The Development Authority of the City of Dalton on Wednesday agreed to issue up to $125 million in bonds for Hamilton Health Care System.
Hamilton Vice President and Chief Financial Officer Gary L. Howard said about $20 million of the bonds will be used for renovations and improvements at Hamilton Medical Center’s cardiac and radiation pavilions, medical intensive care pavilion and neonatal intensive care pavilion.
Howard said the changes will improve the quality of service at Hamilton. For instance, the renovations of the intensive care pavilion will increase both the number and size of the rooms, as well as increasing the size of the family waiting area.
The rest of the money, he said, will be used to restructure Hamilton’s existing debt.
“With interest rates as low as they are now, this is a prime opportunity to restructure that debt,” he said.
Howard said the bonds could save Hamilton about $400,000 in debt payments.
Hamilton currently has about $130 million in outstanding debt. After these new bonds are issued it will have about $149 million in outstanding debt.
City Attorney Jim Bisson said Hamilton is responsible for repaying the bonds and the city and its taxpayers will take on no financial obligations to repay them.
The authority will vote on Nov. 1 to set the rates for the bonds.
Local News
October 18, 2012
Development authority agrees to issue bonds for Hamilton
- Local News
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Still missing: Riders detour to visit with mother of MIA Vietnam vet
Karoni Forrester, of Texas, with the National League of POW/MIA Families, left, speaks with Christine Jones, whose son Bobby, a soldier in the Vietnam War, is still classified as MIA, on Tuesday. (Misty Watson/The Daily Citizen)
At 96-and-a-half years old, Christine Jones still remembers well that day in 1972 when she learned her son was missing in action.
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