MRH utilizing city bonds to save millions in interest

Mary Rutan Hospital is moving ahead with a municipal bond issue to finance the remaining portion of the $25 million Mary Rutan Hospital Health Center.

MRH Health Center

Work continues today at the site of Mary Rutan Hospital’s new health center at the intersection of U.S. routes 33 and 68. The hospital was granted city approval to seek up to $12 million in municipal bond financing for the project during the Tuesday evening Bellefontaine City Council meeting. (EXAMINER PHOTO | MANDY LOEHR)

MRH President and CEO Mandy Goble told members of the Bellefontaine City Council the center is on schedule for a February completion, but acquisition and installation of equipment remains.

Bond counsel Marc Kamer said the bond request is for $12 million, but the actual amount will be closer to $11 million.

As in past bonds through the city, MRH will be solely responsible for the debt. Kamer said there is no financial risk for the city nor will it hurt Bellefontaine’s bond rating.

“This will enable the hospital to save money on interest expenses and put that money toward its core mission of health care,” Kamer said.

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