Kent Approves Spectrum Bonds
GRAND RAPIDS — Kent County commissioners agreed last week to let the Kent Hospital Finance Authority issue bonds worth up to $255 million and then loan the proceeds to Spectrum Health, the region’s largest health-care provider.
Spectrum Health will use the proceeds from the tax-free revenue bonds to refinance a portion of its debt and to make improvements to a number of its facilities, including the Spectrum Butterworth and Spectrum Blodgett campuses.
The bonds issuance will not constitute a general obligation or debt for the county.
At the same time, commissioners approved a one-year agreement with DeVos Children’s Hospital to provide medical care for inmates at the county’s juvenile detention center. The hospital, part of Spectrum Health, will provide that care for $40,000, money that will come from the center’s operating budget.