Catoosa And Walker Offer Hutcheson Hospital $2.5 Million Line Of Credit

Wednesday, May 15, 2013 - by Mike O'Neal

The only business addressed during a called meeting of the Catoosa County Board of Commissioners on Wednesday concerned extending a short-term line of credit to Hutcheson Medical Center.

County Attorney Chad Young described the willingness of Walker and Catoosa counties to guarantee the hospital’s borrowing of up to $2.

5 million as “another step” in moving forward with restructuring HMC’s indebtedness.

“This is not a check, it is a line of credit,” Mr. Young said. “Any draw from these funds would be subject to approval by both counties.”

Erlanger Health System had recently extended a loan of $550,000 for Hutcheson’s immediate needs and the county’s action will permit the hospital to make necessary capital improvements while a longer term refinancing scheme is worked out.

The hospital is in the process of developing an arrangement that would allow leasing the hospital’s buildings to another medical entity — a local, regional or national hospital or corporation.

Lease payments would cover all servicing all of HMC’s debts and would mean taxpayers would not be called upon to pay off the hospital’s debts.

Since December, the hospital and the hospital authority have been trying to restructure debts accumulated by a previous administration.

Presently, the hospital’s long-term strategy is to secure $35 million in short term funding through bond anticipation notes and a total of about $50 million over a 30-year period.

A short-term bond anticipation note is expected to close before the end of June, officials said.

“This will be a short-term bridge to cover the gap for about six weeks,” Catoosa Commission Chairman Keith Greene said.

moneal2480@comcast.net


Thomas Hughes Sought After Nearly Hitting 2 Sheriff's Deputies While Driving Stolen Vehicle

Sheriff's deputies were called to 8903 Bramlett Road on Friday at approximately  12 p.m.  after receiving a report of a stolen vehicle that could be found at that address.  On arrival at the residence, deputies located an individual identified as Thomas Hughes. When he noticed the deputies, he entered the vehicle he had been working on in an effort to flee. ... (click for more)

PHOTOS: Ice On The Landing And The Lighted Boat Parade

Ice on the Landing and the Lighted Boat Parade brought crowds to the riverfront on Friday night (click for more)

Policeman: Modern Day "Boogie Man"

As a child I was under the impression that a ghastly, grotesque creature had taken up residence in my bedroom closet, the proverbial “Boogie Man” I suppose.  This is not an uncommon thing among children and most likely to some fault of my own as I subjected myself to some pretty iconic 1980’s horror flicks. There were other kids in the neighborhood that not only claimed to ... (click for more)

Roy Exum: A ‘Black Friday’ Poem

On this, “Black Friday,” when frantic shopping and crowded aisles cause some nerves to wear thin, please allow me to share a poem a friend sent me not long ago called “Shoes in Church.” Perhaps it will be fitting: SHOES IN CHURCH I showered and shaved. I adjusted my tie. I got there and sat In a pew just in time. Bowing my head in prayer, as I closed my eyes. I saw ... (click for more)

Notre Dame Falls To Alcoa 28-19

The Notre Dame football team lost to Alcoa 28-19 Friday night in the Class 3A state semifinal game played on Finley Stadium. Alcoa led 21-13 at the half.  No teams would score in the third quarter.  Notre Dame turned the ball over several times in the second half. Full story to follow... (click for more)

UTC Men Defeat Coastal Carolina,78-67

UTC’s Ronrico White is use to pre-game shoot arounds, but Wednesday’s “almost midnight madness practice” 14 hours prior to tipoff against Coastal Carolina was out of the ordinary but highly effective. “My shooting touch was off (2 for 14 in the last three games) so Coach Wes Long called a shoot around for late last night and we made some adjustments in my technique and it paid ... (click for more)