Roughly 85 percent of voters in the area agreed to support the hospital’s change of status, and it is expected the move will be completed before the end of March 2012, according to the report.
Three Rivers Health CEO Bill Russell said the vote will allow the hospital to finance its debt in a more efficient manner. The hospital will accept an offer from a local bank to take on a loan to pay off $2 million in bonds owed to Chase Bank.
Related Articles on Non-Profit Hospitals:
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Moody’s: Removing Property Tax Exemption for Illinois Hospitals Would Be “Credit Negative”
Chicago Mayor Proposes Elimination of Free Water, Sewer Services for Non-Profit Hospitals
