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


Tennessee's Infrastructure Needs Stand At $38.8 Billion

Tennessee needs at least $38.8 billion of public infrastructure improvements during the five-year period of 2012-2017 according to a new report by the Tennessee Advisory Commission on Intergovernmental Relations (TACIR). The need for public infrastructure improvements, as reported by state and local officials, is up $1.3 billion (3.5%) compared with the year before.   ... (click for more)

Latest Hamilton County Jail Booking Report - And Mug Shots

Here is the latest jail booking report from Hamilton County: ANGLE, NIKIA MARIE 3125 BENNETT RD EAST RIDGE, 37421 23 Hamilton County THEFT OF PROPERTY ASHLEY, LAURA ANN 480 CEDAR STREET APT 11 DUNLAP, 37327 36 Red Bank POSSESSION OF DRUG PARAPHERNALIA BROGDON, KEVIN LEON 1504 JOHN ROSS ROAD EAST RIDGE, 37412 24 East Ridge FILING FALSE ... (click for more)

Tom Dugan Was A Good Man

Tom was my boss for most of my 36 years at Carta.  At the ceremony where I was awarded my 30-year service award, Tom said, "Don disagrees with 85% of my decisions, but I wish I had 80 more employees just like him." This kind of indicates our relationship. When I asked him to help with my plans for a reunion for the group of Veterans that I served with in Vietnam, he quickly ... (click for more)

Roy Exum: A Veterinarian’s Horse Sense

I suspect you’ve heard by now that a doctor in New York City, who volunteers with “Doctors Without Borders,” just got back from the African nation of Guinea on October 17 – last Friday – and on Thursday tested positive for the deadly Ebola virus. Luckily, he came in actual contact with only a few people but he reportedly rode a subway, took a taxi, went on a three-mile run and ... (click for more)

Freeman-Led Owls Whip Cleveland, 30-14, To Win 5-AAA Title

Junior Rashun Freeman's stunning versatility stole the show Friday night. Freeman caught a touchdown pass, returned a punt for a second score and had one of three Ooltewah interceptions as the fourth-ranked Owls whipped Cleveland, 30-14, to win the District 5-AAA championship in front of a near-capacity crowd at James N. Monroe Stadium. “I practice hard and that shows ... (click for more)

Daoust Dashes For 251 Yards As Rhea Defeats East Hamilton, 42-14

Zach Daoust gained 251 yards and scored one of Rhea County’s six rushing touchdowns and the Golden Eagles pulled away with a strong fourth quarter to defeat East Hamilton’s Hurricanes, 42-14, in a non-district football game at East Hamilton High. The Hurricanes fell to 2-7 overall while losing for the fifth time in six games. East Hamilton concludes its season at Bradley Central ... (click for more)