Bond issue tops agenda
Published 12:00 am Sunday, August 28, 2005
BNI News Service
The Lowndes County Commission passed a new bond issue for $8,210,000 this week, at a 4.41 fixed interest rate.
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It is a 30-year issue, which has been insured with an AAA rating. The payments will be $450,000 per year for the first twenty years, with monthly payments of $35,000. The last ten years of the bond issue will see payments of $650,000 per year.
The money will be paid back using the 4 mil ad valorem tax and with countywide sales taxes.
The Commission will use existing sales taxes to help pay this bond, but they made it clear that there would be no new taxes. Also, it should not affect tax money allocated for the schools.
The bond issue is already figured into the budget now, according to the commission.
The budget was given from the Alabama State Finance Department.
The County Commission heard from Buddy Dour, a representative of BellSouth, which is bringing in fiber optic cable service to the Industrial Park site.
Buddy Owen, vice president of the Concord Cemetery Association, met with Lowndes County Engineer David Butts on Aug. 8, at the Daehan Solution Plant in Hope Hull, to discuss the parking issue for the cemetery.
The commission approved the $4,893.10 needed to put in a new access road to the cemetery extending from County Road 26.
Engineer Butts said that the new access road would be put in at some point during his next scheduled construction jobs.
In other business, the commission voted to donate $300 to the Boys and Girls Club for the present time.
$10,000 was donated last year by the commission.
Lowndes Citizens United for Action member Barbara Evans wrote a letter to the commission asking to be put on the agendas for September, October and November.
Evans explained that there is a problem with obtaining a copy of the agenda before the scheduled meetings. Because of this, she is not sure exactly what specific items will be discussed on a particular date.
After further discussion, the commission rejected her letter of request.