BJC Medical Center’s request for financial assistance from the Jackson County Board of Commissioners will be on the agenda for possible action at next week’s BOC meeting. The meeting will be held at 6 p.m. on Monday at the courthouse.
At a BOC meeting two weeks ago, Rick Massey, a member of BJC Medical Center Authority, asked the county to guarantee — and repay — 75 percent of a $5.2 million loan, as well as guarantee 75 percent of a $1 million line of credit.
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The authority made a similar request — for the other 25 percent of support — from the Banks County Board of Commissioners at a meeting Tuesday night. The Banks BOC did not take action on the request.
Financial obligations related to the medical center have always been split on a 75:25 percent ratio between Jackson and Banks counties.
“We have a significant need at the current time for Jackson County and Banks County to guarantee a $5.2 million long-term debt, as well as a $1 million line of credit,” Massey told the Jackson County BOC. “…We have to restructure this short-term debt. We feel like this is the best-case scenario… We need to restructure that loan and we can’t do that… It is more advantageous to lump this into one long-term repayment.”
The request is to consolidate approximately $1.5 million in debt the two counties now paying on hospital bonds with $2.5 million in short-term debt and $1.2 million of accounts payable. The requested amounts calls for an additional $3.7 million in support from the two counties.
Currently, Jackson County makes the $153,655 annual payment for hospital bonds. If the board grants the authority’s request, its payment would go to $382,395. The duration of the agreement is for 15 years.
If the Banks County Board of Commissioners signs on, its annual payment on the medical center would increase from the current level of $51,218 to $127,465.
Financial obligations related to the medical center have always been split on a 75:25 percent ratio between Jackson and Banks counties.
“We have a significant need at the current time for Jackson County and Banks County to guarantee a $5.2 million long-term debt, as well as a $1 million line of credit,” Massey told the Jackson County BOC. “…We have to restructure this short-term debt. We feel like this is the best-case scenario… We need to restructure that loan and we can’t do that… It is more advantageous to lump this into one long-term repayment.”
The request is to consolidate approximately $1.5 million in debt the two counties now paying on hospital bonds with $2.5 million in short-term debt and $1.2 million of accounts payable. The requested amounts calls for an additional $3.7 million in support from the two counties.
Currently, Jackson County makes the $153,655 annual payment for hospital bonds. If the board grants the authority’s request, its payment would go to $382,395. The duration of the agreement is for 15 years.
If the Banks County Board of Commissioners signs on, its annual payment on the medical center would increase from the current level of $51,218 to $127,465.
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#1
liberty5449
on
03/23/10 at 03:58 PM
[Reply]
Will this help the hospital at all or would it benifit the nursing home part?