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proceeds from the bond will be used to pay off various medical vendors owed by the Hospital and to replace some outdated medical equipment currently being used for patient care.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


Get Emailed Headlines From Chattanoogan.com; Like Us On Facebook, Twitter For Instant News

We send out headlines each day of the latest Chattanooga news. Our news headlines have links that take you to the stories with a click. We also send out special emails if there is a highly significant local news story breaking so you will be aware of it quickly. To be added to the email headline list, just email us at news@chattanoogan.com In addition, like us on Facebook ... (click for more)

Senator Overbey Nominated To Be U.S. Attorney For Eastern Tennessee District

State Senator Doug Overbey was nominated by President Trump on Friday to be the U.S. Attorney for the Eastern District. Senator Bob Corker said,  “Doug Overbey is an outstanding choice to serve Tennesseans as U.S. Attorney for the Eastern District. Doug has had a distinguished law career, spanning nearly four decades, and has served the Volunteer State honorably in the ... (click for more)

Do Something To Protect Our Children

It is unconscionable in this day and age that these children had to exist in such deplorable conditions and that an innocent baby suffered and died alone in a locked car.  Yes, there is blame and accountability considering this family had child neglect charges filed a few years ago (that were apparently dropped and expunged) and a large part of the responsibility should ... (click for more)

Roy Exum: The Saturday Funnies

Every week I get emails full of inspiration and funny stories. This summer I have gathered a sampling of my weekly harvest and presented the collection as a reminder we ought to cherish laughter with those we love and the weekend. I am not only amazed how popular my ‘Summer Saturdays’ have become but this week I have gotten funnies from California, Texas and Arizona, to mention ... (click for more)

Lookouts Take Second Straight At Mobile Thursday With 4-1 Win

MOBILE, Ala.  -- Nick Gordon scored on a wild pitch in the first inning, leading the Chattanooga Lookouts to a 4-1 win over the Mobile BayBears on Thursday. Gordon scored on the play in the first to give the Lookouts a 1-0 lead after he led off the inning with a single, stole second and then went to third on a groundout. With the score tied 1-1 in the second, the Lookouts ... (click for more)

Katie Tingle Named Covenant Women's Basketball Assistant

The Covenant women's basketball program has announced the hiring of Katie Tingle as the full-time assistant coach for head coach Sarah Harris. Tingle replaces Kiaira Cooper, who recently left the program for an administrative position at Houghton College.  "I am so thankful to director of athletics Tim Sceggel and head coach Sarah Harris for this opportunity to ... (click for more)