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Hospital to seek $40 million TEFRA bond; county will not guarantee debt
Summary
County Attorney Anthony Rowell told the Tift County Board the hospital plans a $40 million tax‑exempt bond issuance guaranteed by the hospital’s gross revenues; the county will not be a guarantor. The Board indicated it will place the related resolution on the March 9 consent agenda.
County Attorney Anthony Rowell told the Tift County Board of Commissioners that the local hospital intends to borrow $40,000,000 through a TEFRA tax‑exempt bond to finance facility improvements, and that the bonds will be guaranteed by the hospital’s gross revenues rather than by the county.
The announcement, discussed during the March 2 work session, concerned Resolution No. 2026‑06, which the Board indicated it will place on the March 9 consent agenda for formal approval. Rowell also said the resolution included in the work session packet was incorrect and that a corrected version would be provided in the regular session materials.
TEFRA (the federal tax rules for local governmental approval of certain tax‑exempt financings) permits local review and approval of private issuers’ tax‑exempt bonds when required by IRS rules. Rowell’s statement made clear that the county’s role is limited to providing the necessary local approval documents; the county is not backing the debt with its credit or revenues.
The Board’s decision to move the item to the consent agenda means commissioners are likely to consider the corrected resolution without extended debate unless a commissioner pulls it for discussion at the March 9 meeting. The work session record does not show a formal vote on the resolution at this meeting.
