Local News
Hospital authority to issue $275 million in certificates
The Cobb County Kennestone Hospital Authority will be allowed by the Cobb County Board of Commissioners to issue $275 million in certificates for WellStar. Courtesy of WellStar Health System
The Cobb County Board of Commissioners approved Tuesday the issuance by the Cobb County Kennestone Hospital Authority of $275 million in Revenue Anticipation Certificates for WellStar Health System, Inc.
The authority adopted this resolution on April 10 after a public hearing.
A public hearing also was held on May 25 at the WellStar Health System Corporate Offices in Marietta; but no one from the public appeared, according to Hearing Officer Chuck Carder.
These funds will be used by the authority for:
- financing of the acquisition, construction and installation of additions, extensions and improvement to WellStar Kennestone Hospital in Marietta;
- refunding all of the authority's Revenue Anticipation Certificates, Subseries 2005A and Subseries 2005B and
- paying the costs of issuing the Series 2017 Certificates.
While the commissioners’ approval is required, the issuance of the Series 2017 certificates does not obligate the state or Cobb County to pay these certificates.
