Fairhope, Alabama
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| Thomas Hospital |
$50 MILLION FOR THOMAS HOSPITAL
The Fairhope city council approved a resolution requested by the Infirmary Health System Special Care Facilities Financing Authority of the city of Mobile to issue revenue bonds in an amount of up to $320 million for the benefit of Infirmary Health Systems, a non-profit Alabama corporation … and its affiliates.
The city will have no responsibility for the debt.
We were not able to determine exact intended uses for the $50 million available to Thomas Hospital, but general uses listed in the documentation mention the bonds are to be used for paying off existing debt — or new construction, expansion, renovation, relocation, refurbishment, etc. (See the resolution below for details.)
“A municipal bond is a debt security that has been issued by a local government or government entity. Municipal bonds are commonly used to fund the construction of roads, schools, airports, hospitals, wastewater treatment facilities and other infrastructure projects. The interest income that an investor receives from a municipal bond is exempt from federal taxation and may also be exempt from taxation at lower levels of government … .” (IRS Code Section 147)
RESOLUTION PASSED BY CITY COUNCIL
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Come down from the cross. We need the wood.
We all did.
to illustrate, by example, the difference between the two.
Abstruse (adjective):
"Careful, speaking parking is a no no, it’s been cancelled."
Obtuse (adjective):
"You sure missed the point of my post!"
Southern grace lives.