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Habersham County approves PNC Bank financing to build new animal control facility
Summary
The Habersham County Board of Commissioners unanimously approved awarding a tax‑exempt installment sale financing to PNC Bank and authorized the chairman to execute closing documents for a new animal control facility, using SPLOST revenues for debt service and targeting a 10‑year repayment term.
The Habersham County Board of Commissioners on March 17 unanimously approved awarding a tax‑exempt installment sale financing to PNC Bank and authorized the chairman to sign all closing documents to fund construction of a new animal control facility.
Davenport, the county’s financial advisor, reported that seven proposals were received in response to the county’s request for financing. Davenport recommended PNC Bank at a 3.64% interest rate and a not‑to‑exceed par amount of $6,850,000. According to Davenport, the bid was well below a previously used 5% planning rate and will reduce interest expense by roughly $600,000 compared with that planning assumption.
“We received seven proposals and PNC’s rate of 3.64%…
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