Funds from hospital sale transferred after Floyd County Council - WDRB 41 Louisville News

Funds from hospital sale transferred after Floyd County Council files restraining order

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LOUISVILLE, Ky. (WDRB) -- A total of $70 million from the sale of Floyd Memorial Hospital has been transferred into an account with the Community Foundation of Southern Indiana. 

That's according to Floyd County council member Lana Aebersold. 

The move comes one day after the Floyd County Council filed a restraining order to keep the County Treasurer from putting the money back into a certificate of deposit.

Council members have said they've been losing out on $35,000 a day in interest. In all, Aebersold says they lost $2 million while that money was not in the Community Foundation funds. The council was depending on that money for next year’s budget, so they will have to figure out what to do about that. 

“I’m very happy now for the situation at this point," Aebersold said. "I was very worried before."

The interest that the funds was gaining while it was in the CD was also supposed to be transferred with the full $70 million, and Aebersold hopes that makes up for some of the lost $2 million. 

The council was going to hold an emergency meeting Friday night if the funds were not transferred, but that meeting has been canceled. 

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