Sunday, 26 January 2020
Login |  Register 
 
Find Products or Services in your local community
 
MSC News National Headlines U.S Health Tech Talk World Business Sports Top Headlines
Falls City Hospital Refinancing $16-Million in Bonds
11/16/2015

(KLZA)-- The Falls City Council approved an ordinance Monday night to aid Community Medical Center in refinancing about $16-million in bonds on the new hospital.

Hospital CEO Ryan Larsen told the Council that in six years the hospital has paid the bonds down from $18-million to $16-million. Refinancing is expected to cut the interest rate in about half and save a projected $8-million. The savings would then be used to help the hospital expand service and facilities. 

The re-issued bonds would be paid off in 15 years.   

Mike Rogers, Bond Council with Gilmore and Bell who is working with the hospital explains anytime tax exempt financing is done with a 501C3 entity, in order for the interest to be tax exempt, it needs to be done by a governmental entity. 

Rogers reiterated that there is no financial risk to the City.  

American National Bank of Omaha will do the financing.

The bank can only look to the hospital for repayment. The cities taxing power and credit are at no risk. The City only serves as the issuer of the financing to designate the bonds as bank qualified which creates an even lower interest rate for the hospital.

The Council voted to waive the three reading rule and passed the ordinance on final reading Monday night.  

At a later point there will be a public comment period for the public to express their opinion.  

 

© Many Signals Communications
You will need to be logged in to leave a comment.
Please Login

characters left

The posting of advertisements, profanity, or personal attacks is prohibited.
Click here to review our Terms of Use.


RELATED STORIES
Falls City Council denies truck parking request
Falls City Council organizes for 2020
Falls City making progress on nuisance properties
Neighbors bring complaints to City Council
Falls City Council updated on park projects
CMC in Falls City to stop delivering babies
Falls City utility rate increases gain first round approval
Nuisance property demo projects approved
New Falls City Council member appointed
Tree trimming contract approved
Click Here For All Stories

MOST VIEWED STORIES
Suspects in fatal Doniphan Co fight bound over
Woman dies after car crashes into creek
Hiawatha man arrested on drug charges
Seneca woman arrested on drug charges
Safety cited for Oak Hill changes
One dead after explosion, fire, at Vermillion home
Woman detective a first for Atchison
Mall removal approved for Atchison
More scams circulating locally
Woman injured in Pott Co rollover wreck
Signage would recognize Hiawatha native
Brown County road closure
Falls City Council denies truck parking request
District 56 hires Transportation Director
Hospital to refinance bonds
USD 115 board hears wrestling survey results
Awards presented during annual EDGE banquet
County approves purchase of motor graders
Economic development group purchasing land in Falls City
Seneca City Administrator taking on extra duties

Click Here For All Stories


LATEST STORIES
Holton man arrested on meth distribution charges
One dead after explosion, fire, at Vermillion home
Missouri Nitrogen Studies
Social Security Launches New Campaign to Fight Scammers
Feeding Our Future
Planning Now for Gardens and Food Preservation
Beef on Dairy?
Seneca City Administrator taking on extra duties
Women in Agriculture “The Heart of the Farm” Event
MO interstate closure delayed by weather
Click Here For All Stories

©2020 MSC News
Hiawatha, Ks 66434
EEO Public Report
KNZA - KLZA - KMZA - KTNC - KAIR
Powered by Radio Media Group
173.245.54.49