$60-Million Borrowing Plan
Sun February 12, 2012
DMC Board Could Help Hospital
The Des Moines County Board of Supervisors appears willing to help one of the county’s largest employers.
Representatives of Great River Medical Center have approached the county about issuing $60-million in bonds on the hospital’s behalf.
The money being borrowed would be split between the construction of a new building and to refinance some of the hospital’s previous debt.
The Klein Center nursing facility will have about 160 bed, which is an increase compared to the current structure.
Board Chairman Tom Broeker says the more he has learned about the proposal, the more he supports it.
“There is essentially no risk to Des Moines County,” says Broeker, “and it keeps $1-million in the county rather than sending it to Washington D.C. I don’t see a downside to that.”
Broeker says the $1-million he talks about comes from the reduced interest rates the hospital would receive by going through the county.
Great River Medical Center would be solely responsible for the payments.
The Klein Center is expected to be completed next spring.
A public hearing on the proposal is scheduled for Tuesday, February 21.