County Board Approves Bond Resolution
February 26, 2020
Iron Mountain, MI - Wednesday, February 26, 2020 - At a special session of the Dickinson County Board of Commissioners meeting held today, the Board unanimously voted in favor of the Dickinson County Healthcare System (DCH) bond resolution 2020-5, approving the issuance of bonds by DCH and the transfer of real property from Dickinson County to DCH subject to escrow agreement for delivery of deed.
The referendum approval allows DCH to pursue a bond offering for the purpose of raising and not to exceed $32 million with no liability to Dickinson County. DCH will use the money to refinance approximately $15 million in outstanding debt. The remaining balance is allocated for equipment purchases as well as upgrades to the physical plant.
Equipment that will be purchased includes; Linear Accelerator, Magnetic Resonance Imaging (MRI) unit, CT and SPECT Scanners, and a variety of Information System (IS) projects. A new roof and other patient focused purchases will also be funded through the bond revenue.
“Although the USDA loan was DCH’s initial option, the USDA projected timeline to receive the loan dollars would not be realized until 2021, at the earliest. A bond offering allows us to restructure our debt and to provide new technology and equipment to remain a relevant resource for the community for years to come”, says Chuck Nelson, DCH President and CEO. “We are thankful to the County Board for their help and support.”