Monroeville authority to vote on $420M for UPMC
The Monroeville Finance Authority is scheduled to vote Thursday on issuing $420 million of tax-exempt bonds on behalf of the University of Pittsburgh Medical Center.
Half of the funds would be used to pay for the recent construction of UPMC East and UPMC Urgent Care in Monroeville, in addition to other recent UPMC projects in Pittsburgh. The remaining $210 million would refinance bonds issued on behalf of the medical center by other entities since 1999.
Monroeville Council voted 5-2 on Tuesday in favor of issuing bonds for new projects.
The finance authority - which was established earlier this year at the request of UPMC - will have the final vote.
Although council's vote only dealt with about $210 million for the new construction, the authority will consider issuing $420 million of bonds for the new UPMC construction and to refinance existing UPMC debt.
The finance authority would act as a conduit to obtain low-interest funding from banks or investors. In turn, the authority would generate revenue for the municipality by collecting fees from the nonprofit medical center for the service.
Members of the authority will discuss the amount of the fee at tonight's meeting. If the authority votes against issuing the bonds, UPMC could receive a bond for $210 million from the Madison, Wis.-based Public Finance Authority.
"They'll go somewhere else and (Monroeville) won't get the deal," said Monroeville Solicitor Bruce Dice on Tuesday.
Councilwoman Diane Allison voted against issuing the bonds, saying that usually a municipal authority votes before council.
"I don't want exceptions to our rules or our norms," she said.
The nonprofit UPMC last year reported nearly $9 billion in revenue and $406 million in operating profit.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
Subscribe today! Click here for our subscription offers.