Healthcare funding agreement approved relating to transaction of Lakeland Community Hospital


This photo of the Haleyville City Council was taken at a recent meeting when all of the council members were present at the approval of the $1.5 million loan. Council members shown from left, Richard Bittinger, Jonathan Bennett, Mayor Ken Sunseri, Council members Blue Russell, Drew Thrasher and Royce Benefield.
HALEYVILLE - Days before the March 31 deadline of the latest extension to keep Lakeland Community Hospital open, a healthcare Funding Agreement, for the benefit of the Haleyville/Winston County Healtcare Authority, was approved by the Haleyville City Council at their regular meeting Monday, March 26, relating to financing the acqusition of the hospital. The agreement is part of the process of getting matters set up financially toward the aquisition. The council in a previous meeting had approved a $1.5 million loan for the purpose of the acquisition of the hospital and other related expenses. The council has also approved a one cent increase on the sales tax and usage tax that will go into an account to pay back the loan, with a portion set aside for industrial or economic development. Resolution #2018-04 authorizes the Authority to issue revenue bonds for the purpose of financing the acqusition of the hospital. The Limited Obligation bonds means the Authority pay the bonds on the revenue received by the Authority for the operation of the hospital and a certain funding agreement by the city, Mayor Ken Sunseri explained. Among other business, the council approved the length of terms for members of the healthcare authority. These include Dr. Ramesh Reddy, term to expire December 2018; Drew Thrasher December 2019; Royce Benefield December 2019; Dr. Jerry Harrison, December 2020; Jonathan Bennett, December 2020 and Judy Bittinger December 2021. Since Roger Hayes resigned from the authority, that seat is still vacant but the terms of the person selected by the commission to replace him will end December 2018, the council approved.

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