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the construction, for a total of $1.946 million in
hospital resources.
The total bond issue, including $14,050,000 for
Iredell Memorial Hospital and the $8.7 million for us, is
$22,750,000. The total payback for a twenty-year period
of $39 million for Iredell Memorial Hospital and $21
million for Lowrance Hospital.
The two hospitals will contract with the county to
pay back the principal and interest 100% from hospital
revenues. The cost at Lowrance, which will rise about
15% per year, are in line with past experience and
rates at the two county -owned hospitals, which have been
among the lowest in the country,are projected to be quite
reasonable in comparison with hospitals nationwide.
There should be, should not be any tax increase
in the future related to this bond issue. Taxes should
be increased only if the hospitals were not able to
pay the debt due to some unforeseen economic difficulty.
Our hospitals need these improvements in order to
continue to provide quality services which our citizens
and practicing physicans deserve and must have if we
are to remain a viable, healthy organization and rendering
good health care for their patients.
BOOR 25 PAGE 9119