About those 14.4 Million (plus interest) Certificates of Obligation Paid by Somervell CountySomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

About those 14.4 Million (plus interest) Certificates of Obligation Paid by Somervell County
 


28 June 2013 at 8:15:44 PM
salon

Just putting this up here for now, makes some interesting reading.

Looks to me that at end of May 2013, the Somervell County Commissioners Court asked an attorney who owed the money for that 14.4 milliion bucks that we loaned to PRIVATE Glen Rose Medical Center. Somervell County has the obligation for it, but the question at least was entertained about whether they could get the newly formed Hospital District to take it over.

Notice also on page one that apparently they asked the attorneys whether the hospital district election was valid.

 

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Comments!  
1 - humanbeing   28 Jun 2013 @ 10:01:11 PM 

The newly formed Hospital District should take over this debt, that's the point of forming a hospital district. All this document demonstrates to me is that the county government is exercising due diligence. There's nothing wrong with asking an attorney for an opinion on action taken...on the contrary, that's what an attorney is for.


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2 - concerned citizen   29 Jun 2013 @ 4:09:14 AM 

Attorneys have spelled it out.  District would be responsible for preparing a budget, paying the certificates of obligation,and county is supposed to draw up paperwork to eliminate any further misunderstandings. If it was "cut and dried" why would WE need further opinion?  Is there some haggling going on here?

Sit down and take a deep breath. People, these are 2008 certificates of obligation.  The hospital has NEVER followed a budget, ALWAYS spent more than incoming revenue, AND county has always chipped in more money, and we still have same "yahoos" running the hospital.  What has changed?  NOTHING except money is being funneled straight to district. YIKES!

If district goes "belly-up" (and it can, others have in the past and those counties have real "migraines" now) by not following a budget, spending like crazy, and doing exactly what they have done in past 5 years, the district can mortgage all the property, sell ALL property at reduced rates, give it away....AND THERE IS NO LEGAL RECOURSE!  Everything can be GONE!  They have full control over everthing!  And as a taxpayer we would still be obligated for all the debt. Check it out--I have!  

Would you give these same individuals your personal checkbook?  You are almost there if you don't get rid of this district.

Please sign petition to dissolve hospital district before it's  too late.  



3 - humanbeing   29 Jun 2013 @ 6:56:54 AM 

Please correct me if I'm wrong but it's my understanding that GRMC was consistently running in the black, not the red, until the expansion of 2008, that coincided with the economic crash and the increase in uninsured patients.


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4 - concerned citizen   29 Jun 2013 @ 7:11:05 AM 

The current situation IS just as I descibed with dire consequences ahead. Beware. 



5 - salon   29 Jun 2013 @ 10:14:46 AM 

HB, where did I say this is *right or wrong* or imply that the county is not doing due diligence? In fact, bravo to them for checking this out. Simply saying this shows that  the county is the one paying back Southwest Securities and the district is one the paying back the county. Remember recently where 2 people wrote in to the Glen Rose Reporter to say they thought having a district would mean no debt? 

No idea about how the hospital was doing when they were a private entity, same as it doesn't cause me to want to run around to every private business in Somervell County and ask them how well their business is doing. The point at which I cared was, first, when Mike Ford decided to violate the law by recommending that the commissioners vote for the debt and not hold a mandated IRS hearing for the public to decide if they wanted to give PUBLIC taxmoney to a PRIVATE entity. The second point at which I cared was when GRMC, which was private, decided they weren't going to pay back the money they owed and went to being run as a public hospital by an appointed hospital auhority board. Otherwise,


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6 - concerned citizen   29 Jun 2013 @ 11:00:03 AM 

The taxpayer is the loser. Salon thank you for all the pertinent information and insight!



7 - salon   29 Jun 2013 @ 11:00:20 AM 

and CC, I think you make some good points. Adding one more which is that the district has the right of eminent domain.


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Comments

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