-----Original Message-----
From: Mabel Chan @oshpd.state.ca.us]
Sent: Wednesday, March 03, 2010 3:12 PM
To: Beedle, Chet
Cc: McGlew, Timothy
Subject: RE: Line of Credit
Chet, I just want to let you know that my writeup has been reviewd by legal and is waiting for the Deputy's approval. There are a few trapsactions ahead of us. I will keep you posted. They are informed that there is a possibility that we need to go to another bank if Westamercia won't refinance the whole $833k. I did not like their proposal with only $500K refinanced. Our legal counsel is more than happy to speak with their approving authority on the nature of the Contract of Insurance which is backed by the full faith and credit of the State. Yeah I know, that's the scary part.
Mabel
From: Mabel Chan @oshpd.state.ca.us]
Sent: Wednesday, March 03, 2010 3:12 PM
To: Beedle, Chet
Cc: McGlew, Timothy
Subject: RE: Line of Credit
Chet, I just want to let you know that my writeup has been reviewd by legal and is waiting for the Deputy's approval. There are a few trapsactions ahead of us. I will keep you posted. They are informed that there is a possibility that we need to go to another bank if Westamercia won't refinance the whole $833k. I did not like their proposal with only $500K refinanced. Our legal counsel is more than happy to speak with their approving authority on the nature of the Contract of Insurance which is backed by the full faith and credit of the State. Yeah I know, that's the scary part.
Mabel
McGlew, Timothy
From: Chet Beedle
Sent: March 04, 2010 2:59 PM
To: Mabel Chan
Cc: McGlew, Timothy
Subject: RE: Line of Credit
Obviously, I like your proposal. I don't know if the State attorney talking with the bankers will help with their proposal, but I believe we should work up the proposal as you have indicated and see what they say. I told them that their large reduction in the line could drive the business to an alternate bank and that we could have significant monies coming next year from a general obligation bond. Nevertheless, they did not change their letter of interest.
"we could have significant
monies coming next year
from a general obligation
bond." 3/04/2010
Chet Beedle KVHD CFO
McGlew, Timothy
From: Mabel Chan
Sent: Wednesday, December 30, 2009 9:23 AM
To: Beedle, Chet
Subject: RE: LOC
I sort of hinted to management that we may want to increase the working capital LOC by 0.5M, they are not excited about the idea at this point but to me it does not mean no. I feel that Kern does need some more standby liquidity. Gary is fully aware of it. I am not sure that I fully understand the issues at Kern being a Critical Access Hospital and no one else does here. So, you will have to be patient and help me understand some things. We will arrange a meeting in a couple of months~ Thanks :) Mabel Chan
From: Mabel Chan oshpd.state.ca.us]
Sent: Wednesday, March 24, 20102:52 PM
To: Beedle, Chet
Subject: RE: Westamerica
Chet,
I got it. If we move the LOC, you do not need to move your operating accounts out of Kern Valley. When will you be posting the Finance Committee packet? I prepare a monthly report for the Director using your info.
Mabel
From: Mabel Chan
To: Beedle, Chet
Date: 4/20/2010 11:45 AM
Subject: Update
Hi Chet,
We found Tri-Counties Bank and they are very interested. They want the operating accounts though. Would that be a problem? I am still working on it. We were rejected by a couple other banks because of their limits to exposure to CA credit.
Do you know about how much more Kern may be able to pay BNY for the 8/1 payment? How is it going with the GO bond consu,lting process? Any feedback on public support? I may get sent to see you in Bakersfield for an update. I will keep you posted.
Thanks.
From:Beedle, Chet
Sent: Tuesday, April 20, 20104:01 PM
To: 'Mabel Chan'
Cc: Figueroa,Barbara; McGlew, Timothy
Subject: RE: Update
Hi Mabel. I am glad that you were able to find a bank that we can use....
We will continue to pay what we can for the 8/1 bond payment... I do not have any remaining reserves that I can use and I need to use day to day cash receipts to do our normal business and pay our payroll. This has been very difficult at times, but is possible if I don't use those receipts for other purposes.
We did a survey on the community's position regarding a general obligation bond. From all indications we have enough community support to slightly exceed the 2/3 majority necessary. Therefore, we are moving forward with the process. The Board packet minutes which we are now sending to you should keep you appraised of our progress. Regrettably, this will not solve our problem for August 1, but should be available for future years.
I have no problem with you coming for an update at any time. You are always welcome and I also welcome any suggestions you might have. Thanks for the update.
Chet
From: Chet Beedle
Sent: March 04, 2010 2:59 PM
To: Mabel Chan
Cc: McGlew, Timothy
Subject: RE: Line of Credit
Obviously, I like your proposal. I don't know if the State attorney talking with the bankers will help with their proposal, but I believe we should work up the proposal as you have indicated and see what they say. I told them that their large reduction in the line could drive the business to an alternate bank and that we could have significant monies coming next year from a general obligation bond. Nevertheless, they did not change their letter of interest.
"we could have significant
monies coming next year
from a general obligation
bond." 3/04/2010
Chet Beedle KVHD CFO
McGlew, Timothy
From: Mabel Chan
Sent: Wednesday, December 30, 2009 9:23 AM
To: Beedle, Chet
Subject: RE: LOC
I sort of hinted to management that we may want to increase the working capital LOC by 0.5M, they are not excited about the idea at this point but to me it does not mean no. I feel that Kern does need some more standby liquidity. Gary is fully aware of it. I am not sure that I fully understand the issues at Kern being a Critical Access Hospital and no one else does here. So, you will have to be patient and help me understand some things. We will arrange a meeting in a couple of months~ Thanks :) Mabel Chan
From: Mabel Chan oshpd.state.ca.us]
Sent: Wednesday, March 24, 20102:52 PM
To: Beedle, Chet
Subject: RE: Westamerica
Chet,
I got it. If we move the LOC, you do not need to move your operating accounts out of Kern Valley. When will you be posting the Finance Committee packet? I prepare a monthly report for the Director using your info.
Mabel
From: Mabel Chan
To: Beedle, Chet
Date: 4/20/2010 11:45 AM
Subject: Update
Hi Chet,
We found Tri-Counties Bank and they are very interested. They want the operating accounts though. Would that be a problem? I am still working on it. We were rejected by a couple other banks because of their limits to exposure to CA credit.
Do you know about how much more Kern may be able to pay BNY for the 8/1 payment? How is it going with the GO bond consu,lting process? Any feedback on public support? I may get sent to see you in Bakersfield for an update. I will keep you posted.
Thanks.
From:Beedle, Chet
Sent: Tuesday, April 20, 20104:01 PM
To: 'Mabel Chan'
Cc: Figueroa,Barbara; McGlew, Timothy
Subject: RE: Update
Hi Mabel. I am glad that you were able to find a bank that we can use....
We will continue to pay what we can for the 8/1 bond payment... I do not have any remaining reserves that I can use and I need to use day to day cash receipts to do our normal business and pay our payroll. This has been very difficult at times, but is possible if I don't use those receipts for other purposes.
We did a survey on the community's position regarding a general obligation bond. From all indications we have enough community support to slightly exceed the 2/3 majority necessary. Therefore, we are moving forward with the process. The Board packet minutes which we are now sending to you should keep you appraised of our progress. Regrettably, this will not solve our problem for August 1, but should be available for future years.
I have no problem with you coming for an update at any time. You are always welcome and I also welcome any suggestions you might have. Thanks for the update.
Chet
Chet Beedle, Financial manager, at KVHD board meeting Jauary 2009....
