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Council approves issuance of bonds for hospital project

By Greg Bebermeyer and Heidi Wolfgang

02/17/2023

Seneca City Hall

(KMZA)--The Seneca City Council Wednesday evening approved a resolution determining the advisability of issuing nearly $2.9 million in hospital revenue bonds to help fund an expansion and renovation project planned by Nemaha Valley Community Hospital.

The action followed a hearing drawing no public comment.

The hospital plans to use USDA Rural Development financing for a majority of the project.

Some of the project's funding, which totals nearly $33 million, will be used to refund more than $6.3 million of outstanding hospital revenue bonds issued in 2008 and 2015.

Hospital CEO Kiley Floyd said they hope to break ground by the end of April. She said construction is anticipated to take 24 months and will be done in three phases so at no time is any one department completely shut down.

The hospital last November requested the city issue hospital revenue bonds for the project.

Unlike a general obligation bond, the city would have no liability for the hospital revenue bond issue and it won't count against the city's debt limit.

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