SMH BOARD OF COMMISSIONERS APPROVES BOND REFUNDING ISSUE, RESULTING IN SAVINGS TO PROPERTY TAXPAYERS

(April 9, 2021 – Slidell, La.) – The Chairman of the Board of Slidell Memorial Hospital, Joseph “Joe” DiGiovanni, Jr., is proud to announce that on March 11, 2021, the Slidell Memorial Hospital Board of Commissioners completed a Bond Refunding Issue for its General Obligation Bonds issued in 2012. This refinancing of the 2012 bonds is the latest in a series of refundings in recent years resulting in savings to taxpayers of more than $3,038,000.

The result of this lower rate will be a savings of $254,145.25 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 Executive Officer Sandy Badinger noted that Raymond James provided an interest rate of 1.99%. “We are pleased to say that SMH continues an A+ stable bond credit rating from Standard & Poor’s due to our strong capacity to meet financial commitments,” said Badinger.

“We are grateful to be in the position to pass this savings on to the taxpayers in our service district,” said DiGiovanni. “Slidell Memorial is a community hospital, owned by these taxpayers, and our community counts on the hospital to deliver strong fiscal management. This announcement of the latest refunding demonstrates the promises we have made—and kept—to our community.”

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 Bob Owen 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.