Bolivar hospital to issue bonds to help with expansion

Citizens Memorial Hospital District in Bolivar will offer a new tax-exempt bond project to help refinance and fund upcoming expansion projects.

CMH bonds totaling $14,330,000 will be delivered to purchasers starting Feb. 27 as a part of a Series 2003A bond plan. Interest rates for these bonds are expected to range from 5.125 percent to 6 percent for a 25-year term, with the minimum investment being $5,000. Interest payments will be paid semiannually to purchasers.

Money invested for these projects will be used to refinance existing bonds issued in 1994. A majority of the bond money will go toward phase one of the new construction project, which will include an addition and renovation of the emergency room and laboratory. Financing will also allow the purchase and installation of a comprehension information management system.

In July, CMH plans to offer a second set of 2003B bonds to help finance phase two of the hospital's expansion project. This expansion will add a 79,500-square-foot, two-story patient tower, and renovate existing hospital space. Funds will be used to expand surgical suites to include a cardiac catheterizaton suit for minimally invasive heart procedures.