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Committee backs EDA recommendation for up to $365M Centra Health conduit bonds to modernize Lynchburg General Hospital
Summary
The finance committee recommended council approval of Economic Development Authority conduit revenue bonds of up to $365,000,000 for Centra Health; staff and the EDA said the debt is a conduit obligation of Centra and not the city.
Staff presented a request from the Economic Development Authority to issue up to $365,000,000 in conduit revenue bonds to support a major modernization and expansion at Lynchburg General Hospital, including a new patient tower and expanded emergency, surgical and maternal services. The presentation noted the EDA completed its public hearing and adopted a resolution recommending approval.
The presenter explained that the bonds are conduit debt and that "there is no financial obligation to the city or the authority; the debt is solely the responsibility of Centra Health," and said Centra is one of the region's largest employers. Staff recommended forwarding the item to the full council; a member moved approval, a second was given, and the committee agreed by voice to send the recommendation to council for final action that evening.
The committee did not take a final council vote at the work session; the matter was scheduled for the full council meeting later the same day.
