Walker County gets $10 million line of credit to help with finances
Ms. Heiskell tells Channel 3 that $4.2-million will be given to Regions, while $300-thousand will be given to Erlanger. The rest of the $10-million will be used throughout the year if needed.
The amount used from the original $10-million is due at the end of 2015. Commissioner Heiskell says that if the County needs to "sell some things" to pay off the loan it would, but what that would be has not been decided.
In 2011, Erlanger's Board voted to approve a management agreement with Hutcheson. "Significant financial challenges" were discovered on the part of Hutcheson, so Erlanger approved a $20-million line of credit, fully backed by Catoosa, Dade, and Walker Counties to help get Hutcheson 's finances back into the black.
That $20-million is now involved in litigation.