SMH BOARD OF COMMISSIONERS APPROVES BOND REFUNDING ISSUE


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SMH BOARD OF COMMISSIONERS APPROVES BOND REFUNDING ISSUE - Friday, January 4, 2019

SMH BOARD OF COMMISSIONERS APPROVES BOND REFUNDING ISSUE

 

(Jan. 4, 2019 – Slidell, La.) – The Chairman of the Board of Slidell Memorial Hospital, Daniel Ferrari, is proud to announce that on December 20, 2018, the Slidell Memorial Hospital Board of Commissioners approved moving forward with a Bond Refunding Issue for its General Obligation Bonds issued in 2009. This refinancing of the 2009 bonds is the latest in a series of refundings in recent years resulting in savings to taxpayers of more than $2,302,000.

SMH will close on the Bond Refunding Issue on January 29, 2019. The result of this lower rate will be a savings of $582,755.66 over the remaining life of the bond issue for the taxpayers of Wards 6, 7, 8 and 9 in St. Tammany Parish. This new rate will allow the interest savings to be passed to the taxpayers in the form of a faster payoff of the bonds.

SMH Chief Financial Officer Sandy Badinger issued Requests for Proposal (RFPs), seeking the lowest possible interest rate to provide the most financial benefit to the hospital and the taxpayers who fund these bonds, from three banks known to do this type of refunding. Capital One Bank provided the lowest interest rate at 3.05%.

 "We are very pleased to be able to make this announcement today,” said Ferrari. "The taxpayers in our community who own Slidell Memorial Hospital expect and deserve sound fiscal management. This announcement is our way of continuing to keep the promises we have made to our community over the years.”

General Obligation Bonds are limited to funding capital projects only; the funds may not be used for any operations of the facility. Slidell Memorial Hospital will not receive any money from this bond refunding. All savings from the refinancing accrue to the property taxpayers of the district.

Senator Sharon Hewitt and State Representative Kevin Pearson, soon to be joined by newly elected State Representative Mary DuBuisson, all play a critical role in selecting the members of the SMH Board of Commissioners. Slidell Memorial Hospital is committed to working with local leaders and its Board to find ways to bring the most cost-effective, high-quality healthcare to the citizens of Eastern St. Tammany Parish. Mayor Cromer and other local leaders have worked hard to improve economic development in our area, which continues to increase the local tax base, making fiscal decisions like this possible.

 

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ABOUT SMH
Slidell Memorial Hospital is a full-service 223-bed acute care not-for-profit community hospital located at 1001 Gause Blvd., in the heart of Slidell. Founded in 1959, SMH serves as a primary healthcare resource for families in St. Tammany Parish, La.; and Pearl River County, Miss. Slidell Memorial Hospital is in a Joint Operating Agreement (partnership) with Ochsner Health System, allowing for two independent organizations to collaborate and offer better, more cost-effective healthcare for our area. For more information, visit http://www.slidellmemorial.org/ . The hospital’s main phone number is (985) 280-2200.


 

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