The board of directors of Marion County Hospital District No. 1 took the next step Oct. 27 to secure funding for hospital renovations and additions.
Publication of a resolution that authorizes the board to seek up to $6 million in hospital revenue bonds is published elsewhere in this newspaper.
“There could be things that potentially could hang it up,” Chief Executive Officer Jeremy Armstrong said, “but this gives the board authority to move forward.”
If at least 5 percent of the taxpayers within the hospital district oppose this project, they have 20 days from Nov. 11, the second publication date of the resolution, to protest. If that should occur, the board would be required to hold an election within 90 days after the last publication.
If no sufficient petition is filed with the board within the required period of time, the revenue bonds could be issued.
Hospital officials will finish the preliminary official statement. When completed, it will be sent to a rating agency for review and a bond rating will be set, determining the interest rate.
A rough draft of the official statement has already been sent to the district’s financial adviser, Armstrong said. Final revisions should be completed by the end of November. Information will be verified by an independent firm.
The rating agency will probably take another 30 days, Armstrong said.
The board also reviewed and approved the 2010 management action plan and had a 15-minute executive session to discuss non-elected personnel with no action upon return to open session.
The next regular meeting of the board will be at 7 p.m. Nov. 17 in the clinic basement.