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House Committee on Finance approves H 7408 Sub A to back sale of two hospitals with $18 million reserve
Summary
The House Committee on Finance moved and approved H 7408 Sub A at a special meeting, authorizing state financing support for the sale of Roger Williams Medical Center and Our Lady of Fatima Hospital and establishing an $18,000,000 debt service reserve from the supplemental rainy day fund.
A special meeting of the House Committee on Finance voted to approve H 7408 Sub A, a measure that authorizes the state to provide financing support and assist the sale of Roger Williams Medical Center and Our Lady of Fatima Hospital and establishes a debt service reserve funded by an $18,000,000 transfer from the supplemental rainy day fund.
The committee summary presented at the meeting said the state’s maximum obligation under the Sub A is $18,000,000 and that the amendment removes a prior option to use a credit facility…
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