FAME approves $97.3 million in bond financing
The board of directors of the Finance Authority of Maine has approved $97.3 million in bond financing for two Maine schools and two health care companies.
Here’s how the financing will be allocated:
Husson University, a private college located in Bangor, $10.3 million in financing to refinance a portion of the costs of construction of student apartments, replacement of a maintenance facility, and renovation of certain residence halls.
Thornton Academy, a private elementary and secondary school in Saco, $23.5 million to finance and refinance the costs of certain capital improvement projects, including the acquisition of land for construction of new dormitories and business offices, and renovations to existing facilities, including classrooms, a gymnasium, a cafeteria, and athletic fields.
MaineHealth, a nonprofit health care company that owns Maine Medical Center and a variety of other hospitals and medical service providers throughout the state, $61 million in financing to help with costs associated with completion of an electronic medical records system.
LifeFlight of Maine, which provides critical care transport and training statewide, was approved for $2.5 million to finance a portion of purchasing, medically reconfiguring, upgrading, and equipping a new helicopter. The company also will use the financing to upgrade its facilities at Sanford, Auburn and Rockland and miscellaneous other projects.
“We are grateful for FAME’s assistance on this important project,” said Thomas Judge, executive director of LifeFlight. “As a private nonprofit charity with a distinctly public mission, this financing is essential to helping us better serve the people of Maine.”
FAME’s Revenue Obligations Securities Program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state.FAME acts as a conduit for borrowers in order to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs.
Financing was approved at the board’s Jan. 19 meeting.
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