Hospital Bonds Okayed

May 25, 2007
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GRAND RAPIDS — Kent County commissioners authorized the Kent Hospital Finance Authority to issue up to a $470 million bond package on behalf of Spectrum Health last week.

Spectrum Health will use the bond proceeds for a variety of purposes. Funding for the new Helen DeVos Children’s Hospital is expected to come from those receipts, as is the refinancing of two previous bonds. One of those bonds, issued in 1998, helped renovate UnitedMemorialHospital in Greenville, so MontcalmCounty commissioners also have to approve the latest package.

“In this case, we’re not on the hook at all. It’s the hospital,” sad Commission Vice Chairman Richard Vander Molen of the county’s financial liability for the bonds.

Commissioners also authorized a summer property tax levy of 4.2803 mills last week, a lower rate than the county can legally assess. Revenue from the property tax goes into the county’s general operating fund.    

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