The Hamblen County Audit has been available on the Comptroller's Website for about a week.
Click here to go directly to the Hamblen audit.
For Hamblen County debt, go to pages 141-143 of the audit.
Here's the status in a not-so-pretty nutshell: The county borrowed large sums, primarily for school construction, from 1998-2001. The county has also borrowed large sums that were then lent to MH Hospital.
In a "plan" devised in 1998, the county has made interest-only payments on the $40 Million borrowed between 1998-2001. The MH Hospital debt of $28.7 Million has also been interest-only payments.
Drowning in debt and treading water.
$40 Million borrowed, the bulk of which was for the last (1998) school building program. [Page 141]
2008: $40 Million owed. [ Page 141]
$28.7 Million borrowed for M-H Hospital. The hospital is supposed to make payments to the county for this debt using hospital revenue. [Page 142]
2008: $28.7 Million owed. [Page 142]
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment