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Board approves up to $10 million EDC bond authorization for Hope College renovations
Summary
The Ottawa County Board approved a resolution establishing a project district and authorizing the issuance of up to $10 million in limited-obligation revenue bonds through the county EDC to support Hope College campus renovations and partial refinancing.
The board voted to approve a resolution establishing a Hope College project district and authorizing issuance of limited-obligation revenue bonds not to exceed $10 million to support Phelps Dining Hall renovations and to refinance prior projects. Bond counsel said the borrower has a bank commitment and the financing is planned as a floating-rate instrument with a target close before Dec. 15 to obtain bank-qualified status.
Commissioners were told the county is not on the hook for the bonds; the EDC authorizes the issuance provided county bonding capacity is available. The matter moves next to a public hearing and a second local resolution on November 25 as part of the standard EDC/bond approval process.
