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Public hearing held on Christ Hospital tax-exempt bond issue; $150M expected, vote scheduled
Summary
The Butler County Board of Commissioners held a federally required public hearing on tax-exempt hospital facility bonds for the benefit of The Christ Hospital. Hospital officials said about $150 million is expected; two-thirds would refinance debt and roughly $50 million would reimburse capital investments, including Liberty Township expansions.
The Butler County Board of Commissioners opened a federally required public hearing on the proposed issuance of hospital facility revenue bonds to benefit hospitals affiliated with The Christ Hospital and heard a presentation from bond counsel and the hospital’s finance officer.
Attorney Michael Dean, serving as bond counsel, told the board federal law requires the hearing in any jurisdiction where bond proceeds will be used and said the bonds will be issued by Hamilton County’s hospital commission. "This bond issue will be issued by Hamilton County," he said, and the federal requirement is that each area impacted by the use of proceeds hold a hearing.
Teddy Sherpenberg, chief financial officer of The Christ Hospital, said the hospital expects roughly $150 million in tax-exempt bonds, though he described the estimate as changing during discussions. "About two-thirds of that is actually refinancing of some existing debt," Sherpenberg said, and about $50 million would reimburse the hospital for capital investments, including further investments at the Liberty Township Medical Center.
Sherpenberg outlined project uses that include expansion of the labor and delivery unit (currently a 10-bed unit the hospital expects to grow by roughly 50–60 percent to accommodate anticipated births) and improvements to emergency department capacity. He said the refinancing portion largely relates to an original financing completed in 2016 that helped build the Liberty Township Medical Center.
No members of the public spoke in favor or opposition during the hearing, and the board closed the hearing by motion. County staff said a resolution authorizing the county’s legislative action in support of the issuance (the county will not be the issuer) will be presented later in the meeting for approval.
What happens next: The board will consider the authorizing resolution on the consent agenda; staff indicated closing and a vote are scheduled later in the same meeting.
