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Delaware County approves up to $20 million in revenue bonds to refinance Ohio Living Powell loan
Summary
Delaware County commissioners unanimously approved a resolution authorizing up to $20 million in health-care facility revenue bonds to refinance a taxable loan taken to acquire Gantz Horn Suites, with county officials noting the county bears no repayment liability.
Delaware County commissioners voted unanimously to approve Resolution 26-264, authorizing the issuance of up to $20 million in health-care facility revenue bonds to refinance a taxable loan for Ohio Living Powell LLC.
Ben Kito, a partner at Ice Miller and bond counsel to Ohio Living Powell LLC, told the board the transaction would issue variable-rate bonds that are to be fixed with an interest-rate swap and purchased by West Banco. "The bonds are structured so that they are not a debt of the county," Kito said, adding that all repayment obligations would rest with Ohio Living Powell LLC.
Kito said the financing…
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