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Board approves up to $10 million EDC bond issuance for Hope College
Summary
After a public hearing, the Ottawa County Board of Commissioners approved a project plan allowing the countyEconomic Development Corporation to issue limited‑obligation revenue bonds not to exceed $10 million to refinance Hope College capital debt and possibly fund additional campus projects; the county bears no liability.
The Ottawa County Board of Commissioners voted to approve a project plan authorizing the Ottawa County Economic Development Corporation to issue revenue bonds of up to $10,000,000 for Hope College.
Craig Hammond of Dickinson Wright, appearing as bond counsel, told the board the bonds would be limited obligations of the EDC and payable solely from loan payments made by Hope College, not the county. "These bonds are not an obligation of the county in any way," Hammond said, explaining the structure allows the college to access tax‑exempt financing through the EDC and thereby secure a lower interest rate.
The hearing focused on the financing mechanics and the timetable: Hammond said the EDC will privately place the bonds with PNC Bank and the EDC will adopt its own resolution before closing, expected before year‑end. Chair (speaker 1) asked explicitly whether there is any fiscal liability to the county; Hammond replied, "No. There's none." Commissioners then closed the public hearing and took a roll‑call vote approving the resolution.
Why it matters: the financing lets Hope College refinance previous campus debt and potentially fund further capital projects in Holland without creating county debt service obligations. The board recorded the roll call in open session and approved the project plan following the required public‑hearing step under the EDC statute.
The next procedural step is for the EDC to adopt its resolution and proceed with the private placement; county staff said closing is expected before the end of the year.
