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Shiawassee County authorizes up to $7.5 million in bonds to finance Medical Care Facility renovations
Summary
The Shiawassee County Board of Commissioners on June 18 adopted Resolution No. 25-06-09 authorizing up to $7.5 million in limited tax general obligation bonds to help finance an estimated $10 million renovation and expansion of the Shiawassee County Medical Care Facility. The measure passed 6-0.
The Shiawassee County Board of Commissioners voted unanimously June 18 to authorize the issuance of limited tax general obligation bonds, Series 2025, to finance a portion of planned renovations and expansion at the Shiawassee County Medical Care Facility.
Commissioner Garber moved to approve Resolution No. 25-06-09, and Commissioner Johnson seconded; the motion passed on a 6-0 roll-call vote with Commissioners Holzhausen, Johnson, Garber, Howard, Shepard and Chairman Gregory Brodeur voting yes.
The resolution sets an estimated total cost for the Improvements at approximately $10,000,000 and authorizes bonds in an aggregate principal amount not to exceed $7,500,000. The resolution limits the bonds'9 true interest cost to no more than 7.00% and provides for a maximum final maturity no later than 30 years from issuance. The county will establish a Bond Payment Fund for debt service and a Construction Fund for project costs; any unexpended bond proceeds are to be handled according to the resolution.
The resolution authorizes the County Administrator and the County Treasurer (the "Authorized Officer") to finalize bond terms, sell the bonds by negotiated or competitive sale as appropriate, negotiate purchase or placement agreements, and take related steps without additional board approval within the resolution'9s stated limits. Bendzinski & Co., Municipal Finance Advisors, is named as the county'9s municipal advisor in the resolution.
The stated purpose of the financing is to plan, design, acquire, construct, improve, equip and furnish capital improvements to the county'9s Medical Care Facility (MCF), including site work and related appurtenances. The resolution pledges the county'9s limited tax full faith and credit and recognizes applicable constitutional and statutory limits on taxing authority.
Next steps outlined by the resolution include finalizing bond terms and completing required documents for sale and delivery, including any required filings with the Michigan Department of Treasury. The resolution was declared adopted and is effective immediately.
