City’s effect from hospital’s filing for bankruptcy unknown

By Keith McComis | Published Saturday, November 10, 2012

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To the citizens of Bridgeport:

As most of you have probably heard by now, the hospital in Bridgeport has filed for bankruptcy.

Keith McComis

Keith McComis

As my last letter stated concerning the hospital stated, the city had filed papers with the courts questioning whether this was a legal debt or not. The findings were that it is a legal debt, and we are obligated to pay. Furthermore they stated that if we did not pay the debt we would be in contempt of court. Since that ruling, the city has taken steps to file a lien on the hospital, and the courts granted this. What this means is the city took steps and precautions to protect our interest in this matter as best as the law will allow.

However, the bankruptcy filing pretty much leaves us in the same situation. At the hearing, the judge will make all decisions on who will get paid and how much they will receive. Not knowing how much debt the hospital has, I don’t really expect to receive anything. This being said, the debt from this has already been refinanced and has been budgeted in our annual budget. This was done to try and get the debt paid and not just pay the interest on the note. We have also refinanced all of our bond debt at a lower rate and will save thousands each year due to the lower interest rates.

For those who might wonder what this will do to their taxes, utilities and services – this will have no effect at all.

We have been working diligently on our finances and are doing a lot better now. Our latest project was automating our utility meters and our street lighting to a more efficient fixture and bulbs that will cut the cost of operating them. The meters will allow us to better assist you with utility questions or concerns. Your utility record can be looked at any time with the cost and consumption on a daily basis.

The city is working hard on trying to clean up our town. We will be sending a letter to all citizens explaining our brush pick up service. We have a few minor changes in this so that we may better serve you.

Streets are a big concern for all citizens. We will be moving forward with this project. Please keep in mind that we have lots of streets that need repaired and yours may not be the next in line. This will take time and money so therefore we will only be able to do so much yearly.

If at any time you have any concerns or questions, please give me a call or send me an email.

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