Finance committee recommends board back $25 million Ascension hospital financing

Senator Baldwin told the Finance Committee that a request on the agenda would channel about $25,000,000 in investments to the local hospital’s intensive care unit and emergency department as part of Ascension Health’s broader bond financing.

"It's it's a cost savings to Ascension, basically," Senator Baldwin said, describing a common 501(c)(3) financing structure in which a single issuer handles multi-state bonds and participating municipalities "sign off" on that issuer. He said the local component would fund ICU and emergency-department work and that there would be "no liability to the city, the county, to any officers or directors." "It's a it's a, essentially, a risk free way to get a $25,000,000 investment in the hospital here," he added.

Baldwin moved that the committee recommend that the Board of Mayor and Aldermen approve the local participation in the financing; an unidentified committee member seconded the motion. Committee staff were asked if they had additional comments; staff replied they had "nothing to add" and pointed members to a memorandum by "Mister Bing," a separate memorandum referenced as "Mister Ming's memorandum," and "Summer's presentation" for details.

The committee voted on the motion. The chair called for those in favor and recorded "Aye." No opposition was recorded in the transcript and the chair announced, "Motion carries." The committee will send the recommendation to the full Board of Mayor and Aldermen for a final vote next Tuesday; the transcript does not record a roll-call tally.

The committee adjourned after completing its business.