The financing agreement for a new medical office building at Windom Area Health in Minnesota was approved recently by the Windom City Council and the purchaser of the revenue bond marketed by the city was United Prairie Bank of Windom.
The loan principle will be for an amount of not more than $21,138,646 at an interest rate of 5.7%. The revenues of the hospital are intended to pay for the financing, and the package also includes a bond cash reserve of over $1.6 million which would cover payments for about a year should the hospital not fulfill its obligations, Windom News reports.
The vote for the approval was close, with one vote swinging the decision. Read more.
