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Shiawassee County authorizes bonds to fund Medical Care Facility renovations
Summary
The Board of Commissioners approved Resolution 25-06-09 on June 18, 2025, authorizing up to $7.5 million in limited tax general obligation bonds to finance part of an estimated $10 million renovation and expansion of the Shiawassee County Medical Care Facility; the motion passed 6-0.
The Shiawassee County Board of Commissioners on June 18 voted 6-0 to approve Resolution No. 25-06-09, authorizing the issuance of Limited Tax General Obligation Bonds, Series 2025, to finance renovations and expansion at the Shiawassee County Medical Care Facility (MCF).
The resolution estimates the Improvements will cost approximately $10,000,000 and authorizes bonds in an aggregate principal amount not to exceed $7,500,000. The board's action directs that bond proceeds and funds provided by the MCF be used for planning, design, construction, improvement, equipment and furnishing related to the project, and it establishes a Bond Payment Fund and a Construction Fund to manage proceeds and debt service.
Under the resolution the County Administrator and County Treasurer (the "Authorized Officer") are empowered to finalize bond terms within limits set by the board: bonds may mature no later than 30 years from issuance, total par amount cannot exceed $7,500,000, and the true interest cost must not exceed 7.00 percent. The resolution authorizes either a negotiated sale (the stated preference given recent market volatility) or a competitive sale, allows purchase of municipal bond insurance, and requires continuing disclosure under SEC Rule 15c2-12. The firm Bendzinski & Co., Municipal Finance Advisors, is named as the county's municipal advisor in the resolution.
The resolution also permits issuance in book-entry-only form, sets parameters for redemption and transfer, and directs annual budgeting to include debt service payments. The board's approval places the county one procedural step closer to selling bonds; the Authorized Officer is authorized to negotiate the Purchase Agreement, finalize maturities and interest rates, and execute related documents on the county's behalf.
The motion to approve the resolution was recorded at the June 18 meeting and carried on a roll call vote of six yeas and zero nays. Next steps indicated in the resolution include finalizing bond terms, completing any required Official Statement, and executing sale documents as determined by the Authorized Officer.
