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


Corker Urges Administration To Take Time, Not Rush Into Bad Deal With Iran

As the P5+1 nations and Iran attempt to meet a new Tuesday deadline for a nuclear agreement, U.S. Senator Bob Corker, appeared on CBS News’ Face the Nation today and urged the Obama administration to take the time needed and to not rush into a bad deal with Iran. Senator Corker said, “Obviously, [the administration is] very anxious. I think they look at this as a legacy ... (click for more)

Latest Hamilton County Jail Booking Report

Here is the latest jail booking report from Hamilton County: ATKISSON, THOMAS GREEN  3901 KINGS RD CHATTANOOGA, 37416  Age at Arrest: 40 years old Arresting Agency: Chattanooga AGGRAVATED ASSAULT BEER, ANTHONY COURTNEY  HOMELESS CHATTANOOGA, 37402  Age at Arrest: 24 years old Arresting Agency: Chattanooga POSSESSION OF DRUG PARAPHERNALIA ... (click for more)

Could The Marriage Decision Spark A New Independence Day?

I confess that this year I am having a hard time with the idea of celebrating the 4th of July Independence Day. It is not because I am not thankful to God for what was done on that day, what it represents, and the blessings I’ve experienced that flow from it. On the other hand, I want to think that maybe this year’s celebration will mark a period in our history in which a new movement ... (click for more)

Roy Exum: Dr. Tydings Is A Winner

One week from tomorrow the most important educator in the future of our community will start work as the new president of Chattanooga State. While I am normally cynical of beard-strokers and foundation-hungry dreamers who have little or no concept of the real world, I am convinced Flora Tydings will become the best thing to happen in our community in years. A grandmother with ... (click for more)

Chattanooga FC Clinches Southeast Division Title

The Chattanooga Football Club clinched the Southeast Division title Saturday night before a crowd of 4,000 plus fans and celebrated with fireworks after the game.  Chattanooga beat visiting Nashville FC 2-0.   Matt Aldred scored the first goal in the 27th minute and Jack Hopkins scored the second goal in the 85th minute.  Chattanooga will host the conference ... (click for more)

TSWA Announces All-State Soccer Teams

 The Tennessee Sports Writers Association recently announced its all-state high school soccer teams. THE TEAMS        TSWA All State Boys’ Soccer teams Class AAA Nathan Djona, Antioch junior forward Avery Cowan, Brentwood senior midfielder Johnny Heckman, Centennial senior midfielder Nick Zalewski, Sr., Cookeville ... (click for more)