Traverse County accepts bid to refund Nursing Home bonds, board cites 19.4% savings

Traverse County commissioners voted to accept the low bid from Robert W. Baird & Company, Inc., for the Nursing Home Revenue Refunding Bonds, Series 2012A, formalizing a refinancing plan the county’s finance adviser said will reduce borrowing costs substantially. Doug Green of Springsted, Inc., told the board the winning bid carried a rate of 2.2602% and that the refunding would produce overall savings of about 19.4%.

The board adopted a resolution to proceed and then accepted the Baird bid by motion, voting unanimously to approve the refunding. Green had presented the five bids the county received and reviewed the timing and steps required to close the refinancing. The board also authorized the chairman to sign related continuing disclosure and arbitrage monitoring agreements tied to the transaction.