A proposed bill which would have netted Nassau University Medical Center more than $15 million in long-term aid has falled, according to Newsday.
The legislation granted the Nassau Interim Finance Authority (NIFA) permission to grant bonds, which would allow the East Meadow based hospital to refinance at low rates.
"It is dead," Assemblyman Charles Lavine, D-Glen Cove, said.
The medical center, based in East Meadow, has been struggling with rising pension costs and lower Medicaid payments. It has laid off more than 300 employees in the last year and has begun talks with North Shore-Long Island Jewish Health System, a private entity based in Manhasset, about collaborating to lower administrative costs.
"We are looking to NIFA to help us refinance our variable rate bonds at the lowest possible interest rates and to fix our bonds so as to eliminate any market or credit risk," Arthur A. Gianelli, president and chief executive of the NuHealth System, said in a statement before the decision was made to not move forward with the bill.
Did state officials make the right decision in preventing this legislation from moving forward? Tell us in the comments.