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First thing is, if the bonds pass, we'll owe $60 million,
right? We will. The paper says, the notice in the paper
says, that the taxes will be levied. I'm not well organized,
the taxes shall be levied, I hope you saw that. It was in
the Mooresville paper and it was in the Statesville paper.
A tax will be levied to pay the principal and the interest
on the bonds. There is no way under the sun that Iredell
Memorial and Lowrance Hospital can pay these bonds legally.
The bonds are going to be paid by the county. The taxes are
going to be levied; anybody wants to see this, here it is.
It was in the Mooresville paper and it was in the Statesville
Record & Landmark, and that makes it official.
The bonds pass, we owe $60 million, We admit that's
right. How are we going to pay it back? Taxes. That's
what's legally required,
The hospitals say that they are going to pay it back
through increased profits, and they admit that they have
to double the room rates or the hospital charges over the
next five years. They both admit that they have to have
an increase of 14% a year, 13% or 14% a year each year
for five years. Use the old banker's rule of thumb --
14 into 70 is 5, so the rates will double in five years.
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