How Much on Certificates of Obligation Bond Payment Left? (August 2019) Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


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How Much on Certificates of Obligation Bond Payment Left? (August 2019)
 


29 August 2019 at 12:52:50 PM
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From the auditor presentation before Somervell County Commissioners Court at special meeting May 30 2019

Which governmental entity is actually responsible for the 14.4 million dollar certificates of obligation and whose rating can be affected if Somervell County Hospital District does not pay or is late? Somervell County Commissioners Court. This is becasue the bonds were taken out at the time years ago by Somervell County Hospital District to give a loan to then-private Glen Rose Medical Center with the provision that the hospital would start paying them back.  See also  And here is the original schedule of payments for the certificates of obligation. 

From 2016- What Happened With Somervell County Considering Making a Bond Payment Loan for Glen Rose Medical Center?

How much currently is the bond payment? 18 and 11.6 million

P.S. Slightly off topic and I can no longer find the document I once had, but it was the 3rd addendum to the lease for GRMF, when they were still a non-profit hospital, not public and after Somervell County Commissioners Court voted to loan them 14.4 million dollars in certificates of obligation. From a post I did in February 2009 At the time GRMF was paying Somervell County $1.00 per year to lease the hospital premises. With the CO's there was a schedule of payments that the hospital was supposed to start paying back. 

Now on to Exhibit A. the total amount due in Rent is 28,764,625.00

the first payment starts in FYE- 2010 and the rent payment is 750,000.00 This goes on until 2048 at which time the final payment is 264,625.00.

Funny how shortly after they got those COS, there was a huge dog and pony push to create a taxing hospital district. Their first effort soundly failed and the hospital could not make the payments. At that point, the hospital got turned over to the county to run, with a hospital authority board appointed by the county judge. I've often wondered whether Gary Marks even had any intention at all to pay back all that money the hospital was loaned, because within a certain time after the first hospital district creation election was held, there was a second push to create one, and the next one passed by TWO VOTES. (They arranged to do the election on a holiday weekend). Was Glen Rose Medical Center attempting to shift the payments, after they got them, to being under the hospitlal district?http://salon.glenrose.net/default.asp?view=plink&id=9771Marks tried in the first attempt to go for 75 cents on the dollar valuation tax- luckily Jerry Lee attended that hearing and vehemently objected. 

 


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