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March 31, 2010
County ready to secure loan for Middlesex school
KEN MURCHISON
Spring Hope Enterprise
The Nash County Board of Commissioners was scheduled to adopt a resolution Wednesday to secure a lower-interest loan to fund the Middlesex Elementary School renovation project.
The board called for a special meeting in order to take advantage of the lower interest rate. A decision has to be made before April 1, according to the U.S. Department of Agriculture.
The county had expected a 4.8 percent interest rate, but the USDA is willing to offer a lower rate if the county makes a decision sooner, rather than later.
"We applied for a loan through the USDA, and on Monday we got a letter of conditions from them" said Patsy King McGhee, the county's organizational development director.
She said commissioners have to adopt a resolution of agreement to the conditions.
"If the commissioners approve it before April 1, we can lock in a loan at 4 percent," McGhee said. "If we wait, the rate would be 4.8 percent."
McGhee said going with the lower interest rate would save the county over $200,000.
"We only found out about this yesterday afternoon," McGhee said Tuesday. "We're trying to move as quickly as we can to save money. And we are pleased to do it."
Assistant county manager Wayne Moore, who also serves a clerk to the county board, said Wednesday's meeting would probably last only five to 10 minutes. He said approval of the lower interest rate was expected.
U.S. Rep. Bob Etheridge is scheduled to be at Middlesex Elementary at 9:45 a.m. Thursday to discuss the renovation project and its funding.
Etheridge, who is scheduled to be at the school for about 30 minutes, will talk about an $8,410,000 Community Facilities grant the county is getting to help fund the expansion and renovation project at Middlesex Elementary School.
That funding is part of the American Recovery & Reinvestment Act (stimulus package) and the money will be routed to the county through the USDA.
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