Chesterton Tribune



County enacts hospital money foundation

Back To Front Page



Both the Porter County Commissioners and the Porter County Council have now decided unanimously to create a charitable nonprofit foundation to hold proceeds from the sale of Porter Memorial Hospital.

The Council voted 7-0 to pass the establishing ordinance during their 2016 budget adoption meeting on Monday while the Commissioners adopted a similar ordinance 3-0 at their Oct. 27 meeting.

The creation of foundation is a major step but the Commissioners and the Council still are deciding how much of the hospital proceeds should be invested. The hope is that through the foundation, the County will gain a higher rate of interest to fill gaps in funding for the future.

“It’s time to have this money start working for all of us,” said Commissioner Laura Shurr Blaney, D-South.

But before that, both bodies will need to approve the by-laws of the foundation and the investment policy. Council attorney Scott McClure will report to the Council later next month on those details.

Legislation was passed by the Indiana General Assembly this year to allow counties with $50 million or more from the sale of an asset to be invested in a nonprofit charitable foundation. Counties are required to work with an investment advisor according to the statute. The Council selected Capital Cities LLC of Indianapolis in August.

The Commissioners’ ordinance states that the Board of Commissioners determines the amount of proceeds to be transferred by the County Council, the County’s fiscal body, into the foundation. The board would allow the entire remaining sale principal to be invested except for $10 million which would be available in case of emergencies.

Members of the Council and the Commissioners shall serve as trustees of the foundation, the ordinances states, along with three non-voting advisors.


Posted 11/5/2015




Search This Site:

Custom Search