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


Keith Carter Was Man Shot In Knee On W. 38th Street; Still Won't Cooperate With Police

The man shot at 262 West 38 th St., on Monday afternoon was 22-year-old Keith Carter. He continues to be uncooperative with Investigators. Carter was shot in the knee. The victim was transported to a local hospital where he received treatment for the non-life threatening injury.    Chattanooga Police ask anyone with information regarding this crime to call ... (click for more)

Skillern Designates $100,000 Of Discretionary Funds For New Road To Daisy Elementary

County Commissioner Fred Skillern has designated $100,000 of his district discretionary funds for a new road to Daisy Elementary School. The road will be built from Sequoyah Road. The county schools will contribute $200,000 to the $300,000 project. Officials said Commissioner Skillern, who is leaving the commission at the end of this month after a long tenure on the school ... (click for more)

Thankful For Senators Alexander And Corker's Support Of The F-35 Joint Strike Fighter Fleet - And Response (2)

America’s national security at home and abroad is important to all of us.  So it is very important to recognize and thank our leaders when they show strong support for our military. That’s why I am writing to thank Senators Alexander and Corker for their continued commitment to our great state, our nation, and especially to our military.  Their support ensures that ... (click for more)

Roy Exum: Scottsboro’s Pat Trammell

I got a warm feeling Tuesday when it was announced Pat Trammell will be among those in the inaugural class of the Jackson County (Ala.) Sports Hall of Fame. When the august group is enshrined at Scottsboro’s Goose Pond Civic Center on Nov. 1, most folks won’t even know who Pat Trammell was but I knew all about him in my very first year as a fledgling sports writer back in 1967 and, ... (click for more)

Chattanooga Football Club National Championship Match Can Be Viewed Via EPB Fiber Optics

EPB Fiber Optics is offering the community exclusive live broadcast coverage of the Chattanooga Football Club in its final battle for the National Premier Soccer League National Championship. The game between the Chattanooga FC and the New York Red Bulls-Under 23 squad is scheduled for Saturday at 9:30 p.m. from the Red Bull Arena in Harrison, New Jersey. Fi TV Bronze, Silver ... (click for more)

Stars Shutout Lookouts Tuesday, 2-0

Huntsville, AL-Huntsville native Jed Bradley did it all Tuesday night for the Huntsville Stars.  He pitched six shutout innings and also provided the only offense in a 2-0 win over the Chattanooga Lookouts at Joe Davis Stadium in Huntsville. Recap Bradley, broke up the scoreless game in the fifth as he was locked up in a terrific pitcher's duel with Chattanooga lefty ... (click for more)