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A Resolution of the County of Allegheny, Commonwealth of Pennsylvania, establishing a “bond embargo” as County policy regarding bond issuances requiring the approval of Allegheny County Council for the benefit of UPMC.
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WHEREAS, UPMC is a nonprofit provider of healthcare services, and the largest employer in the Pittsburgh region; and
WHEREAS, UPMC has historically maintained that it is steadfastly committed to giving back to and reinvesting in the community, and it continues in these representations; and
WHEREAS, on October 16, 2009, UPMC announced it will begin moving its clinical operations of UPMC Braddock Hospital to other UPMC facilities, and the 123-bed facility will close completely by the end of January 2010; and
WHEREAS, almost exactly one year ago, on October 21, 2008, Allegheny County Council voted to approve a $650 million bond issuance through the Allegheny County Hospital Development Authority solely for the benefit of UPMC, in large part to enable UPMC to refinance prior bond issuances and saving UPMC debt service costs estimated to be in the millions of dollars; and
WHEREAS, just over one year ago, on May 20, 2008, Allegheny County Council voted to approve a $350 million bond issuance through the Allegheny County Hospital Development Authority solely for the benefit of UPMC, also in large part to enable UPMC to refinance prior bond issuances and saving UPMC debt service costs estimated to be in the millions of dollars; and
WHEREAS, repeatedly during the discussions of these bills approving a total of $1 billion in bond issuances specifically for the benefit of UPMC, representatives of UPMC specifically averred that UPMC remained financially sound and would be able to fully meet its obligations under the refinancing plans, and at no point was the prospect of closing hospitals raised as a potential financial necessity for UPMC; and
WHEREAS, about 670 people work at UPMC Braddock, which sees about 25,000 patients a ye...
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