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Bond proceeds provided for construction of a new healthcare building to house 84 assisted living units, 20 of which will be designated as memory care units. In addition, proceeds financed existing bank debt in the amount of approximately $10.8 million.
The transaction was structured as a fixed rate Limited Public Offering; $42,800,000 in tax-exempt bonds with a maturity of October 1, 2054 and $2,900,000 in taxable bonds with a maturity of October 1, 2028.
For further information, search EMMA for this issue.