County CRC approves Ellis bond Spotlight Staff As of Friday, July 13, 2012 -12:44 p.m.
#The Schenectady County Capital Resource Corporation recently approved and closed on $15.3 million in bond financing for Ellis Medicine.
#The bonds will allow Ellis Medicine to refinance debt with the NYS Dormitory Authority at a lower interest rate. Ellis Medicine will repay bonded money, with Schenectady County and CRC holding no financial obligation. The CRC earned a fee totaling $114,900 on the project, which will be invested in local economic development projects.
#“Ellis Medicine is one of the largest employers in Schenectady County with more than 3,500 jobs,” County Legislator and CRC Board Vice Chair Gary Hughes said in a prepared statement. “We are pleased to be able to assist them with this bond financing. By using the CRC, Ellis also supports our local economic development efforts.”
#Ellis Medicine President and CEO James Connolly said the company would achieve “significant savings” through refinancing some of its existing debt.
#“As a not-for-profit hospital facing the challenges of health care reform in an uncertain economy, it’s even more important that we continue to be good stewards of our resources,” Connolly said in a prepared statement. “Every dollar we save is a dollar we can reinvest in our people, technology and facilities so we can better meet the healthcare needs of our communities as an even stronger organization.”
#Schenectady County established the CRC to assist non-profit groups issue bonds while generating revenue, which could then help other economic development projects. Schenectady Metroplex Development Authority administers the CRC.
So, a guy is on the CRC, controlling the money, works for a non-profit in the city, and sits on the County Legislature, and also is in control of handing out $$to dealing with health care? No, there's no conflict of interests, I mean, this is SOOOOOOO Schenectady.
Schenectady County established the CRC to assist non-profit groups issue bonds while generating revenue, which could then help other economic development projects. Schenectady Metroplex Development Authority administers the CRC
So where does the CRC get their money?
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#The bonds will allow Ellis Medicine to refinance debt with the NYS Dormitory Authority at a lower interest rate. Ellis Medicine will repay bonded money, with Schenectady County and CRC holding no financial obligation. The CRC earned a fee totaling $114,900 on the project, which will be invested in local economic development projects.
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As a not-for-profit hospital facing the challenges of health care reform in an uncertain economy,
So if Ellis is in debt with the new obamacare....how do they think the county nursing home will pay it's bills??? OMG
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Ellis is the big fancy clinic thanks to The Berger commission....and the pre-obamacare conversations that have been going on for the past 10-15 years.....it's no secret that the dots being connected were leading here.....
obama isn't the wizard behind the curtain, all by himself.....
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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