Most of us remember the children’s hospital that was supposed to be financially self sustaining. We only needed to give them permission to sell $120 of bonds and from then on the operation would pay for itself. That did not turn out to be true and the children’s hospital ended up being part of the county hospital.
Back in 2008 the voters approved the sale of the bonds. In June of 2015 we wrote in Paying on the never never that at that point we had paid almost $42 million in interest on the bonds while only reducing the principal amount about $6 million.
We have learned from a notice in the Times that the county was to hold a public hearing on November 2, 2016.
The purpose of the hearing was to discuss the issuance of bonds used to refinance the original bonds. According to the notice “The maximum aggregate face amount of the Bonds to be issued with respect to the refinancing of the Project is $120,000,000.”
We deserve better