Meeting was cancelled by Chip Harrison
LInk to agenda
If I'm reading this right, Somervell County Hospital District cannot operate right now without the help of Somervell County and wants help paying on the 14.4 milion bond payment (which is now 639,000) that Mike Ford saddled us with. Really? The whole point of having a district was to be separate from the county. The hospital could have remained WITH the county instead of having extra taxes.
And you know, if you're following the meetings, that the board keeps voting to spend MORE money in Hood County's hospital district, in Pecan Plantation.
So "Somervell County, can you help bail us out with the bond payment, even though you also are getting less money from Luminant and had to cut your budget and even though we are spending a whole lot of money in some other county's hospital district?"
Adding, beyond this, Somervell County Hospital District has an agreement to make the bond payments , even though the bonds were issued to Somervell County. Notice that the district is expected to make the payments, NO LONGER THE COUNTY.
"The Series 2008 Certificates are not extinguished and remain in the name of the County, although the District would be the party to refund or defease the 2008 Certificates. Should the District fail to make the requisite debt service payments for the Series 2008 Certificates, then the holders of such obligations could bring an action against the County for payment. The County may be able to raise certain immunity defenses, as well as defending itself on the basis that Chapter 286 has transferred the responbility for the Series 2008 Certificates to the District and the County no longer has the authority to levy a tax for payment of the debt service. In addition, the County could bring a mandamus action against the District to compel it to carry out its statutory duty to levy the tax and make payments on the Series 2008 Certificates.
According to Brian Watts, the filling mentioned above, of "material event" was done June 14, 2013.