Illinois lawmakers recently passed a plan to disperse the leftover money from the now closed Wood River Township Hospital, and Governor Pat Quinn (D-Chicago) signed the bill into law Wednesday. It was announced earlier this year that the Wood River Township Hospital Board had reached a point that it would be able to meet its future financial obligations and had about $8.4 million dollars remaining.
The Illinois Municipal Retirement Fund apparently has plenty of money to pay the pensions associated with the hospital, so a refund is now on the way. Wood River Mayor Fred Ufert was at the bill signing, and expressed his gratitude.
The bill allows for the hospital to enter its final phase by permitting it to sell property and pay off debt. The hospital’s remaining funds will then be given back to the taxpayers of Wood River Township based on property value. The bill then provides for the hospital to dissolve once and for all.