THOMASVILLE — Thomasville City Council will conduct a public hearing Monday on issuance of revenue bonds — or revenue-anticipation certificates — to generate $95 million.

The proposed issuance of the tax-exempt revenue bonds is by the Hospital Authority of the City of Thomasville.

Proceeds from the bonds will be loaned to John D. Archbold Memorial Hospital to finance or refinance health-care and related facilities, including a 247,500-square-foot addition at the 915 Gordon Ave. hospital.

The addition — the North Tower — will include a new emergency department and trauma center.

“New operating suites will be able to accommodate equipment and provide necessary support space for optimal care, where less invasive procedures can be performed so patients can heal faster,” said Perry Mustian, Archbold Medical Center president and chief executive officer.

North Tower work was to have begun a year ago. Mustian said the project was delayed because of “turmoil in the bond markets.”

He said the bond-market situation was not a favorable environment is which to issue long-term debt. “So we put the project on hold until conditions improved,” Mustian explained.

Renovation of the main hospital lobby is included in the bond project.

Mustian said the bond situation and new construction will not result in higher costs for patients using Archbold. “We don’t have plans to increase our charges more than our standard rate increases,” he said.

The bonds are purchased by private investors. Mustian said the bonds are not backed by any governmental entity.

The Internal Revenue Service requires a public hearing and that the bond issue be approved by the city council.

The public hearing is at 7 p.m. in council chambers at city hall, East Jackson and Crawford streets.

Proceeds from outstanding certificates were used — or are being used — to finance Cairo Road and Old Albany Road Archbold facilities and the oncology center under construction at 919 S. Broad St., all 2009 projects.

“We’re paying off $10 million of the existing variable-rate debt that was used to finance the 2009 project,” Mustian explained. “The law requires a public hearing on the issuance of the 2010 bonds.”



Senior reporter Patti Dozier can be reached at (229) 226-2400, ext. 1820.



IF YOU GO

WHAT: Public hearing

WHEN: 7 p.m., Monday

WHERE: Thomasville City Hall,

East Jackson

and Crawford streets