The Rochester City Council will be asked Monday to approve the issuance of general obligation revenue bonds for work tied to Mayo Clinic\u2019s $5 billion <\/p>\n
“Bold. Forward. Unbound. in Rochester”<\/a><\/p>\n expansion plan.<\/p>\n The city\u2019s issuance bonds allow the healthcare provider to borrow tax-exempt funds for the project, but it does not place financial obligations on the city.<\/p>\n \u201cThese private entities cannot issue their own tax-exempt debt to finance their projects; rather, such tax-exempt debt must be issued by state or local government entities, like<\/p>\n Rochester,\u201d Jenny Boulton, the city\u2019s bond counsel, wrote in a memo sent to the City Council ahead of Monday\u2019s meeting. \u201cConduit bonds allow a municipality to achieve a public purpose. In this case, by assisting in the financing for improvements to healthcare facilities.\u201d<\/p>\n The bonds will be sold to buyers with the intent to accrue up to $750 million in funds that will be paid back in the designated period for the bonds.<\/p>\n While the city acts as the conduit for the sale, it has no obligation to make the related payments on the debt accrued by Mayo Clinic.<\/p>\n The bond documents will require Mayo Clinic to make payments directly to buyers, and buyers will have no right to compel the city to pay for the bonds. The sale also will not impact the city\u2019s credit rating or debt limit.<\/p>\n It\u2019s not the first time Mayo Clinic has sought city support for financing projects.<\/p>\n The city has assisted the Mayo Clinic with similar conduit financing at least 12 times since 2000 in amounts ranging from $50 million to $500 million, for a total of approximately $3 billion, according to <\/p>\n a report prepared by Rochester Finance Director Brian Anderson.\u00a0<\/a><\/p>\n The most recent City Council support for Mayo Clinic bonds was for <\/p>\n up to $500 million in early 2025,<\/a><\/p>\n as the \u201cBold. Forward. Unbound.\u201d effort was getting underway.<\/p>\n Before the City Council is asked to approve the issuance of new bonds on Monday, it will hold a public hearing during its 6 p.m. meeting in council chambers of the city-county Government Center. The hearing is intended to receive comments related to the request.<\/p>\n Upcoming meetings<\/p>\n Meetings scheduled to be held during the week of March 16 include:<\/p>\n Rochester Olmsted County Rochester Public Schools <\/p>\n <\/a><\/p>\n Randy Petersen joined the Post Bulletin in 2014 and became the local government reporter in 2017. An Elkton native, he’s worked for a variety of Midwest papers as reporter, photographer and editor since graduating from Winona State University in 1996. Readers can reach Randy at 507-285-7709 or rpetersen@postbulletin.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"ROCHESTER \u2014 Mayo Clinic is seeking city support with plans to issue $750 million of bonds in April.…\n","protected":false},"author":2,"featured_media":341588,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[163,521,85,46],"class_list":["post-341587","post","type-post","status-publish","format-standard","has-post-thumbnail","category-healthcare","tag-health","tag-healthcare","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/341587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=341587"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/341587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/341588"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=341587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=341587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=341587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\u2022 Police Civil Service Commission, 3 p.m. Thursday in room 164 of the Development Services and Infrastructure Center, 4001 West River Parkway NW.
\u2022 City Council, 6 p.m. Monday in council chambers of the city-county Government Center, 151 Fourth St. SE. The meeting will livestream on the city\u2019s YouTube channel<\/a>, and be available on Spectrum cable channel 180 or 188.
\u2022 Police Policy Oversight Commission, 3:30 p.m. Tuesday in room 164B of the Development Services and Infrastructure Center.
\u2022 Library Board, 4:30 p.m. Wednesday in the auditorium of the Rochester Public Library, 101 Second St. SE.<\/p>\n
\u2022 Physical Development Committee, 1 p.m. Tuesday in conference room 1 of the Government Center.
\u2022 Health, Housing and Human Services Committee, 2:30 p.m. Tuesday in conference room 2 of the Government Center.
\u2022 Administrative Committee, 4 p.m. Tuesday in conference room 1 of the Government Center.
\u2022 Board of County Commissioners, 6 p.m. Tuesday in the board chambers of the Government Center.<\/p>\n
\u2022 School Board, 5:30 p.m. Tuesday in the boardroom of the Edison Building, 615 Seventh St. SW.<\/p>\n![\"Randy](\"https:\/\/cdn.forumcomm.com\/dims4\/default\/fa7fefe\/2147483647\/strip\/true\/crop\/3643x3643+1077+0\/resize\/100x100!\/quality\/90\/?url=https%3A%2F%2Fforum-communications-production-web.s3.us-west-2.amazonaws.com%2Fbrightspot%2F9a%2Ffc%2F3fbaaa6e4a7ebfed83528a7d24ce%2F040522-randy-petersen-04533.jpg\")
<\/p>\n