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Commissioners Hear Proposal for Hospital Revenue Bonds to Finance SummitMedical Center Purchase; No Vote
Summary
Officials from Memorial Hospital of Converse County and Summit Medical Center asked the county to consider issuing industrial development revenue bonds to finance SummitMedical Centerpurchase of a 29 million building in Natrona County; commissioners asked for more information and deferred action.
Officials from Memorial Hospital of Converse County (MHCC) and Summit Medical Center presented proposals Thursday asking the Converse County Board of County Commissioners to consider issuing industrial development revenue bonds to finance SummitMedical Centerpurchase of a hospital building in Natrona County, but the commission took no formal vote and asked staff for more information.
The request was presented by Bob Kaiser, chairman of MHCC and SummitMedical Center, and supported by bond counsel Rick Thompson and underwriter Alan Matlos of Stifel. Thompson told commissioners these industrial development revenue bonds are a common economic-development tool under state law and are "no obligation to the issuer," meaning bondholders look only to pledged project revenues for repayment. "These bonds are not on the county's credit," Thompson said.
Why it matters: Commissioners were concerned about local access to services, indigent care and whether a county-issued inducement would…
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