A work session is being held this week with the Washington County Board of Supervisors and Washington County Hospital and Clinics regarding a bond agreement. WCHC is looking to refinance the 2006 revenue bonds, by doing so the hospital will lower interest rates and save millions in interest. CEO Dennis Hunger explains that without additional support WCHC will lower the interest rate to 4.08 percent and save approximately $3.8 million.

WCHC approached the board of supervisors to partner with the county and lower the interest rate to 2.78 percent by transferring the bonds to general obligation bonds. If the supervisors had approved the resolution about $6.2 million would be saved over the life of the loan.

Last Tuesday the supervisors failed to pass the resolution with a vote of 3-2. Supervisors Bob Yoder, Abe Miller and Stan Stoops did not support the measure.

The work session will be held Thursday at 6:30 p.m. at the Washington County Courthouse, Hunger explains it is to provide more information and clarify the situation. Hunger says if the resolution can move forward, the money saved will be used to continue improving services at WCHC and outreach into the county while paying off the bonds early.

KCII will bring you more information as it becomes official.