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For additional information: |
Al Macias, Communications Director
(602) 506-7063 |
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Deanne Poulos |
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(602) 506-7232 |
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August 10, 2005 |
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COUNTY LOANS $15 MILLION TO HOSPITAL DISTRICT
Financial Package to Help Medical Center and Clinics
The Maricopa County Board of Supervisors today unanimously approved a financial aid package to the Special Health Care District. A $15 million loan is part of the package. The loan is interest free for the first five years of the ten-year loan.
In addition to the loan, the County is waiving payment of an earlier one million dollar loan made to the Health Care District. This financial aid package is part of an Intergovernmental Agreement (IGA) between the Board and the District
The Health Care District oversees the Maricopa Medical Center and it’s world- renowned Burn Center. In addition, the District also operates 11 clinics across Maricopa County.
The County will also provide the District with other financial aid. The County will assist the District in obtaining a performance bond and will pay the annual premium of up to one hundred thousand dollars annually.
Supervisors’ chairman Max Wilson, “We’re proud of the district’s progress and the work they are doing.”
Supervisor Mary Rose Wilcox added, “I think this will conclude our launching of the Health Care District. They are on their own but we will always consider them part of the County family.”
Supervisor Don Stapley said, “The district is moving forward now and I’m glad to see they are now financially stable.”
Maricopa County voters approved the creation of the Special Health Care District in November 2004.