The Franklin News-Post|
P. O. Box 250
310 Main Street, SW
Rocky Mount, Virginia 24151
Friday, October 18, 2013
By CHARLES BOOTHE - Staff Writer
The process of obtaining a low-interest loan for several Franklin County capital projects is progressing.
The board of supervisors on Tuesday heard from representatives of the county's financial advisors, Davenport & Company LLC, the firm handling the $9.6 million bond.
Carter Bank and Trust has provided rates and terms better than what was estimated, they said. Those rates include a fixed 2.75 percent interest loan for 15 years.
Supervisors have said in the past that with the county's declining debt service, the payback on these loans can be accomplished without a tax rate increase.
Projects included are:
•Phase I of village center utility improvements - $500,000.
•YMCA, aging facility reimbursement - $2.3 million.
•2014 business park - $3 million.
•Public safety stations at Glade Hill and Westlake - $2.5 million.
The board on Tuesday approved two resolutions to continue the bond process, which is being issued through the county's Industrial Development Authority (IDA).
The IDA is scheduled to meet Nov. 7 and a public hearing will be held on the bond.
Final approval of the bond by the board could take place at the board's next regular meeting on Nov. 19 with closing on Nov. 20.
This bond is part of what may be a much larger capital project for the county. Long-range plans call for a new radio emergency communications system (an estimated $16 million cost) and a new career and technical education for the center (estimated price tag - $50 million).
Davenport has told the county it is in such solid financial shape that this work can be done (all projects total about $110 million) during the coming years with minimal impact on the county's tax rate or bond rating.