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Hennepin County committee moves proposed $15M equipment loan for Hennepin Healthcare toward board review amid concerns about funding and oversight
Summary
County administrators presented a revised loan package to Hennepin Healthcare System for $15 million up front (with a possible additional $5 million after six months), at 4% interest; commissioners progressed the item to the July 8 full board meeting while debating repayment risk, reporting requirements and use of general-fund reserves.
Hennepin County administrators presented a revised resolution on June 24 that would provide Hennepin Healthcare System (HHS) an initial $15,000,000 loan, with a possible second tranche of $5,000,000 after a six-month review, to buy capital medical equipment.
County administration said the loan would carry a 4% annual interest rate, be repaid over an initial five-year term (with the potential to extend another five years) and would be funded from county general-fund reserves. Administration recommended acting now rather than waiting for the July cycle so equipment purchases could begin in time to meet clinical needs.
County staff emphasized controls would be built into the transaction. The administrator…
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