Which Somervell County Entity Responsible for 14.4 Million Dollar Debt? In 2016, 3 Documents Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


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Answer: Somervell County Hospital District

Which Somervell County Entity Responsible for 14.4 Million Dollar Debt? In 2016, 3 Documents
 


9 March 2016 at 7:13:04 PM
salon

From open records

Somervell County voted to take out 14.4 million dollar (plus interest) certificates of obligation in 2008. At that point, Glen Rose Medical Center was a private non-profit hospital that arranged to make payments back to the county to pay off the debt, but the county took out the certificates in the county name. When the Somervell County Hospital District was formed, where did the debt go? Some people assumed the debt simply went away because it was no longer in the Somervell County budget. But, although the bonds continue to be in the county's name, the debt actually was transferred to Somervell County Hospital District, which has the obligation to pay it back. 

Most recently, due to Somervell County Hospital District having difficulty making the bond payment, there was an attempted arrangement to have Somervell County make a loan of half the bond payment for Somervell County Hospital District. This was done without benefit of open meetings on either side, and, according to one of the commissioners, an attorney determined that doing so would be illegal. 

The obligations are listed under Somervell County Hospital District. The obligation to pay the money back is detailed in an asset transfer agreement 

Here are a few documents that show the status of this debt as of Feb 2, 2016

Somervell County Debt

Somervell County Hospital District Debt

SEC Filing


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