FAIRFIELD — NorthBay Healthcare is getting help from Solano County in its quest for up to $60 million from the California Municipal Finance Authority.
The authority allows nonprofit groups to borrow money in a more affordable way than otherwise would be available. It also helps them refinance existing debt at lower interest rates, a NorthBay Healthcare press release said.
But NorthBay Healthcare needed approval from the county Board of Supervisors to seek this type of bond financing under Internal Revenue Service rules. The board on Tuesday adopted a resolution approving the move.
The bond will be payable solely from payments received by the California Municipal Finance Authority as called for in a loan agreement with NorthBay Healthcare, a county report said. The county will not incur debt, it said.
NorthBay Healthcare wants to use $28 million to refinance tax-exempt debt issued in 1998, a NorthBay press release said. It wants to use $30 million for new equipment, building renovations and tenant improvements in leased buildings.
Reach Barry Eberling at 427-6929 or email@example.com. Follow him on Twitter at www.twitter.com/beberlingdr.