Heiskell Signs $25 Million Bond Resolution To Help Hutcheson Hospital With Debt

Friday, February 8, 2013

Walker County Commissioner Bebe Heiskell has signed a $25 million bond resolution that she said will help ensure the 850 employees at Hutcheson Medical Center will continue to have a place to work.

“While this bond will serve as a short-term tax anticipation solution to Hutcheson's financial dilemma, it will keep the hospital floating until a more permanent solution can be crafted,” she said.

A restructuring of Hutcheson's total debt is expected to be tackled sometime next year.

The $25 million tax anticipation bond is expected to be used, in part, to pay off a high-interest $12 million debt to Medicare.

Representatives from Catoosa and Walker County met to discuss the arrangement and agreed to sign off on the bond resolution.

The medicare debt owed by Hutcheson is saddled with an 11-percent interest rate, while the tax anticipation bond will provide the hospital a 1-percent interest rate on the money, officials said.

The remaining proceeds from the bond will be used to pay off various medical vendors owed by the Hospital and to replace some outdated medical equipment currently being used for patient care.

Commissioner Heiskell said, “The hospital continues to make wonderful gains toward financial solvency and I look forward to seeing it operate once again as one of the area's premier medical facilities.”


Red Bank Commission Agenda For Tuesday

Here is the Red Bank Commission for Tuesday at 7 p.m.: I. Call to Order – Mayor John Roberts II. Roll Call – City Manager ___ Mayor Roberts, ___ Vice-Mayor Floy Pierce, ___ Commissioner Causer, ___ Commissioner Eddie Pierce III. Invocation – IV. Pledge of Allegiance – V. Consideration of the Minutes for approval or correction: A. November 15, 2016 ... (click for more)

Walker County Arrest Report For Nov. 28-Dec. 4

Here is the Walker County arrest report for Nov. 28-Dec. 4: JORDAN        LORIE KAY   W/F     31        Officer WOOTEN      POSSESSION MARIJUANA (LESS OZ) GROSS           DANIEL         ... (click for more)

Signal Mountain Couldn't Manage Public Education

I have been reading the buzz about Signal Mountain and other small municipalities considering a move to form their own school district within their municipal boundaries.  It is quite the comedy hour considering the notion that small cities that for decades could not even manage small sewer systems or 911 districts, are somehow going to do a better job with public education ... (click for more)

Roy Exum: School Board Can’t Wait

It took the Hamilton County School board nine months before the group hired a search firm to find a new superintendent. But you mark my words – the Department of Education will undoubtedly implode if our leaders wait another nine months simply hoping for some type of mystical salvation. In the last week Signal Mountain leaders have all but given notice they will form their own district ... (click for more)

It's Tennessee Vs. Nebraska In The Music City Bowl

 Tennessee has accepted an invitation to play the Nebraska in the Music City Bowl on    Dec. 30   at Nissan Stadium in Nashville, Tenn. Tickets for the Music City Bowl will be available for purchase in the coming days via AllVols.com. "Our entire program is excited about representing the University of Tennessee at the Music City Bowl," Vols ... (click for more)

UTC Women's Hoops: Mocs Host Stetson Tonight

Coming off an 80-60 road win against UT-Martin Saturday, the UTC women's basketball team hosts Stetson tonight at McKenzie Arena at 6:30 p.m. Stetson (8-1) has won four in a row and is led by guard Biantt Saunders is six points  away from breaking the Hatters all-time scoring record currently held by Sasha Sims, who scored 1,617 points from 2010-14. In the UT-Martin ... (click for more)