Dutchess County Local Development, N.Y., offers $55.73 million bonds for HealthQuest Systems

By Sheri Kasprzak

New York, Nov. 15 - The Dutchess County Local Development Corp. of New York plans to sell $55.725 million of series 2010 revenue bonds for HealthQuest Systems Inc., according to a preliminary official statement.

The offering includes $35.44 million of series 2010A bonds and $20.285 million of series 2010B taxable bonds.

The 2010A bonds are due 2011 to 2023 with term bonds due 2025, 2030 and 2040. The 2010B bonds are due 2011 to 2020.

The bonds (A3/A-/) will be sold through senior manager Bank of America Merrill Lynch.

Proceeds will be used to pay for costs associated with constructing, expanding and equipping HealthQuest facilities, as well as to refund the corporation's series 2004 bonds.

The district, which is based in Poughkeepsie, N.Y., funds economic development and public service projects. HealthQuest, based in Poughkeepsie, operates the Vassar Brothers Hospital.

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