STOUT ANNOUNCES FUNDING FOR MONONGAHELA VALLEY HOSPITAL

HARRISBURG, Jan. 22, 2007 - State Sen. J. Barry Stout today announced the approval of a $3 million bond issue for the Monongahela Valley Hospital to raise capital funds for new bariatric beds, standardized medicine carts, and state-of-the-art communications and lab equipment.

“This type of equipment is essential for guaranteeing patient safety,” said Stout (D-Washington/Greene/Beaver/Westmoreland/Allegheny). “That’s why the state is taking the lead and helping Mon Valley Hospital raise funds for this project.”

The Pennsylvania Economic Development Financing Authority approved the bond issue at a meeting on Jan. 10. In addition to helping improve patient safety, this project will help the hospital retain 947 jobs. The Middle Monongahela Industrial Development Association was the sponsoring local economic development agency.

The Pennsylvania Economic Development Financing Authority (PEDFA) was established in 1987 through the Economic Development Financing Law to provide access to low-interest financing to businesses and non-profit organizations through the issuance of tax-exempt and taxable bonds. The bonds can be used to finance land, building, equipment, working capital, and refinancings.

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