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Council authorizes bond counsel and adopts intent to issue IRBs for Salem Home
Summary
Hillsboro approved an engagement letter with Triplett Wolf Garretson to serve as bond counsel for a proposed industrial revenue bond for Salem Home and adopted Resolution 2025-08 declaring intent to issue IRBs with a not-to-exceed cap of $3,000,000.
Council approved an engagement letter with Triplett Wolf Garretson for bond counsel services related to a health facilities revenue bond (industrial revenue bond) requested by Salem Home. Staff said the estimated legal services are "$33,000 with an additional $1,500 for filing, traveling, shipping, printing" and that Salem Home will be responsible for payment of those expenses at closing.
After discussion, the council adopted Resolution 2025-08 declaring the city's intent to issue IRBs for the Salem Home project, with the staff-corrected not-to-exceed cap raised to $3,000,000 to reflect increased costs. Staff explained the IRB structure would make the city a conduit issuer and that issuance costs are typically paid from bond proceeds. The resolution passed in a poll: Councilman Jorgensen and Councilman Wilkins voted yes; Councilman McCarty voted no.
