County's Spectrum-Bond Vote Today

April 25, 2005
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GRAND RAPIDSKentCounty commissioners are expected to decide today whether the Kent Hospital Finance Authority can issue $255 million worth of bonds and then loan the proceeds to Spectrum Health.

Spectrum, the region's largest health-care system, has requested the action and plans to use the funds to pay for a list of improvement projects and renovation work, for equipment purchases and to repay a previous bond.

The securities would be tax-free revenue bonds. Should commissioners approve the action, the county would not have a general financial obligation attached to the bonds.

Here are highlights of how Spectrum Health will use the funds:

  • $61 million for the Butterworth Campus at
    100 Michigan St.
    Work will include finishing touches to the MeijerHeartCenter, renovation and expansion projects at the main hospital, and adding a new parking ramp.

  • $24 million to install new computers in the system.

  • $16 million on improvements to UnitedMemorialHospital in Greenville

  • $11 million on renovations and expansions to the Blodgett Campus at
    1840 Wealthy St

  • $6 million to acquire additional medical equipment for the Spectrum surgical center at
    4069 Lake Drive

  • $5 million for renovations to the facility at
    2925 Walkent Court

  • $3.5 million on building repairs for the facility at
    80 68th St

Spectrum also will make upgrades at other sites and use $10.4 million to pay off a 1993 bond that was issued through the finance authority.

Standard & Poor's has given Spectrum Health a bond rating of AA.

The hospital finance authority approved the request in February.    

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