaned to Vanderbilt Medical Center and its affiliates for financing facility improvements and expansions located in Montgomery County.
Commissioner Shelton questioned whether the $1.5 billion figure was a typo and whether the county would be exposed if the bonds were issued. Shelton asked specifically if issuing the bonds would impact the county’s own bonds or bond rating. County staff responded that the request is a ministerial permission for Vanderbilt to seek bonds and “this has no impact on our bonds or our bond rating at all.” The staff representative told Shelton the county is not issuing the bonds and that their financials would not be affected.
The transcript contains the presentation and the exchange but does not record a motion, recorded vote, or final action on Resolution 2638 within the provided segments.
