Mahoning commissioners OK Mercy Health bonds

YOUNGSTOWN

The Mahoning County commissioners this morning cleared Allen County to issue hospital facilities revenue bonds to Mercy Health.

The commissioners had to approve the issuance of the bonds because Mercy Health plans to spend some of the tax-exempt bond proceeds on its facilities in Mahoning County.

Diana Vicen, an attorney serving as bond counsel for Mercy Health, said the company plans to take out $200 million in new money and to refinance some additional bonds. The money would be spent within a three-year period.

The bonds are backed by Mercy Health’s profits, and no Mahoning County taxpayer funding is involved.

A representative for Mercy Health could not identify any specific spending that would take place in Mahoning County at this time. It could include minor things like equipment upgrades, Vicen said.