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Green Isle council approves conduit bond for Kingsway Ministries to refinance senior housing debt
Summary
After a brief public hearing, the City Council unanimously approved Resolution 2026‑12 to issue a conduit bond for Kingsway Ministries LLC, a financing the city said carries no direct fiscal impact.
The Green Isle City Council unanimously approved a conduit bond on Feb. 24 that will allow Kingsway Ministries LLC to restructure debt for its senior‑housing and health‑care facilities.
A representative of Kingsway Ministries told the council the organization has served seniors and people with special needs since 1898, houses about 200 residents and employs roughly 350 staff. “We’ve been around since 1898…we serve seniors and individuals with special needs,” the speaker said, thanking the city for the opportunity to use conduit financing.
City staff explained the bond will be issued as a conduit (passthrough) financing under state and federal rules and said the transaction does not create a financial obligation for the city. Following the presentation, a council member moved to approve Resolution 2026‑12, a second was recorded, and the council conducted a roll‑call vote; the motion carried unanimously.
The council closed the public hearing after the vote. Staff said they will complete the paperwork that night to finalize the transaction.
