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Habersham County approves financing and authorizes contracts for new animal control facility
Summary
After a public hearing, the Habersham County Commission voted unanimously to award a $6.85 million tax‑exempt installment sale financing to PNC Bank at a 3.64% rate and authorized the chairman to execute closing documents; county officials said SPLOST sales tax receipts will be used to repay the loan.
The Habersham County Board of Commissioners on March 17 approved awarding financing for a new county animal control facility and authorized the chairman to sign closing documents, accepting a PNC Bank proposal the county’s advisers said carried a 3.64% interest rate and a 10‑year repayment term.
The action followed a public hearing required by the Association County Commissioners of Georgia (ACCG) financing program the county selected. Jim Woodward, bond counsel, told the commission the financing will be structured as an ACCG installment sale agreement and that PNC’s proposal best met the county’s terms. Christopher Holt of Davenport, the county’s financial advisor, summarized the responses to the request for proposals and said the PNC pricing produced interest savings compared with the county’s earlier 5% planning assumption.
Why it matters: County officials told the commission the installment sale allows construction to begin now and that planned repayments will come from SPLOST (special purpose local option sales tax) proceeds rather than property taxes. County managers and advisers said the lower-than-planned interest rate reduces the cost of…
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