County to renegotiate bonds for the county palace @ LCC 2012-09-10

In yesterday morning's Work Session, County Finance Director Stephanie Black proposed a letter of understanding for Morgan-Keegan to act as underwriter for approximately $17 million to refund the original bonds done for this building as well as the water-sewer bonds only if the terms are favorable and the net value savings are at least 3%. Current projections show a savings of $1.2 million or a little over 7% at this time. Chairman Ashley Paulk remarked that:

The bond market has changed drastically.

At least the county palace that former Chairman Rod Casey got a former commission to approve at his last Commission meeting now won't cost we the taxpayers quite as much as we thought. They vote on this tonight.

Here's the video:

County to renegotiate bonds for the county palace
Work Session, Lowndes County Commission (LCC),
Video by Gretchen Quarterman for Lowndes Area Knowledge Exchange (LAKE), Valdosta, Lowndes County, Georgia, 10 September 2012.

-jsq