Kent Approves Spectrum Bonds

May 2, 2005
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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.    

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