The Quincy Finance Committee approved a request by Good Samaritan Home to refinance a $12 million bond it took out in 2009 to help fund its expansion.
The home used the city’s bonding authority to finance the construction of the Anna Brown Unit, office space and the parking lot. The bond was originally for $12 million, and $8 million is being refinanced.
City Comptroller Ann Scott said since the bond is being refinanced, it should not affect the city’s $10 million bond limit that it has available to non-profits. The city will receive a $10,000 fee for Good Samaritan Home’s use of the bonding authority.
This is similar to a refinancing plan approved last year for Quincy University. Aldermen voted in 2007 to allow QU to issue up to $14 million in bonds to refinance two $7 million bonds issued in 1997 and 2001.
In other business, the committee recommended that it accept the bid of $11,643 from Area Distributors for janitorial supplies.