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2010 Financings
In 2010, MFFA Empowered Borrowers To Help Meet Montana's Growing Health Care Needs Without Using State Tax Funds
New - Authority Review 2010
Dear Fellow Montanans:
We are pleased to report that in 2010 the Montana Facility Financing Authority (MFFA) used its expertise to take maximum advantage of an improving bond market to address Montana’s health care needs without using a single dollar of state tax funds.
We issued $349.4 million in tax-exempt bonds and $25.5 million in other loans to benefit projects in 13 locations in Montana. Proceeds are being used for new construction, facilities improvements and modernization or replacement of equipment.
This compares to $ 13.3 million in bonds and $1.05 in other loans in 2009.
Thanks to more stable market conditions following the national turmoil experienced in recent years, we were able to develop highly efficient bond issues that rewarded both borrowers and purchasers. The biggest beneficiaries of all were Montanans, who gained access to improved health care facilities and services without the need to spend state tax money to make them possible.
Among 2010 highlights were the issuing of:
Ø The largest tax-exempt revenue bond in the Authority’s 27-year history, a $216,415,000 hospital finance package – including over $100 million in new investments for Montana health care facilities;
Ø New Bank Qualified Tax-Exempt Bonds further solidifying our partnership with Montana’s banks and their borrowers; and
Ø Our first Build America Bond and our first HUD insured bond issue combined together to save the borrower millions in interest costs over the life of the bond .
We are very proud of 2010 results following the market challenges everyone faced in 2009. Special thanks go to our dedicated Board members, staff, borrowers and associates for their efforts to assure viable financing options whatever the market conditions. Working together, we again strengthened Montana’s vital health care infrastructure in 2010.
