The Tulare (Calif.) Regional Medical Center board approved a $22 million loan to refinance existing debt and fund operations, according to Valley Voice.
The loan, which narrowly gained approval on a 3-2 vote, was presented to the board as an opportunity to provide the hospital with enough money to participate in intergovernmental transfers, where the hospital sends money to the state in hopes of significant returns, according to the report.
The hospital's management company, Healthcare Conglomerate Associates based in Tulare, has yet to decide on specifics of the loan such as the length or interest rates, according to the report.