Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Rochester council approves $750 million conduit bond for Mayo Clinic expansion
Summary
The Rochester City Council on March 16 voted to adopt a resolution authorizing up to $750 million in conduit general obligation revenue bonds for the Mayo Clinic's Bold Forward Unbound project; city staff said the issuance would not create liability for Rochester and Mayo will pay issuance costs.
The Rochester City Council voted March 16 to adopt a resolution authorizing up to $750 million in conduit general obligation revenue bonds on behalf of Mayo Clinic to support capital work tied to the organization’s Bold Forward Unbound program. Council member Keane moved the resolution; the motion was seconded and approved by voice vote.
City staff and bond counsel described four documents tied to the issuance — the bond resolution, a supplemental trust indenture, an amended and restated loan agreement, and a bond purchase agreement — and said the resolution is the legal authorization the council was asked to approve that evening. City…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
