Progress on the "New VMC" - your dollars at work!

I promised several weeks ago that I’d keep you in the loop about the “New VMC” being built with the money you approved when you voted YES on Measure A last fall. Read on, and consider yourself “in the loop!”

First, the County’s first 2009 Series A General Obligation Bonds successfully sold this week, attracting 9 strong bids from the underwriting community. Merrill Lynch won a very close bid, coming in at a much lower interest rate than we expected. The result is that the county now has its first $350,000,000 toward the whole “New VMC” project – and saved a few million bucks in the process.

Meanwhile, construction goes on – or more specifically, destruction. The old outpatient building is being slowly dismantled, and we’ll let you know about the ground-breaking ceremony that will happen later this year when the site is ready for the new hospital. Our new parking garage opened this week, and the wonderful staff of the Santa Clara Valley Health & Hospital System has begun helping with our capital campaign by