The Union Recorder

Local News

March 1, 2013

ORMC agreement closer to vote

MILLEDGEVILLE — During Thursday's work session, Oconee Regional Medical Center CEO Jean Aycock requested that the Baldwin County Commissioners place the resolution supporting borrowing of up to $30 million to refinance existing bond debt and provide new monies on the next regular meeting agenda March 5.

Operating through the Georgia Hospital Authorities Law, ORMC asked for a county ad valorem tax pledge not to exceed 3 mills for 15 years. The hospital would like to report progress to bond holders by March 7.

Hospital representation will send a working intergovernmental agreement draft to county attorney David McRee by Monday.

The current bond interest rate is 5.34 percent. ORMC estimates the county tax pledge would drop the rate up to 2 percent, saving the hospital between $300,000 and $400,000 a year.

“We need to borrow your power to reduce this interest rate,” Aycock said.

The net proceeds would be used to call and redeem $24.7 million worth of bonds, pay off a $810,000 BB&T note and fund the acquisition of $4 million in hardware and software upgrades required by the HITECH Act. 

“We will use those savings to help offset the millions of dollars in charity and indigent care being provided to Baldwin County citizens,” the ORMC CEO said. “We do not want any money from the tax payers of this county, but we do need assistance with finding solutions for the escalating free care that we are providing for this community.”

ORMC provided $3.6 million of charity and indigent care costs for Baldwin County residents in fiscal year 2012 and wrote off $5.6 million of bad debts for citizens.

This free care has overwhelmed the staff. Savings are a positive step towards addressing this issue.

“It's our vital responsibility to do everything we can as elected officials to make sure that she can service our county,” Henry Craig, District 4, said. “To a large degree the savings she's talking about will go to underfunded indigent care that is vital to our community. If we don't help, who is?”

Text Only
Local News
Poll
AP Video
Renewed Violence Taking Toll on Gaza Residents 2 Americans Detained in North Korea Seek Help US Employers Add 209K Jobs, Rate 6.2 Pct House GOP Optimistic About New Border Bill Gaza Truce Unravels; Israel, Hamas Trade Blame Raw: Tunisia Closes Borders With Libya Four Rescued From Crashed Plane Couple Channel Grief Into Soldiers' Retreat WWI Aviation Still Alive at Aerodrome in NY Raw: Rescuers at Taiwan Explosion Scene Raw: Woman Who Faced Death Over Faith in N.H. Clinton Before 9-11: Could Have Killed Bin Laden Netanyahu Vows to Destroy Hamas Tunnels Obama Slams Republicans Over Lawsuit House Leaders Trade Blame for Inaction
Facebook
Twitter Updates
Follow us on twitter
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Stocks
NDN Video
Under Armour Launches Biggest Women's Campaign with Inspiring Ad NYPD chokehold death of Eric Garner was homicide: medical examiner Christina Aguilera Pulls a Demi Moore! Man with no arms throws first pitch Chapter Two: Composing for a film in retirement Is Justin Bieber Dating a Model? Guardians of the Galaxy (Trailer) 'Sharknado 2:' Hottest Memes Surfing The Net Snoop Dogg Narrating Animal Footage Is Perfect Raw: Obama Gets Hug From Special Olympian Recapping a Blockbuster MLB Trade Deadline Tigers Acquire David Price - @TheBuzzeronFOX Russell Brand Slams Sean Hannity Over Gaza Conflict Segment Woman's Dive Goes Terribly Wrong Brian Williams Reports on Daughter Allison Williams' 'Peter Pan' Casting News Did Jimmy Fallon Look Up Heidi Klum's Dress? What Drama? Miranda Kerr Poses Topless Plane crashes in San Diego Costco parking lot Justin Bieber Takes To Instagram To Diss Orlando Bloom You Won't Believe the Celeb Cameos in "Sharknado 2"