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when we did our last feasibility study. Last week New
Hanover County, North Carolina, issued general obligation
bonds for less than 9%. $14,050,000 is what we want
to borrow. We will contribute $6 million from the hospital
operation. This is $2 million that we currently have in
reserve. We have $2 million in reserves. $3 million
will be made between now and 1986 to contribute to this
project to reduce the amount that has to be borrowed. $1
million will be provided by private foundation, The remainder
is interest earned during construction. And as you will
note, we did base this on 12% interest, and we hope that
by the time the bonds are authorized . . . will give us a
better figure than that,
This is the chart that I refer to as the mortgage
chart. I bought my home for $42,000 and then I signed a
paper to pay back $120,000. This is the . . . based on
127 interest we will have to pay back over twenty years
and six months, $39 million.
The firm of Cherry, Beckard and Holland, Mr. Comer,
told me tonight that he had calculated tonight that based
on a 9% interest rate, the payback would be $2 to $2k
million less. So you can see that we do need to be in
mox 25 PAS X311