Interbank Loan Restructure on Hold for Glen Rose Medical Center - 6/30/2016Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Interbank Loan Restructure on Hold for Glen Rose Medical Center - 6/30/2016

2 July 2016 at 4:14:28 PM

At the May 24, 2016 regular meeting of the Somervell County Hospital District, one of the items was discussed was Interbank restructuring and renewing existing loans.  Ray Reynolds

Had some discussion with the bank from time to time, bank came to us last monday, Martin of Stephenville, asked to make an appointment and see me. Had talked as a group and came with a recommendation and proposal, on 2 notes paid monthly, they would reamortize over 5 years, note payment 2000 less than what currently paying, monthly paying about 10,050, renew till February 2017.

I wondered while listening if it was legal to reamortize over 5 years, as I thought I have heard in other types of govt meetings that a board cannot obligate a new board. However, no one on the board asked any questions and all voted to have Reynolds or Ron Hankins authorize the notes. 

This last Thursday, the loan was on the agenda again, but this time it was dropped. Rough Transcript

Hankins: I believe you've been in contact with Kevin Reed's office concerning review of documents.

Reynolds: Documents are extensive, and really, on the advice of our attorney, I'm recommending that we not address this right now, that they continue to work on the documents. Our attorney has some concerns about the documents, some of that's been discussed with the Interbank attorneys, but their advice is that we wait and not take any action on this item right now. I will say it may involve a special meeting to address these documents.But right now our attorney is advising us not to take any action.  

NO ONE on the board asked why. Suppose someone had asked Ray, what is it about the documents or the arrangement that cannot make it go through? Ray could have said I won't talk about this openly (if that was legally appropriate), but no one wanted to know? Guess not. I don't have any idea if my own theory is correct but given that it was a huge deal at that former meeting to get Interbank paid, enough that Interbank approached Reynolds to find out some way to get this loan restructured, you'd think there should be some little bone to throw out to explain why the fool not. 



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