Representatives of Lancaster General Hospital and the Lancaster Hospital Authority made a presentation to the County Commissioners at the Tuesday work session.
It was explained that a major finance via the Authority would total over a hundred million dollars, refinance various existing bond issues and raising $20 million towards funding LGH’s new cancer center. The center is estimated to cost $40 million.
Much of the re-financing will take advantage of the lowest interest rates since the Great Depression to convert variable interest debt to fixed interest rates, thus protecting from a potential increase in interest costs as the economy recovers.
A representative indicated that millions of dollars will be saved over time and still greater savings will occur if indeed interest rates soar in future years.
While seeking approval from the commissioners, a spokesperson for the Authority made clear that, although issuing the bonds, the Authority (or the county) would not be assuming any liability.
Mentioned in passing by the represenetatives was the improvement in “culture and work place” resulting from the computerization of individual medical records and their accessibility to patients.
