By Brian Graves, News Editor
Thursday, August 29, 2013 —
The Stanly County Commission met Monday morning to continue the process of financing the county’s new emergency communications system.
The board unanimously approved a resolution presenting “findings of fact” to the North Carolina Local Government Commission (LGC).
That body will have to give a final approval before Stanly County can proceed with the financing agreements.
County Manager Andy Lucas said the resolution was needed because of slight changes in the interest rate and the estimated amount of the annual payment.
The resolution states the interest rate is “not to exceed 4.5 percent.”
Lucas said it is now at 4.475 percent.
The document also shows the county will have an initial annual payment due on June 15, 2015 of $930,752.55.
“The LGC won’t let us defer two years. We can only defer through the next budget year, which is three months earlier than we thought we would have to pay,” Lucas said.
He said that would change because the county is seeking grants to help with the financing.
“If that doesn’t happen, we will refinance before that date,” Lucas said.
In an unusual move and because of the requirements of the LGC, commissioners had to approve the minutes of the special meeting which had been prepared before the session began.
The LGC is expected to give its approval to the financing agreement on Sept. 10.
Lucas said final documents could be signed as early as Sept. 16 that would begin the transition of the county’s 40-year-old telecommunications system into a state-of-the-art digital network for emergency services.
Commissioners also went into a half-hour closed session to discuss a potential real estate transaction.
Chairman Gene McIntyre reported no action was taken except instructing the staff to continue working on the item.
To submit story ideas, contact Brian Graves at (704) 982-2121 or brian@stanly newspress.com.