McLeansboro Times-Leader

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July 31, 2013

Hospital board moves forward on refinancing

McLEANSBORO — Hamilton Memorial Hospital District's board of directors moved forward Tuesday on a proposal to refinance its 2007 financing agreement for the hospital expansion and renovation.

First Midwest Bank, of the Chicago area, has made a proposal to refinance the hospital district's original loan. The hospital district currently needs to refinance about $20 million.

Sovereign Bank, the principle lender on the original loan, notified Hamilton Memorial in 2011 that it would not extend its letter of credit beyond the original five-year agreement, though it did grant a one-year extension last fall. That extension expires Nov. 1.

Hamilton Memorial's board approved a motion Tuesday to make application for the loan, which calls for a $10,000 deposit from the hospital district, after accepting a term sheet from First Midwest.

First Midwest is offering both variable- and fixed-rate terms, but the board has not yet decided on those terms.

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Dedication to DARE

Hamilton County Sheriff Greg Brenner was presented with a plaque for his 25 years dedication to the Drug Abuse Resistance Education program. The is is final year with DARE, as he will be retiring from the sheriff's office after 32 years of service, effective Dec. 1. He and Robert Crow went through the program together to be able to teach DARE curriculum in 1989. Crow taught at East Side School, Brenner at Dale, Beaver Creek and Dahlgren until the schools consolidated and at the high school.

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