Adventist Health System/Sunbelt Obligated Group plans to issue as much as $4.4 billion worth of debt over the next three years to finance construction projects at 36 hospitals in five states ? including nine in Central Florida.
Adventist Health System, the parent company of Florida Hospital, will have a public hearing Aug. 29 at 7:30 a.m. at the Orange County Administration Center in downtown Orlando. The hearing, known as a Tax Equity and Fiscal Responsibility Act hearing, gives the public the chance to discuss the projects.
?This is not a request for the authority to issue bonds,? said Michael Ryan, partner with Orlando law firm Lowndes, Drosdick, Doster, Kantor & Reed PA, the firm representing the Orange County Health Facilities Authority, which is hosting the meeting. ?It?s not a commitment to borrow money to that extent. This is one of those technical IRS requirements.?
Still, the documents give a look at Adventist Health Systems? potential capital projects over the next three years. In Central Florida alone, the hospital could have as many as $1.9 billion worth of construction projects at nine facilities.
"They're all potential projects at this point," Ryan said. "Some may be pretty far along yet, and some may be nowhere, but they're on somebody's list."
The money can also be used to refinance existing debt issued to build older projects as well.
Check the slideshow to the right for the list of all the projects in Central Florida and statewide.
Richard ?Robie? Robinson, a founder of GrayRobinson PA and the attorney representing Adventist Health System, said the hospital system would still have to go through the normal channels to issue debt.
?You have to give the information to the public,? Robinson said. ?You still have to go through the process like a regular bond issue.?
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