"We need to make sure the banks have the capacity and the desire to supply the loan," Hudson said. "If not then we'll have to go back to what's called public financing, where you issue bonds."
Private financing is easier, quicker and less costly, he said.
"If you go the public route then you have investment bankers involved with all their fees and expenses," Hudson said. "And you have other costs associated with the public finance that you don't have with the private finance."
Hudson hopes to have bank proposals for review by next month's executive board meeting.
"The way things work and this being the holiday season, it will probably be January but we're trying to get it done as quickly as we can," Hudson said.
The board also approved a resolution to extend the debt it acquired when it purchased the former Putnam General Hospital, now CAMC Teays Valley Hospital. The $23.5 million was to be paid down next year, but hospital officials extended the debt five years, to 2018, Hudson said.
"It's just a routine transaction," Hudson said.
Reach Lori Kersey at lori.ker...@wvgazette.com or 304-348-1240.