Stewart may help GRHS with ‘conduit’ bonds
The city of Stewart may be a “conduit” for issuing bonds for Glencoe Regional Health Services (GRHS) long-term care project.
At its meeting Monday night, the City Council heard a proposal to issue conduit bonds to help GRHS fund its major renovation of its long-term care facility.
According to John Doidge of GRHS, the health-care provider is talking to the city councils in Plato, Stewart and Lester Prairie about possibly helping with the conduit bonds for the project. Each of this communities has a GRHS satellite clinic.
A financial consultant for GRHS said conduit bonds are unique. Unlike issuing general obligation bonds, the city of Stewart would not be ultimately responsible for the debt payments on the bond if, for some reason, the project failed or GRHS could not make payments.
See the full story in the Feb. 15 edition of The McLeod County Chronicle.