What Would Happen With Payment from Glen Rose Medical Center for Certificate of ObligationSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


What Would Happen With Payment from Glen Rose Medical Center for Certificate of Obligation

2 February 2009 at 4:30:47 PM

Okay. So follow my logic. When I spoke with Mike Ford earlier today he told me that even if the GRMC doesn't pay back the money that it, as a private foundation, owes the county for leasing the land, equipment and building, the county still has money to pay the CO that it made for 14.5 million dollars. Hub said he remembered that the county raised taxes late last year by a significant amount and I went back and looked and have video of fhte 2nd hearing regarding tax raising. (Link from Sept 2008)  In this video segment Judge Maynard talks about how part of the reason the taxes were being raised was for the "bonded indebtedness of the hospital expansion". That's how, undoubtedly, Ford could say that the money had already been budgeted to cover the CO in case the GRMC didn't pay it back for whatever reason.

The money is budgeted for and presumably in some bank account waiting to go out on the yearly payment of roughly 750,000. Our taxes, raised, cover this. So, assuming GRMC as a private foundation, what happens with the money that that entity makes in payments? Is the debt paid off twice as fast, double payments as it were? Or would that money be socked in the bank or used for something else?

Let's say that the hospital district passes. Our taxes would be raised again to cover the cost of the hospital district, besides, of course, the taxes that were raised in September. If the hospital district operates like the school board, then the elected officials would be responsible for spending that taxpayer money wisely, and would hire an administrator and decide what salary to pay him or her, just like the school board hires a superintendent who presumably has experience and knowledge running a school district. Readers may know that the AP information, as well as salaries, are open record. If that happened, then all salaries, etc would be open record under that budget. IF the hospital, as run, had nothing to do with private entity GRMF, then we would essentially be paying back the CO through our taxes as increased in September. IF the hospital, as run, decided to contract with GRMF, it could NOT be with them as a private entity, because they can't keep their records hidden. But suppose we did contract with GRMF or some private entity- would the taxes NOT go to that foundation for salaries, etc because they were running as a private company-I mean, they coudln't take any tax money without accountability. So what would happen with the money that the hospital district brought in that was NOT going to the private entity running it? Would THAT money go back to the county? Saying that the Texas AG told me that the hospital district CANNOT contract with a private company and pay for it and the private company keep its records hidden, but it seems like we would be paying money to the foundation, would any part of that money be used to pay BACK its OWN CO debt? That's one reason why these records MUST be open.

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