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Oxford to get earnings from hospital money

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Updated: 5/04/2013 3:04 pm
OXFORD, Miss. (AP) -- The city of Oxford's investment of the proceeds from the sale of Baptist Memorial Hospital-North Mississippi has earned about $1.2 million its first year.
The city hired Glenmede in 2012 to handle the investment of the money.
The Oxford Eagle reports the market value as of March 31 was $32 million. It was $30 million when Glenmede received the funds. The fund's fiscal year ended March 31.
The city will soon receive the first payment from the full trust fund balance, minus the expenses of the trust administrator. The first payment will be $962,938. About $140,000 of that money is already obligated for a bond repayment.
Mayor Pat Patterson says that will leave the city without $826,085 to spend.
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