Iowa

After two auctions, Mercy Hospital, a nonprofit hospital in Iowa City, was sold, but bondholders' recovery will hinge on the Chapter 11 liquidation process.

A U.S. Bankruptcy Court hearing Monday will take up the university's winning bid for Mercy Hospital at last week's reopened auction.

The number of municipal bond delinquencies declined in the third quarter, despite some dramatic outliers that Moody's Investors Service characterized as idiosyncratic in a report released Monday.

A $25.5 million cash offer plus some equity was made to acquire Legacy Park, which was financed with $284 million of now-defaulted revenue bonds.

A referendum for up to $350 million of general obligation bonds for a terminal project will appear on the Nov. 7 ballot.

School districts and local governments may only hold bond elections once a year now, in November. They also face new state-imposed revenue limits.

The Des Moines Airport Authority wants to take advantage of Polk County's triple-A ratings to lower borrowing costs for a terminal project.

Mercy Hospital plans to sell facilities and other assets to the University of Iowa, which approved $20 million for the acquisition.

Major bondholder Preston Hollow and the trustee for $86 million of debt sold for Mercy Iowa City in 2011 and 2018 pointed to default events.

One of the largest P3s in the university energy space has landed in court three years into a 50-year contract.