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HHC to propose up to $25 million in bonds to fund ambulance stations, property purchase
Summary
CEO Paul Babcock told trustees the corporation will present a resolution in July to authorize up to $25 million in bonds (20-year max term, 6% max rate) to finance projects including three IMS ambulance stations and potential property near 38th Street and Millersville Road.
At the June meeting, Paul Babcock, CEO and president of the Health and Hospital Corporation, told trustees the board will be asked in July to authorize the issuance of bonds to finance capital projects.
Babcock said the corporation ‘‘plans to issue approximately 25,000,000 in bonds, the maximum term of 20 years, maximum interest rate of 6%, but we expect it to be much lower than this. This is just the maximum parameter.’’ He said the bond proceeds would be secured by the general obligation of the corporation and payable from ad valorem property taxes within the county. Projects identified for potential funding include three IMS ambulance stations and acquiring property near the HHC headquarters on or around 38th Street and Millersville Road. The corporation will align the timing of bond authorization with the adoption of its 2027 annual budget and provide further details at next month’s meeting.
