MONROE - At a meeting Tuesday, the Redevelopment Authority Board of Commissioners approve participation for Monroe Clinic financing and authorize Chairperson Paul Sniff to sign engagement letter. According to City Attorney Rex Ewald, the letter only "moves the idea forward" for the city to lend its status as a municipality to the clinic for borrowing transactions, and gives the clinic the ability to market revenue bonds tax-free.
The dollar amount being put out for bonds is not set, but will be about $65 million, said Ewald. How much the city will be helping sponsor is unknown yet. Responsibility for all costs associated with the transactions and program remains with the clinic.
Ewald said the agreement does not put city funds at risk.
Approval of a resolution for the city's participation in the sponsorship agreement must go through Common Council, Oct. 14.
Other members present at the meeting were Vice-Chairperson William Bethke, Ron Marsh, and Keith Ingwell. Not present were Nate Klassy, Ron Spielman and John Frantz.
- Tere Dunlap
The dollar amount being put out for bonds is not set, but will be about $65 million, said Ewald. How much the city will be helping sponsor is unknown yet. Responsibility for all costs associated with the transactions and program remains with the clinic.
Ewald said the agreement does not put city funds at risk.
Approval of a resolution for the city's participation in the sponsorship agreement must go through Common Council, Oct. 14.
Other members present at the meeting were Vice-Chairperson William Bethke, Ron Marsh, and Keith Ingwell. Not present were Nate Klassy, Ron Spielman and John Frantz.
- Tere Dunlap