Trinity Health has received approval from the Ward County Commission to issue up to $380 million in bonds to finance a new hospital and medical park in southwestern Minot.
The County Commission in August also approved up to $63 million for Trinity Health to refinance existing long-term debt at a lower interest rate, and to cover preliminary construction costs.
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Trinity President and CEO John Kutch said the second bond issuance will be used in combination with operating funds and private philanthropy to finance construction of the health care complex.
"We're excited to take this important next step toward constructing an extraordinary facility that will serve our communities for decades to come," Kutch said. "We've worked hard over many months to achieve a design that is viable and sustainable, and yet represents the future of how patient-centered health care should be delivered."
The commission's approval allows Trinity Health to issue tax-exempt bonds, which are a less expensive way to finance projects.
Trinity Health hopes to issue bonds before the end of the year and start construction in the spring, the Minot Daily News reported.
The company said its schedule for issuance of bonds has been moved up because of tax reform proposals in Washington that could affect the hospital's ability to utilize tax-free bonds in the future.
Trinity Health had expected to issue the bonds in 2018, but representatives said there's a chance that the bonds could be issued before the end of this year.
Information from: Minot Daily News, http://www.minotdailynews.com