LUMBERTON — UNC Health Southeastern has plans to grow and the anticipated infusion of $155 million will help finance that growth.
The money, expected to be received in October, will come from the sell of hospital revenue bonds issued by the Public Finance Authority, according to information from UNC Health Southeastern. The money will be used to support “future capital expenditures related to facilities that are under consideration,” according to the health care system’s Business Development office.
Future construction projects still are in the “strategic planning” phase, according to UNCHS.
The path to receiving and spending the money was cleared when the Robeson County Board of Commissioners approved the issuance of the bonds on Monday. The resolution of approval makes it clear the bond issuance does not “constitute a debt of the County; nor require a tax levy or a pledge of the faith and credit of the County; nor will it affect the County’s debt ratios or legal debt limit,” a Board meeting document reads in part.
The resolution goes on to say the county reserves all regulatory rights, such as zoning, planning and inspections, of any structures and/or facilities UNCHS builds using the money. UNC Health Southeastern would own whatever it builds using the money. The money will be loaned to UNCHS and the health care system will be solely responsible for repaying the principal, premium and interest, if any, on the bonds.
“The County will have no responsibility whatsoever for the Bonds,” the county document reads in part.
According to the Public Finance Authority’s website, the PFA “was created for the purpose of issuing tax-exempt and taxable conduit bonds for public and private entities nationwide. PFA is sponsored by the National Association of Counties, the National League of Cities, the Wisconsin Counties Association and the League of Wisconsin Municipalities.
“PFA partners with local governments to assist in the financing of public benefit projects that create temporary and permanent jobs, affordable housing, community infrastructure and improve the overall quality of life in local communities.”
The PFA has issued bonds for projects in 44 states, including North Carolina, according to the agency’s website.
According to information from Robeson County government, the PFA is “a governmental unit of the State of Wisconsin and is sponsored by the National Association of Counties, the National League of Cities, the Wisconsin Counties Association and the League of Wisconsin Municipalities.”
