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aoaH 25 PA, -A94
with the promises the hospitals will make. I can't
imagine what it must be like to be a citizen in Iredell
County and be faced with this issue based on the information
you have been given tonight. I want to try to present just
a few facts, and I will keep it brief.
On the question of whether or not taxes have to be
levied, you don't have to believe any of us. Mr. J. D.
Foust, of the Local Government Commission in Raleigh, will
be glad to answer your questions. I have his phone number
if you would like to have it. You certainly will not have
to pay taxes and pay increased hospital costs. It's either
one or the other.
And I certainly cannot promise you that through some
unforeseen circumstances that taxes won't ever have to be
used, but we've had three studies done by the national
accounting firm of Ernst and Whinney that show that this
should not be necessary, that the hospital can with
reasonable competitive rates pay off the total principal
and interest within twenty years. We can't pay as we go.
You can't build a third of a new building. We can't continue
to make $2 million a year if we don't have as a purpose for
it this project. If we decide not to carry through this
project, or if the vote of the taxpayers, if they get an
opportunity to vote on it is no, our rates have to do down.