Bond Series: 2014 Series A
Closed: December 17, 2014
Bond Size: $20,840,000
Credit Rating: Not Rated
Credit Enhancement: None
Interest Rate: Tax-exempt variable rate, 70% of LIBOR + 123 Basis Points
Final Maturity: 2036
Purpose: The bonds will be used to fund: i) the renovation of Gifford Medical Center space into 25 single-occupancy rooms, a birthing center, an inpatient physical therapy gym and a common nurse’s station; ii) refund its 2010 Series A bonds; and iii) pay for issuance costs related to the financing.
Project Benefit: The project enables Gifford to maintain access to needed skilled nursing facility beds as well as inpatient acute care beds. Gifford intends to maintain current services and programs. Single occupancy rooms are now considered best practice, and their use is expected to result in improved quality of care and increased patient satisfaction.
Economic Benefits: The savings from the refunding of the 2010 Series A bonds will pay for the debt service for the new money component of the financing.