The Union Recorder


September 26, 2012

ORMC loan co-sign still a work in progress


A proposal outline requesting hospital debt restructuring support from Baldwin County moved discussions in Tuesday’s Revenue, Finance and Budgets Committee meeting. 

Oconee Regional Medical Center (ORMC) representatives met with county officials and visitors from the Carl Vinson Institute of Government (CVIOG) concerning the hospital’s ad valorem tax pledge request that the county provide yearly mill collateral to reduce the interest payments on the facility’s $24.7 million bond debt.

In the last gathering, the county didn’t want to commit a tax levy for the entire 16-year life of the existing bonds. They wanted protection mechanisms in place in the event the hospital couldn’t successfully climb out of debt.

Board member District 3 Sammy Hall is the most vocal about the situation and the county’s hesitancy. At the request of the county, ORMC, along with Bruce Deskin, investment council on behalf of Cain Brothers, provided a document outlining proposed levels of cash on hand to protect the county from ever leveraging the millage.

ORMC CEO Jean Aycock said the hospital would keep a minimum unrestricted cash and investment level of at least $3 million.

The current bonds pay a 5.33 percent interest rate. If Baldwin County would support the new bond issue, the ORMC could sell the bonds at rates near 3.5 percent, saving the hospital about $500,000 per year. The money saved from reduced bond payments would continue to pay for indigent care and offset the expense of required upgrades under new government health care reform.

Funding of the remaining information technology infrastructure required by the Affordable Care Act is $3.3 million.

The proposal reviewed Tuesday asked the county to support a new bond issue not greater than $30 million utilizing a 7-mill levy provided by statute in the Georgia Hospital Authorities Law.

ORMC originally asked for a 2-mill pledge in the last meeting. Deskin said high-balling the proposal leaves negotiating room.

Text Only
Local News
Bishop Building.JPG

Downtown Milledgeville's Bishop Building at 101 S. Wayne St. was purchased in mid-February. The new owner plans to develop apartments and commercial spaces.


Between the Lines.JPG

Cade Bass practices her pitching technique at the newly opened Between the Lines 8,000-square foot indoor facility located inside the Columbia Center at 611 Hammock Rd. Members gain 24-hour access to the batting cages, tee work and soft toss training stations, pitching rubber and areas for various agility and other sport-related fitness activities.

Local Sports
04-23 Ramsey Pro decision.jpg

Ashlan Ramsey won’t return to the Clemson golf team next season. The nation’s best amateur player recently announced she will turn professional after the Curtis Cup this June.

Local Weather Radar
AP Video
SKorea Ferry Toll Hits 156, Search Gets Tougher Video Shows Possible Syrian Gas Attack Cubs Superfans Celebrate Wrigley's 100th Raw: Cattle Truck Overturns in Texas Admirers Flock to Dole During Kansas Homecoming Raw: Erupting Volcanoes in Guatemala and Peru Alibaba IPO Could Be Largest Ever for Tech Firm FBI Joining Probe of Suburban NY 'Swatting' Call U.S. Paratroopers in Poland, Amid Ukraine Crisis US Reviews Clemency for Certain Inmates Raw: Violence Erupts in Rio Near Olympic Venue Raw: Deadly Bombing in Egypt Raw: What's Inside a Commercial Jet Wheel Well Raw: Obama Arrives in Japan for State Visit Raw: Anti-Obama Activists Fight Manila Police Motels Near Disney Fighting Homeless Problem Michigan Man Sees Thanks to 'bionic Eye' S.C. Man Apologizes for Naked Walk in Wal-Mart Chief Mate: Crew Told to Escape After Passengers
Twitter Updates
Follow us on twitter

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.
NDN Video
Michael Strahan's First Day on "GMA" Amazon's Deal With HBO Leapfrogs Streaming Rivals Stephen Colbert Tells David Letterman His Plan for 'Late Show' Georgetown police officer filmed tripping students Viral: It's Not Pitbull - It's Amy Poehler! Recycling Highlights for Earth Day Lupita Nyong'o Named People's 'Most Beautiful' Peeps Launched into Outer Space NYPD's Twitter Request For Photos Backfires New HBO Go Commercials Capture Awkward Family TV Watching Raw: Leopard Bites Man in India Rise of the Milkbots Jenna Dewan-Tatum Strips Down TRENDING: Brian Williams Raps 'Gin and Juice' on ‘Tonight Show’ Middle School heroes rescue students from burning bus WHOPPER OF FISHING STORY: Florida man catches massive Mako shark Maks Chmerkovskiy's "DWTS" Meltdown The many faces of Mike Woodson Ape Builds A Fire And Toasts Marshmallows In Amazing BBC Video Manchester Utd sack manager David Moyes