Only one person will have access to felled timber on the site of the new hospital, trustees decided at their meeting Tuesday night. Whether it will be by drawing straws or selecting a name out of a hat, Allen County Hospital trustees will randomly select from names the person who can have a dump truck-size load of wood that was cut when soil studies were conducted on the site on North Kentucky Street.
Those interested in the wood should contact Alan Weber, legal counsel to trustees, at 365-1420 by Tuesday, when the name will be drawn.
No public access road to the site exists, trustees said, and asked the public to refrain from crossing private property to get to the 30-acre parcel. Also no culling of trees by the public is allowed on the site.
In other news, trustees learned the second issuance of bonds to build the new hospital sold in about “six to seven hours,” last week, said Larry Peterson, chief financial officer for the hospital. The first $10 million is due by 2036 and carries a 4.1 percent interest rate. The second $15 million in bonds has a 5.1 percent interest rate.
“Overall, the bonds sold at a premium of $189,753.90,” a memo from Scott Crist of United Missouri Bank, read. “The average life of these bonds is 20.193 years and the true interest cost was listed at 4.9826 percent.”
Trustees were surprised to learn that title insurance on the 30 acres would cost them $38,000. They had expected a price “under $1,000,” Weber said. The jacked-up price was because a “$25 million hospital will be built there,” Weber said, and UMB officials demanded the extra insurance.
