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

Friday, February 08, 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proceeds from the bond will be used to pay off various medical vendors owed by the Hospital and to replace some outdated medical equipment currently being used for patient care.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.”


Cleveland's Mosby Pool Should Be Open To Public On Thursday After Many Delays

Dave Sheldon, head of the company contracted to construct the Mosby Pool, told the Cleveland City Council on Monday afternoon that the pool should be able to open to the public on Thursday. Many parents in the community have been frustrated because the pool was originally scheduled to be completed before summer started so that their children could enjoy it.  Councilman ... (click for more)

Latest Hamilton County Jail Booking Report - And Mug Shots

Here is the latest jail booking report from Hamilton County: ANDERSON, ADRIAN D     1725 NORTH CONCORD RD APT A CHATTANOOGA, 37421     37     Chattanooga          PUBLIC INTOXICATION ANDERSON, TREMAINE     4000 FAGAN ST CHATTANOOGA, 37410     23    ... (click for more)

Senator Bob Corker: An Open Letter To Tennesseans

We are incredibly fortunate to live in a state in which companies worldwide are clamoring to establish a presence. Many attribute it to our pro-business culture, well-prepared workforce, low tax environment, right-to-work policies, and engaged citizenry.  That is why the announcement by Volkswagen to build its midsize sports utility vehicle and establish the South’s ... (click for more)

Roy Exum: Wamp Refuses To Stoop

With less than two weeks before the Aug. 7 th election and the last week of early voting now underway in Hamilton County, Congressional challenger Weston Wamp sounded upbeat and relaxed early yesterday afternoon. “I’m pleased to say that I believe we are right where we need to be … maybe even more than we had hoped.” Wamp, who is challenging two-term incumbent Chuck Fleishmann ... (click for more)

Prep Football Practice Starts Today

Coaches barking instructions, players blocking and tackling, quarterbacks and receivers working on timing routes and error-free handoffs to fleet-footed running backs.   In the greater Chattanooga area and throughout the state it can mean just one thing. It’s time for Prep Football 2014.   Today is the first official day ... (click for more)

NPSL National Championship To Be Played At Red Bulls Arena

The NPSL announced on Monday that the national championship match between Chattanooga FC and the Red Bulls U23 will be played on Saturday at Red Bull Arena in Harrison, New Jersey.  The match will be played following an MLS match between New York Red Bulls and the New England Revolution.   Local fans took to social media to appeal for the game to be played in Chattanooga. ... (click for more)