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Wilson County directs staff to pursue up to $45 million in installment financing, targets Frederick Douglass Elementary
Summary
The Wilson County Board of Commissioners voted to direct staff to pursue installment financing with Webster Bank—locking a 20-year fixed rate—to fund several county projects and the Frederick Douglass Elementary School project, with a required Local Government Commission approval and a public hearing set for Nov. 3.
The Wilson County Board of Commissioners on Sept. 8 voted to direct county staff to pursue installment financing for a package of county capital projects and the Frederick Douglass Elementary School project, and to schedule the public hearing required by state law for Nov. 3.
County-contracted financial advisor Ted Cole of Davenport & Associates told commissioners the plan is to seek limited obligation bond financing at a not-to-exceed amount of $45 million and that the preferred lender from an RFP process is Webster Bank with a 20-year fixed rate proposal of about 4.30 percent. Cole said the county’s planning list includes roughly $16.85 million of county non-school projects plus a working estimate of about $32 million for Frederick Douglass Elementary, producing a planning borrowing need in the…
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