Covina : Council to Sponsor Bonds
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The City Council has agreed to sponsor up to $40 million in bonds for expansion projects at the Inter-Community Medical Center.
Hospital officials said the center will seek no more than $25 million, part of which would be used to relocate and expand its surgical unit and to pay off $6 million in existing bond indebtedness.
Officials said that sponsorship would not cost the city any money. The hospital will benefit from city sponsorship by receiving lower interest rates and tax-free status on any interest earned on the bonds.
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