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HHC CEO outlines construction plans and flags possible bond refinancing as state budget uncertainties continue
Summary
HHC President and CEO Paul Babcock updated trustees on ongoing and planned construction projects and projected capital requests through 2029; he said the corporation is monitoring state budget items and exploring refinancing options that would require multiple approvals.
Paul Babcock, president and CEO of the Health and Hospital Corporation, provided trustees with a construction update and a forward look at capital requests and potential financing changes.
Babcock highlighted progress at the new public health laboratory and said the corporation expects to invite trustees to a groundbreaking for the IMS headquarters in April or May. He outlined projected capital requests built into the corporation’s planning: $35 million in 2026, $27 million in 2027, $21 million in 2028 and $8 million in 2029, totaling roughly $91 million over four years for construction projects identified in planning documents.
Babcock said HHC is monitoring legislation at the Indiana General Assembly, including large appropriations and property-tax-related measures (Senate File 1 was referenced) that could affect revenue. He also described the corporation’s 2010 bond issuance and the presence of a “make-whole” clause in the bonds that can require payment of principal and interest on refinancing; he said HHC is exploring options, including extraordinary redemption clauses used elsewhere, and that refinancing would require board, council and building-authority approvals.
Babcock told trustees the corporation will continue to track state budget and health-care legislation and will update the board if the refinancing option moves forward. Trustees were reminded of upcoming filing requirements for statements of economic interest and conflict-of-interest forms.
