Stephens Co. Hospital Signs Bond Resolution

Stephens County Hospital Authority signs a bond resolution yesterday. The two bond issues include a nine and a half million dollar tax exempt bond, and a taxable five and a half million dollar bond for a total of fifteen million.

Stephens County Hospital Administrator Lynne Anderson explained.

“The Hospital Authority had been planning to issue some bonds that would give us some funds to do capitol improvements, and also pay back the five million dollar loan that we got last month backed by Stephens County,” said Anderson.

Anderson said the addition of these bonds will allow the hospital to pay off bonds from the past and move forward with hospital improvements.

“For those that are familiar with the hospital, we have received bonds in the past, most recently in 2006 and 2010. We have paid off our 2010 bonds, and with this new bond issue we will be able to pay off our 2006 bonds (about 3.8 million)and that will give us some dollars to go forward and do some things with capitol improvement and building restoration that we need to do,” said Anderson.

Other than the repayment of five million dollars for last month’s short term loan, Anderson tells WNEG News what some of the improvements the bond money will be used.

“We will spend approximately a million on IT development, our systems are outdated and we need to bring those much more current,” said Anderson. “We will use it for clinical equipment because it is important to keep that equipment as new as we can.”

In addition, Anderson said some of the bond money will be used toward building improvements.

“Our building is 50-years-old, we need new air handlers, new roofing, and we need medical office space for our physician employees,” said Anderson.

The issued bonds will be backed by Stephens County and the expected closing is June 7.