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Court, Hospital Board, Banks give new hope for Westlake

Story in progress
  • Adair County Hospital Board of Trustees agree to major cost cutting moves in 12pm noon CT meeting following a proposal by new hospital board Vice Chair Craig Pyles and new Member Richard Grant, joined by member Bruce White
  • Bank of Columbia and United Citizens Bank work out agreement with Judge Melton for $750,000 loans to the Court, each, at only 2.5% interest
  • Adair Fiscal Court, in perhaps the most courageous stand in the history of the county, vote to authorize borrowing the money to lend to Adair Hospital District to allow hospital to stay open - restructure its finances, and continue to save lives in Adair County
More will be added later

By Ed Waggener

The Adair County Fiscal Court made perhaps the most courageous move in the history of Adair County tonight when it approved borrowing $1.5 million dollars to infuse into Westlake Regional Hospital at a time when a consortium of banks were threatening to begin talks on foreclosure proceedings as early as Wednesday, August 22, 2012.

The courts action followed an earlier meeting of the Adair County Hospital District at which time drastic cost cutting measures were approved as recommended by new board member and Vice Chair Craig Pyles and new member Richard Grant by 3-0 votes, with Member Bruce White voting with them; along with the cost cutting moves, the board voted to ask for the loan from Adair Fiscal Court.

At tonight's court meeting, in five separate actions, the court approved
- 1) Borrowing $750,000 from the Bank of Columbia

- 2) Authorizing County Judge Ann Melton and Adair County Treasurer Barry Corbin to sign necessary papers at Bank of Columbia

- 3) Borrowing $750,000 from United Citizens Bank of South Central Kentucky

- 4) Authorizing County Judge Ann Melton and Adair County Treasurer Barry Corbin to sign necessary papers at the United Citizens Bank

- 5) Authorizing Judge Melton to sign necessary documents with the Adair County Hospital for the transaction.
The loans are to be repaid by June 30, 2013. Judge Melton told the court that, in all likelihood, it will be necessary to have a bond issue to repay the loan by June 30, 2013, and that will mean that in January or February, work on the bond issue will need to begin.

The loans will be at only 2.5%.

The execution of the deal is contingent on securing agreement from a consortium of banks holding $12.5 million in hospital bonds to agree not to foreclose so long as payments are no more than 60 days delinquent. Mr. Larry Pew of First & Farmers National Bank was present and said that he would present that to the banks in a meeting tomorrow.



This story was posted on 2012-08-21 19:33:56
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Judge Executive Ann Melton



2012-08-21 - 201 Campbellsville Street, Columbia, KY - Photo by Ed Waggener. Adair County Judge Executive Ann Melton presided at a meeting of the Adair County Court which tonight made perhaps the most courageous decision in the history of the court - to borrow $1.5 million dollars for a cash infusion which guarantees hope for the hospital's survival and future growth. An Adair Judicial Center Courtroom was the venue for the special called meeting, which began at 5pmCT, Tuesday, August 21, 2012, and lasted a bit over two hours, with the packed courtroom often quieted by a number of eloquent speakers, including those in the audience.
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WRH Trustee Craig Pyles, showing costs cuts to board members



2012-08-21 - 201 Campbellsville Street, KY - Photo by Ed Waggener.
Adair County Hospital Vice Chair Craig Pyles who provided the board outline for cost cutting measures with new member Richard Grant, hands out the broad outline of financial changes the Hospital Board agreed to in a 3-0 vote today in a noon session to, from left, Magistrates Harold Burton (District 1), Daryl Flatt (District 2) and Sammy Baker (District 3) during the special called meeting of the Adair County Fiscal Court which convened at 5pmCT tonight at the Adair County Judicial Center, 201 Campbellsville Street, Columbia, Ky
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