$52M bond for St. Mary Hospital approved by unanimous council vote

November 15, 2006 Jersey Journal

The Hoboken City Council voted unanimously Monday night to introduce a $52 million bond ordinance to pay for improvements at St. Mary Hospital.

Mayor David Roberts said the bond, which is guaranteed by the city but will be repaid by St. Mary Hospital, is necessary to ensure Hoboken has a top-notch hospital.

"Many people worked hard to put Hoboken in a position to maintain a hospital," Roberts said yesterday. "Last night was an important step for the city to meet its destiny."

Councilman Ruben Ramos, Jr. sponsored the ordinance.

The bond will cover upgrades and help cover costs as the city takes over. The previous owner, Bon Secours Health System, will transfer the hospital and its land to the city at no cost.