Bamberg County Debt Refinancing Linked to Courthouse Renovation | New

0


“Pretty soon we’re going to start to see that our factory tax is going to have to go up,” Robertson said, noting that the balance of the sales tax fund on capital projects will eventually be fully collected, with emissions. of GO bonds to follow. Consequently.

“In 2027… we will eventually have to take around 29 vintages just to support the GO bonds,” he said, noting that the millage would rise to 14.36 vintages instead of 29 vintages in 2027 as part of the plan. funding 2021.

“There is an extension of the term of the existing 2015 bonds. Refinancing is actually at a lower interest rate, ”said Robertson, noting that the bond interest rate would drop from 4.13 to 3.49%.

“So, yes, the term is extended until 2051 but in exchange you have stabilized the factory tax and are refinancing at a lower rate,” he said.

Bamberg County announced in June 2018 that it was moving forward with a $ 6 million plan to renovate the county’s historic courthouse.

Built in 1894, it was to be fully restored for the Circuit Court, Estates Court, Court Clerk, and Public Defender with the help of a $ 6 million USDA loan. However, the loan, with an interest rate of 3.875% for a period of 40 years, did not materialize.

Parker said, “We went around in circles with the USDA. Due to a series of communication issues, staff changes or whatever, we basically got to a point where they just couldn’t help us. I will stop there.


Share.

Leave A Reply