Franklin Co. Makes Ty Cobb Bond Payment
By MJ Kneiser, WLHR Radio, Lavonia
Now that Franklin County has come through with the $315,000 bond payment to keep Ty Cobb Regional Medical Center afloat, the attention now turns to where the next payments will come from if the hospital isn’t sold soon.
At a recent work session, the Franklin County Board of Commissioners voted to wire the bond payment by the December 1st due date, which passed last week.
The money came from Franklin County’s General Fund, but County Commission Chair Thomas Bridges said there are no plans now to raise the millage to make up for the shortfall.
“We are looking at all of the options we have without raising the millage,” said Bridges. “I would like to see us have it on the SPLOST.”
Franklin County originally guaranteed approximately $8 million of the total $47-million debt used to build the new hospital in Lavonia.
The payments on that debt come to $51,861 a month, but the bond is paid twice a year or every six months.
That means Franklin County must come up with another $311,166 by June 1 if the hospital isn’t sold before then.
Last month, the Franklin County Industrial Building Authority voted to make the December payment and Bridges said the IBA is working to reimburse the county.
“The Industrial Building Authority is looking at some transactions they can do with the county to meet that obligation,” said Bridges.
For the past year, Ty Cobb has been actively seeking a partnership with another major hospital facility and CEO Greg Hearn confirmed Ty Cobb Healthcare officials could be close to finding that partnership.
Both Hearn and Bridges said it is critical Ty Cobb Healthcare fullfill their mission to provide quality healthcare to the region.