Commissioners OK bond issue to Mercy Health

Staff report

YOUNGSTOWN

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

The commissioners had to give their approval 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.

Mercy Health’s profits serve as backing for the bonds, and no Mahoning County taxpayer money 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 such as equipment upgrades, Vicen said.

The board also took initiative on two resolutions from the Mahoning County Engineer’s office.

The commissioners voted to reduce the speed limit on Mahoning Avenue between state Route 46 and Wilcox Road from 45 mph to 35 mph in accordance with a speed study.

They also voted to spend $330,813 on a backhoe, wheel loader and tandem roller.