$16,270,000
The County of Chippewa (MI) Hospital Finance Authority
Hospital Revenue Bonds, Series 1997A
Hospital Revenue Refunding Bonds, Series 1997B
November 1997

First River Advisory collaborated with a regional investment banking firm to jointly serve this client.  The primary objective was to accomplish a refinancing of the Hospital's FHA-insured mortgage loan and advance refunding of its associated bond issue.  First River Advisory's most notable achievement in connection with this transaction was the leadership role in drafting the presentation to Standard & Poor's which resulted in a "BBB" rating, a remarkable accomplishment for a smaller hospital.  Mr. Aronson also prepared the initial drafts of legal documents, resolved provisions of the Hospital's lease that were incompatible with the security structure for the bonds, and orchestrated the mechanics of prepaying the FHA-insured loan and releasing the security therefor.

References:
Dave Recupero, former Chief Financial Officer
  (641) 684-2585
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