In its second meeting, Lyon County’s Public Building Commission passed a resolution Wednesday to allow the board to issue revenue bonds up to $15 million.
The formation of a Public Building Commission allows the county-owned hospital to refinance bonds at Lyon County’s rate. In an earlier discussion, the move is anticipated to save more than $3 million over 10 years. In the PBC’s first meeting, Joe Norton of Gilmore and Bell said the county would serve as a “guarantor” of the debt. A reserve fund would be set up in case the hospital couldn’t pay its bond payment. If that happens, the PBC would tap into the reserve fund to make the payment.
According to an April article in the Gazette, the public building commission has the ability to issue debt. The public building commission, not the governing body, will hold the title to the hospital. The commission will then lease the hospital to the county and the county will sub-lease the property to Newman Regional Health.
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Posted by admireed (anonymous) on October 29, 2009 at 1:12 p.m. (Suggest removal)
Lyon County property owners, I think you just took on the guarantee of payment of this debt that used to be the debt of NRH only.
Posted by FarmRaised (anonymous) on October 29, 2009 at 1:45 p.m. (Suggest removal)
I missed the original article when it came out on the 15th. Could someone clue me in, please? When and who elected/appointed these 3 and when and why was the PBC formed?
According to the above article, "The formation of a Public Building Commission allows the county-owned hospital to refinance bonds at Lyon County’s rate. Is that the PBC's only reason for existence?
Wow. I really need to pay closer attention.
Posted by FarmRaised (anonymous) on October 29, 2009 at 4 p.m. (Suggest removal)
Anyone?
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