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Converse County hospital leaders ask Natrona commissioners to consider issuing revenue bonds to buy Summit/ Memorial building
Summary
Representatives of Summit Medical Center and Memorial Hospital of Converse County asked the Natrona County Commission for nonbinding consideration of a hospital revenue bond inducement to finance a $29.2 million purchase of the Summit building, saying bond financing would be cheaper than bank financing and would allow local ownership and service
Representatives of Summit Medical Center and Memorial Hospital of Converse County asked the Natrona County Commission to consider issuing hospital revenue bonds that would allow the hospitals to buy the Summit building for $29.2 million. Bob Kaiser, chairman of the Memorial Hospital of Converse County board, and Matt Vanmier, CEO of Summit and Memorial Hospital, presented the proposal and said the hospitals prefer tax-exempt revenue bonds to bank financing because bond rates are lower and allow investment in facility improvements.
Kaiser told the commission the underwriters and legal advisers view the offering as a nonrecourse revenue bond: bondholders would be secured only by pledged hospital net revenues, not by county property tax or general-fund revenue. Kaiser said the hospitals expect bond investors to be principally…
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