- Associated Press - Saturday, November 19, 2016

MINOT, N.D. (AP) - Trinity Health is seeking up to $430 million in bond financing, most of which would go toward construction of a new medical complex.

Trinity officials presented initial plans to the Ward County Commission on Tuesday, the Minot Daily News (https://bit.ly/2f59S7l) reported. Because the hospital is a nonprofit, it must go through a government entity to incur debt through the sale of bonds.

Some of the proposed bonding would actually refund about $50 million in debt remaining from 2006. The new bonding, expected to be about $370 million, would help pay for $275 million in construction, equipment and other expenses.

Trinity vice president Randy Schwan said the hospital already has invested millions of dollars from operational income, and the hospital is also considering how much it might want to raise in a capital campaign if officials decide to conduct one.

According to Schwan, Trinity is also assessing its equipment to determine which items will be moved to a new facility and what types of purchases need to be made.

“Looking over the next five years, we are trying to ensure that any equipment replacement or lease terminations are decided with the move in mind,” said Schwan.

Official ground-breaking is set to begin next spring, but some site work is scheduled for this fall.

The county commission set a public hearing on the request for Dec. 20.

Dennis Empey, chief financial officer, said the hospital plans to go to the bond market in February.


Information from: Minot Daily News, https://www.minotdailynews.com

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide