IRON MOUNTAIN — The Dickinson County Board on Wednesday will consider a request from Dickinson County Healthcare System to issue $31.7 million in revenue bonds.

The meeting will be at 8 a.m. in the conference room of the correctional center, Commissioner Joe Stevens said at Monday’s regular county board session. Although the hospital had requested a decision as soon as possible, time is needed to allow for a legal review, he explained.

The DCHS Board authorized the financing plan Thursday. A primary concern is nearly $10 million owed to Fifth Third Bank, with a ballon payment due March 30. Besides refinancing debt, the hospital would use the bond proceeds to acquire new equipment, upgrade information systems and make facility improvements.

The borrowing places no direct obligation on taxpayers. The county, however, will be asked to give up the deed to its hospital property on U.S. 2.

If approved, the property will be placed in the name of DCHS once the bonds are sold. The deed would be held in escrow in the meantime.

A similar action was authorized as part of DCHS’s application in August for a $25.65 million loan through U.S. Department of Agriculture Rural Development. Unable to wait for a decision on the federal borrowing, DCHS has decided to press forward on issuing revenue bonds.

The USDA application will be withdrawn if the new financing succeeds.