Group against hospital closing targets bond issue

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PITTSBURGH (AP) — A county councilman and others who oppose the University of Pittsburgh Medical Center’s plan to close a suburban hospital have sued to stop a county agency from issuing $1.2 billion in tax-exempt bonds to the hospital network.

Allegheny County Councilman Charles McCullough says UPMC doesn’t deserve the money if they close 123-bed UPMC Braddock hospital on Jan. 31.

County council approved letting the county’s Hospital Development Authority issue the bonds.

UPMC is now asking a state agency, the Pennsylvania Higher Educational Facilities Authority, to issue the bonds in case the lawsuit filed Tuesday by McCullough’s group derails a county bond issue.

McCullough says his group will try to stop any state-issued bonds, too.

Tags : bonds debt and bond markets financial markets pennsylvania united states
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