Credit Extended Further For Hutcheson Medical Center; Walker County Backs New $1 Million Line Of Credit

Monday, December 30, 2013

A $6 million line of credit for Hutcheson Medical Center that was backed by Walker County and Catoosa County is being extended for another year.

In addition, Walker County is setting up another $1 million line of credit for the hospital that is dealing with a heavy debt.

Bebe Heiskell, Walker County sole commissioner, said at a special called meeting. "Walker County is demonstrating its continued support for an independently run Hutcheson Medical Center today by renewing a $6 million line of credit to Hutcheson Medical Center that was due to expire this month. The extension is until Dec. 31, 2014.

"The extended expiration of the line of credit was signed by Catoosa County, which jointly backed the line of credit with Walker County, earlier this month.

“We are extending this credit because we want the community and hospital staff to know that we support the Hutcheson’s future as an independent medical center. Together with the support of Regions Bank, which shares our commitment to the hospital’s future, Walker County has extended its financial backing of Hutcheson.” 

She stated that Hutcheson is not in immediate need of funding and the $1 million line of credit will be held and not drawn on unless needed.

Commissioner Heiskell said, "I think Hutcheson is turning things around."

Both loans are through Regions Bank.

The interest rate on the $6 million line of credit is being raised from 1.75 percent to 2 percent. It will be 2 percent on the new $1 million line.

To fund the interest, the actual loan amounts will be $6,321,000 and $1,033,500.

Bond attorney Earle Taylor said the initial $6 million line of credit had been "fully drawn."

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