Hospital Bond Refinancing Complete After Two Minor Changes

The hospital bond refinancing to is now complete.

At their work session Tuesday evening, the Franklin County Board of Commissioners approved two resolutions to tie up two minor issues.

The first issue had to do with a form required by the IRS, according to County Manager Beth Thomas.

“There is an IRS form in the Bond Resolution that has to be filed with the IRS and there is a box that has to be checked that states whether or not we have official policies and procedures that revolve around the compliance of continuing disclosures and other information,” she said.

Thomas said the resolution will now state that whoever is the county manager will act as the compliance officer to maintain all documents and monitor all requirements and training documents until the end of the bond.

The second issue had to do with a typo on the cover letter of the bond.

“The other vote would be to authorize the County Clerk to replace the cover page of the bond resolution. It lists the Bank of New York Mill and Trust Company and it should be U.S. National Bank. If you will make a motion to authorize her to change it in the minutes, then we will be done with the bond issue,” Thomas said.

At a called meeting on May 17th, the Board formally voted to approve the bond refinancing, lowering the interest rate from from 5.96% to 2.72%, which will save the County about $1.5 million a year.

Not only that, but the bond which would have been paid off in 2041, will now be paid off in 2035.

After hearing from Thomas last night, the Board unanimously approved both items in separate votes.