Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Healthcare Bonds topic
No spam. Unsubscribe anytime.
Children’s National requests $100 million bond authorization for PICU expansion and EMR upgrade
Summary
Children’s National Hospital asked the committee to approve a $100 million tax‑exempt revenue bond to fund a 14‑bed pediatric intensive care expansion, ER renovations and a new electronic medical record and billing system; staff confirmed borrowers’ repayment obligation would not be recourse to the District.
Children’s National Hospital requested approval from the Committee on Business and Economic Development for a $100,000,000 tax‑exempt revenue bond to finance capital projects at its Sheikh Zayed Campus (111 Michigan Ave NW), including a 14‑bed expansion of the pediatric intensive care unit, emergency room renovations and a new electronic medical record and billing system.
Aldwin Lindsay, chief financial officer at Children’s National, told the committee the $100 million represents "new money" for the hospital while the enabling legislation authorizes up to $550,000,000 in bond capacity. He said the bond proceeds would be used for capital projects, potential refinancing under favorable market conditions and to provide flexibility for near‑term needs. Lindsay emphasized that the bonds "will not constitute a debt or liability of the District of Columbia" and repayment would be made from hospital revenues.
Chair Kenyon McDuffie asked about ANC/community engagement and local contracting opportunities; Lindsay said the planned work is internal to the hospital and has not generated community concerns. Committee staff confirmed the hospital is a qualified borrower under program requirements and reiterated that the District would not be responsible for repayment. Lindsay urged the committee to advance the measure to the Nov. 4 legislative session and said the hospital hopes to close by Nov. 20 so projects can begin promptly.
