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


Family Makes Treasure Trove Of Early Chattanooga Photographs Available For Book; Stokes Collection Has Been Passed Down To Descendants

A treasure trove of Chattanooga photographs that have been passed down in the Stokes family for generations has now been assembled in an upcoming book. Chattanooga Around The Turn Of The Century: The Remarkable Stokes Collection will be published by Chattanoogan.com. Pre-orders are now being taken for the book, which includes over 700 photos on large-size pages. Publisher ... (click for more)

Sam Elliott To Take Over Representation Of City IDB From Mike McMahan

Attorney Sam Elliott will be representing the City Industrial Development Board (IDB) in the new lawsuit filed by citizen Helen Burns Sharp. He replaces former City Attorney Mike McMahan, who is a focus of the second Burns lawsuit involving the $9 million Black Creek TIF (Tax Increment Financing). The suit hits actions of attorney McMahan in securing the TIF and a reconfirmation ... (click for more)

Keep John Roberts, Commissioner Of Red Bank - And Response

It has been a week since the Red Bank Neighborhood Pride Association held their candidate forum at Red Bank Middle School. I was privileged to have been asked to moderate the affair. What follows is my interpretation of the current issues facing the citizens of Red Bank and, at the end, a summation of whom I feel should be elected and whom I will be voting for personally. First, ... (click for more)

Roy Exum: My October Garden

Hark! It is the first day of October and, as I make my monthly stroll through the garden, I find a growing numbers of leaves and acorns. Autumn leaves are beautiful while acorns are nuts, thus you will get the idea as we make our monthly awards: A PRETTY LEAF to Phil Hughes after the Minnesota Twins pitcher came within one inning of earning a $500,000 bonus this season. The deal ... (click for more)

East Hamilton Personnel Losses Boost Other 5-AAA Hoop Teams

CLEVELAND, Tenn. – East Hamilton’s loss has been solid gains for two other basketball teams in District 5-AAA and Ringgold, Ga. One of the Hurricanes’ top players, Kenny Bunton, left the program two days after Rodney English replaced fired Michael Stone and transferred to Walker Valley where he will play for coach Bob Williams’ Mustangs. “I took the job in March and two days ... (click for more)

John Shearer: Memories Of Watching 38 Baylor-McCallie Games

Back in the fall of 1971 when I was in the sixth grade at Bright School, I listened on the radio to the exciting football game between Baylor and McCallie schools, the first since the series had been discontinued after 1940. I was hoping to attend Baylor School as a student the next year, so I was quite excited that Baylor won, 9-7.  And the next year as a seventh-grader, ... (click for more)