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County commission supports bonds for Southeast Hospital project

Sep 24, 2013 -- 11:11am

Southeast Missourian

The Cape Girardeau County commission passed a resolution Monday that will take SoutheastHEALTH a step closer to using bonds for expansion and remodeling projects at its Cape Girardeau hospital campus.

The hospital is working with the Industrial Development Authority of Cape Girardeau County to secure $40 million in bonds that will pay for the addition of a 26-bed outpatient observation unit and an inpatient pediatric emergency room and observation unit. A remodel of the hospital's neonatal intensive care unit and ambulatory surgery area also are planned, along with refinancing of bonds issued to the hospital in 2002 for other construction. The projects are expected to be completed in the fall of 2014.

The hospital must obtain the support of local government officials before bonds are issued by the IDA. The Cape Girardeau City Council passed a resolution of support Sept. 9.

The bonds, according to SoutheastHEALTH chief financial officer Hugh King, are private placement bonds. Payment for the bonds is solely the responsibility of the hospital and the bond issuance does not involve taxpayer dollars.

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