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


IMPROVE Act Provides $46,417,859 In Transportation Infrastructure Projects In Marion County

The Transportation Coalition of Tennessee said Wednesday that the IMPROVE Act will bring over $46 million in road projects to Marion County. The total impact for Marion County is $10,015,859 for the combined revenue to cities and counties as well as the Tennessee Department of Transportation road and bridge projects, totaling $36,402,000 from the IMPROVE Act. The three ... (click for more)

22 County Mayors Across East Tennessee Endorse Randy Boyd For Governor

Randy Boyd announced Wednesday that nearly two dozen county mayors from across East Tennessee have endorsed and are already working in support of his Republican campaign for governor.   Mr. Boyd is the only gubernatorial candidate from East Tennessee. More than 40 percent of the projected 2018 Republican gubernatorial primary vote is expected to come from East Tennessee.  ... (click for more)

Life For Our Ancestors In 1890

May 26-27 is the 1890’s Day Jamboree in Ringgold. I encourage any reader to attend and enjoy that wonderful community. I love having grown up in Northwest Georgia and celebrating our veterans, including both of my grandfathers who served in WWII.  But I also want to describe how the 1890’s were for my ancestors, living here in a singularly turbulent time. Based on, among ... (click for more)

Roy Exum: My Life With 007

I was 13 when the first of 24 James Bond movies came out and, at a time when my sap was just beginning to rise, I will never forget Ursula Andress stepping out of the sea wearing that white bikini. Our hero walks over to the dripping Honey Ryder – that was her name in “Dr. No” – and she says in the Swiss accent, “Are you looking for shells too?” And the first classic reply of thousands ... (click for more)

Baylor Gets Offensive In Softball Win Over St. Benedict

MURFREESBORO – The two-time Division II defending state softball champion Baylor looks ready to challenge for another title. The Lady Red Raiders spotted St. Benedict an unearned run in the first inning, but came back strong to prevail by a 12-1 final in six innings. Wednesday’s win, Baylor’s 25 th against three losses, sets up a winners bracket final with arch-rival GPS, ... (click for more)

Brooke Parrott Fires One-Hitter As Central Stays Alive

MURFREESBORO – To make a long story short, Central’s Brooke Parrott simply wasn’t ready for a brilliant high school softball career to end. Pitching like there was no tomorrow – that really would have been the case had the Lady Pounders lost – Parrott was her usual outstanding self as she fired a one-hitter to lead her team to a heart-stopping 1-0 victory over Dyersburg in a ... (click for more)