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Commissioners adopt findings resolution to pursue $12 million school financing; recommend Webster Bank 15-year loan
Summary
The board voted to adopt a findings resolution to submit an application to the North Carolina Local Government Commission to finance roughly $12 million in school improvements, endorsing a recommended 15-year Webster Bank loan at a 4.24% interest rate; final terms will return for approval on March 17.
The Rockingham County Board of Commissioners on March 3 adopted a findings resolution to seek approval from the North Carolina Local Government Commission (LGC) to finance school improvement projects with a planned borrowing of about $12,000,000.
Mitch Bergoglio of Davenport & Company summarized a request-for-proposals process that produced six proposals and identified Webster Bank as the lowest-cost bank bid for a 15-year loan at a 4.24% interest rate (4.45% for a 20-year term). Bergoglio said Websters proposal offered prepayment flexibility…
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