Carbon OKs $100M bond for LVHN
Carbon County is helping Lehigh Valley Health Network with approximately $100 million in bonds.
The county commissioners held a public hearing Thursday before the weekly meeting on behalf of the Carbon County Hospital Authority regarding the proposed issuance of tax exempt bonds for the benefit of the health system.
Peter T. Edelman, attorney for the hospital authority, said the bonds would be used toward refinancing and reimbursement of construction costs of the new hospital in the Lehighton and the Hecktown Oaks campus construction projects.
He said that the bonds would pose no liability for the county or the hospital authority.
“It does not implicate the county’s taxing power and there’s no obligation on the county and it won’t impact their ability to do their own financing in the future,” Edelman said.
Commissioner Rocky Ahner said that was the main concern the board had before agreeing to the bond.
Commissioners’ Chairman Wayne Nothstein said that all other bonds with the hospital authority have been settled.
The Carbon County Hospital Authority met on Aug. 5 and approved LVHN’s request for the bond, Edelman said.
Following the hearing, the county commissioners approved an ordinance adopting and approving an amendment to the articles of incorporation extending the term of existence of the Carbon County Hospital Authority for 50 years; as well as a resolution approving the issuances of the bonds for the health network.
The bonds will be issued in September.
Talks between the health network and Carbon County Hospital Authority began last November.
At that time, the bonds were expected to be between $100 million and $350 million. The higher end of the estimate was because the network was deciding if it would roll in two additional bond series into the refinance.