NEWPORT BEACH
The City Council this week unanimously approved a request by Hoag Memorial Hospital Presbyterian that the city issue $125 million in bonds.
Hoag requested the $125 million in bonds as part of a capital program to pay for improvements to the hospital. The bonds would be issued at no liability to the city, hospital officials promised.
The city issued similar bonds to the hospital in 1984, 1992 and 1996. In each instance, Hoag Hospital paid an issuance fee to the city.
The bonds were approved on a 6 to 0 vote, with Mayor Dennis O’Neil abstaining.
The money will be used to finance the construction of additions and improvements to the hospital’s health facilities.
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