Hospital refinancing plan gets city, county approval

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By Reed Anfinson
Swift County Monitor-News

Refinancing of Swift County-Benson Health Services debt to potentially save it $300,000 annually in interest payments took a step forward Monday night during a joint meeting of the Benson City Council, Swift County Board of Commissioners and SCBHS governing board.

While those annual savings would go down as debt is paid off, it is also estimated that over the life of the debt close to $5 million would be saved.

In all, SCBHS has $17.142 million in debt on its books. It was proposing to refinance $9.277 million of that debt that currently has interest rates ranging from 5.49 percent to 6.24 percent with city and county help. It would leave $7.915 million in debt with interest rates ranging from 2.0 percent to 4.2 percent in place.

It was a cumbersome meeting with each board meeting separately and many of those participating calling in to the meeting to comply with the requirement to social distance in recognition of the coronavirus pandemic...


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