WRH bond issue purchased

In spite of the bad economy caused by the fight against the coronavirus, a bond buyer has stepped forward to purchase all of the almost $15.5 million bond issue benefiting Whitfield Regional Hospital.

Marengo County Commission Chairman Fred Armstead said the commission will have a called meeting April 3 to approve the sale. The final paperwork should be completed and signed by April 9, and the money will be deposited in a special account immediately.

“We’re just so proud that somebody is willing to buy the bonds,” said Armstead, especially in these uncertain economic times.

The bonds have an interest rate of 3.75 percent, he said.

Because the sale of the bonds was not anticipated to happen so quickly, a consortium of banks and lending institutions had put together a package to loan the hospital $7 million. That will no longer be needed, said Armstead, but it is still in place should the bond issue fall through.

“It’s been hard work, but we know it’s worth it,” he added.

In December Marengo County voters approved a 4 mill property tax for the exclusive benefit of WRH. The hospital used the guaranteed income from the tax to leverage the bond issue.