Imagine, for a moment, a City and Borough of Wrangell without a hospital – any hospital.
According to Wrangell Medical Center CEO Noel Rea, that could be the outcome if the June 19 recall election changes the majority composition of the WMC Board of Directors.
The USDA, which was set to guarantee a $24.7 million loan for the hospital replacement project, has signaled that an overhaul in the makeup of the board would lead them to require the borough to obtain a general obligation bond to fund the facility, rather than a revenue bond paid for by the operation of the hospital.
Rea said the chance...
Reader Comments(1)
WrangellGranny writes:
You focus on the USDA statement that an overhaul in the makeup of the board would lead them to require a GO rather than a revenue bond to cover the hospital loan. You fail to mention that as per the board’s own attorney, it is board instability that concerns USDA, including the fact that this board has lost the confidence and support of a huge percentage of the community. Mr. Rea wants to hang full responsibility for a potential loan failure on the recall, but this is just not true.
06/11/2012, 4:06 am
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