Marengo County Commission approves hospital bond
Published 1:07 pm Friday, April 10, 2020
The Marengo County Commission met Friday afternoon and approved to move forward in selling a bond issue for the Tombigbee Healthcare Authority.
According to Bob Young of Frazer Lanier Company, the 30-year bond will sell at an interest rate of 3.51 percent and would yield a total of approximately $15.5 million for THC, which operates Whitfield Regional Hospital.
“Much of (these funds) will be used to pay outstanding accounts payable, but will provide the hospital with working capital and allow for the purchase of equipment as necessary,” Young said.
Marengo County Attorney Woody Dinning added, “all debts will be serviced before the hospital gets any money.”
The commission began the process of finding a buyer for the bonds several weeks ago and were concerned that the coronavirus pandemic would stall the effort.
“A lot of work went into this,” Young said. “It’s been a cooperative effort. A lot of credit goes to (the commission and county employees) and the residents of Marengo County who voted in favor of the tax.”
“On behalf of the (THC) board, CEO Doug Brewer, and the hospital employees we appreciate all the work that went into this. With it comes a great responsibility to ensure these funds are used wisely,” said THC Boardmember Allen Bishop.