Making a quarterly report to the Oak Valley Hospital Board of Directors recently, the Citizen’s Oversight Committee Chair, Mickey Peabody, reported that the committee is “satisfied with expenditure of funds and very pleased that the project remains ahead of schedule and on budget.” A combination of favorable weather and diligent efforts by contractors was credited with the project being a month ahead of schedule.
“The Oversight Committee has a unique challenge because the construction financing is so complex,” Peabody said.
The volunteer committee represents the interests of property owners who are co-financing construction as a result of the passage of a $37 million general obligation bond, Measure H, in 2004. Additional financing for the $90 million project comes from hospital reserves, revenue bonds, and charitable donations.
“The hospital governing board and management has responsibility for insuring the project is on budget utilizing all available resources. Our committee is responsible for insuring the wise investment of the general obligation bonds. At this point we are very satisfied,” Peabody explained.
She reported that interest earned on the original $37 million is currently $5,222,000. As of Sept. 30, $15,646,000 has been expended for construction expenses. That leaves $27,650,000 of general obligation bonds yet to be expended. Peabody anticipates those funds will probably be expended over the next 14-16 months.
“Our committee will continue to meet quarterly as those funds are expended,” she added.
During the committee’s December quarterly meeting, Peabody was re-elected chairman for the new calendar year and Richard Haggerty was elected vice chairman. Prior to the arrival of winter weather, Peabody offered to arrange tours of the construction site to interested community ‘investors.’ She indicated that the committee plans to do so again in the spring. In the meantime, she encouraged everyone to follow the construction on the hospital’s website, www.oakvalleyhospital.com, with links to Acme Construction posting daily photographs and an historic photo album.
For more information, contact Peabody at 471-9859.