2006 Financings
A banner year for the Montana Facility Finance Authority - and for the people of Montana. During 2006, the Authority issued $171 million in tax-exempt bonds and other loans for 19 projects in the state.
A selection of photos and captions of various 2006 fundings is available in PDF format, and a complete list of financings for 2006 is available below.
The Authority once again received a clean audit from the Legislative Audit Division for our expertise in issuing tex-exempt bonds to fund effective healthcare and corrections facilities solutions - without requiring a single state tax dollar.
Highlights for the year include:
- Adding more than $91 million in new construction and facilities improvements for healthcare centers throughout the state.
- Improving access to state-of-the-art diagnotic services and helping local hospitals begin assessing future needs and planning upgrades through the Critical Access Hospital Program. In 2006, the MFFA board increased the grant money available to help Montana's 45 Critical Access Hospitals (CAHs) assess needs and develop upgrading plans.
- Issuing $14 million in tax-exempt bonds to build two stand-alone facilities, in Boulder and Lewistown, for methamphetamine treatment for state prisoners as a cost effective alternative to building additional prison facilities.
- Playing a pivotal role in enabling non-profit private and public institutions to reduce their debt service costs, making it possible for them to reinvest the savings into their institution's services and reduce cost to their patients.
- The Authority uses fees generated by individual bond offerings and loans to fund its operation, which means no state funds are required to run Authority programs.
Direct Loan Program
Loans up to $200,000 for five years from Authority funds for qualifying projects.
Butte, Silver Bow County
Region IV Family Outreach, Inc.: $90,386 loan
Refinance existing mortgage.
Interest Rate: 4.48% - Term: 5 years
Chester, Liberty County
Liberty County Hospital and Nursing Home: $42,179 loan.
Fire alarm system.
Interest Rate: 4.50% - Term: 5 years
Cut Bank, Glacier County
Northern Rockies Medical Center, Inc.: $30,575 loan.
Anesthesia equipment.
Interest Rate: 5.05% - Term: 5 years
Northern Rockies Medical Center, Inc.: $75,000 loan.
Endoscope equipment.
Interest Rate: 4.60% - Term: 3 years
Helena, Lewis & Clark County
Boyd Andrew Community Services: $200,000 loan.
Additional contruction expenses.
Interest Rate: 4.62% - Term: 5 years
Region IV Family Outreach, Inc.: $107,000 loan.
Purchase building for administrative offices.
Interest Rate: 4.88% - Term: 5 years
Red Lodge, Carbon County
Beartooth Hospital and Health Center: $11,150 loan.
Anesthesia machine.
Interest Rate: 4.48% - Term: 5 years
Equipment Revenue Note Program
Notes that are privately placed with investors.
Billings, Yellowstone County
Billings Clinic: $4,532,704 loan.
Purchase cath lab equipment, two CT scanners.
Interest Rate: 3.99% - Term: 5 years
Pricing: 12/01/2006
Master Loan Program
Provides access to the tax-exempt capital market at investment grade interest rates for smaller hospitals.
Havre, Hill County
Northern Montana Health Care: $6.67 million in bonds.
Refinance.
Interest Rate: 3.87% - Term: 10 years
Rating Aa3, A+/Baa3
Montana Capital Assistance Program
Grants up to $15,000 with a 20% cash match to small rural hospitals.
Circle, McCone County
McCone County Health Center: $15,000 grant: Facility Master Plan.
Culbertson, Roosevelt County
Culbertson Medical Center: $9,760 grant: Facility Master Plan.
Deer Lodge, Powell County
Powell County Medical Center: $11,040 grant: Facility Master Plan.
Roundup, Musselshell County
Roundup Memorial Hospital: $15,000 grant: Facility Master Plan.
Sheridan, Madison County
Ruby Valley Hospital: $2,400 grant: Scope of Services Review.
Stand Alone Bond Financing Program
Bond issue is structured for one borrower at a time.
Billings/Laurel, Yellowstone County
St. John's Lutheran Ministries: $30,100,000 in bonds.
Refinance, construction, remodel.
Interest Rate: 6.24% - Term: 20 years
Pricing: 7/20/2006. Rating: unrated.
Billings, Yellowstone County; Miles City, Custer County; Butte, Silver Bow County
Sisters of Charity of Leavenworth Health System: $35 million in bonds.
Finance/refinance, construction, renovation, remodel.
Interest Rate: Variable - Term: 20 years
Pricing: 3/6/2006. Rating: Aa2, AA, AA
Billings, Yellowstone County
Alternatives, Inc.: $7.9 million in bonds.
Purchase building, remodel.
Interest Rate: 4.94% - Term: 20 years
Pricing: 6/28/2006. Rating: AAA/A-/unrated
Boulder, Jefferson County
Boyd Andrew Community Services:$5 million in bonds.
Construction.
Interest Rate: 4.87% - Term: 20 years
Pricing: 7/27/2006. Rating: AAA/A-/unrated
Lewistown, Fergus County
Community Counseling and Correctional Services, Inc.:
$9.2 million in bonds.
Construction.
Interest Rate: 4.82% - Term: 20 years
Pricing: 7/27/2006. Rating: AAA/A-/unrated
Missoula, Missoula County; Polson, Lake County
Providence Health & Services: $68.4 million in bonds.
Refinance/refund.
Interest Rate: 4.65% - Term: 20 years
Pricing: 6/6/2006. Rating: AAA/Aaa/AA,Aa2
Trust Fund Loan Program
Short and long-term loans from the Permanent Coal Trust Fund.
Bozeman, Gallatin County
REACH, Inc.: $627,000 loan.
Contruction.
Interest Rate: 6.55% - Term: 20 years
Cut Bank, Glacier County
Glacier Community Health Center: $547,000 loan.
Construction, purchase, remodel.
Interest Rate: 6.86% - Term 20 years
Poplar/Wolf Point, Roosevelt County
Northeast Montana Health Services, Inc.: $678,309 loan.
CT scanner.
Interest Rate: 6.70% - Term: 5 years
Variable Rate Program
Bond issue with borrower interest rate changing monthly based upon weekly reset.
Bozeman, Gallatin County
Bozeman Deaconess Hospital: $6.1 million loan.
Capital equipment.
Interest Rate: Variable - Term: 5 years. Rating: AAA
