(Revenue Refunding Bonds approved)…It was a unanimous decision this week.
The El Centro City Council agreed to move forward with the issuance of $125 million in revenue refunding bonds to El Centro Regional Medical Center for hospital improvements. A Public Hearing and resolution approved this week approving the issuance of revenue refunding bonds by the El Centro Financing Authority. The funds are to assist in the financing and refinancing of certain capital improvements for the hospital. The funding will be used for the construction of an Ancilliary Services building, renovation of the Women’s Center, relocation of the Laboratory and expansion of the Emergency Room. In addition, the bonds will fund the seismic retrofitting of older areas within the hospital to bring them up to state seismic compliance.