Hospital ponders refinancing
Adams Memorial Hospital is looking to refinance the $40 million bond that was taken out, with help of the county, in 2003 to build the new hospital.
Tom Nordwick, Adams Memorial CEO/President, and hospital attorney Adam Miller met with Adams County Council Tuesday to inform the council of intent to refinance, saving approximately $2-3 million over the life of the loan.
Nordwick said the hospital is currently paying about 6.5 percent on the bond and now has the opportunity to lower that interest rate to approximately 3 percent.
Miller said the hospital is not looking to extend the length of the bond, but will instead lower the monthly payment being made.
Council members asked the hospital to consider keeping the monthly payment the same and paying the bond off earlier than originally planned.
Nordwick said he would discuss this option with the hospital board and return with Miller next month.