Analyst questions hospital plan to sell bonds to pay down debt

The Arizona Capitol Times
Monday, July 27, 2015
Gary Grado

A hospital district given voter approval for nearly $1 billion in financing is planning to sell the first $106 million in bonds to pay for debt and soft capital, prompting a leading opponent of the bond proposal to allege voters were deceived.

Sean McCarthy, an analyst with the Arizona Tax Research Association, a group that led the opposition, said supporters of Proposition 480 sold the measure on improving a burn center and improving the county health system, but never mentioned in a high-profile ad addressing $36 million of “old debt” that is being serviced through the district’s general fund. The remaining $70 million will go toward items such as clinical equipment, computer equipment and relocating a clinic.

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