By M. Paul Jackson, The Times Leader, Wilkes-Barre, Pa. Knight Ridder/Tribune Business News
Oct. 17--PLAINS TWP., Pa.--The Geisinger Health System plans to float $50 million in bonds to fund capital projects at facilities in Luzerne County and 11 other counties, system officials said Wednesday.
The money, which could be available by Dec. 11, could be used for acquisition, renovation and construction of buildings and equipment, according to a statement released by the system.
Federal and state laws require tax-exempt organizations to receive county approval for the use of bond funds.
The Luzerne County Board of Commissioners on Wednesday approved issuance of the 30-year bonds. The system also needs the approval of the other 11 counties.
The health system owns and operates the Geisinger Medical Center in Danville and the Geisinger Wyoming Valley Medical Center in Plains Township.
Some of the money will be used to expand the parking lot at the Plains Township hospital and to build a Caesarean section facility there, said Geisinger spokesman Christopher Johnson.
The system also plans to expand the emergency room at its Danville facility, he said.
Johnson said the funds also could be used for general maintenance projects at each Geisinger facility. He could not say how much of the money will be allotted to facilities in each county.
Geisinger, a nonprofit hospital, treats about 2 million people annually in about 31 counties.
The other counties which will be asked to approve the use of bond funds include Centre, Columbia, Lackawanna, Lycoming, Mifflin, Monroe, Montour, Northumberland, Schuylkill, Snyder and Wyoming counties.
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(c) 2002, The Times Leader, Wilkes-Barre, Pa. Distributed by Knight Ridder/Tribune Business News.
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