Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, February 25, 1995 TAG: 9502270049
SECTION: BUSINESS PAGE: A6 EDITION: METRO
SOURCE: BRIAN KELLEY STAFF WRITER
DATELINE: LENGTH: Medium
Part of the money would be spent by the Roanoke-based company to plan a replacement hospital for Radford Community. The new facility would be in Montgomery County on the south side of Interstate 81 at Virginia 177. In December, Radford Community switched sites for the new, $50 million hospital that's to be built by 1998.
The Montgomery County Board of Supervisors and other local governing bodies involved will be asked to approve holding a single consolidated public hearing in Roanoke on the borrowing plan.
The Montgomery board is to consider the waiver at a meeting beginning 7 p.m. Monday at the Montgomery County Courthouse in Christiansburg.
After the consolidated hearing, the local governments would be asked to approve the issuance of the bonds. Though the authority would issue the bonds, the hospitals would be liable for the debt. Endorsement by public agencies means that proceeds from the bonds are tax-exempt for investors who buy them.
Of the $110 million, $55.4 million would go toward refinancing a 1992 bond package that also was issued through the Roanoke development authority. The rest would be divided among the seven hospitals, including:
$29 million for Roanoke Memorial.
$12 million for Community Hospital of the Roanoke Valley.
$9 million for Radford Community.
$2 million for Franklin Memorial.
$1.4 million each for Giles Memorial in Pearisburg and Bedford County Memorial.
$600,000 for St. Alban's Psychiatric Hospital in Pulaski County near Radford.
by CNB