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County staff seeks administrative loan modification for Calls Creek reclamation project; no rate change
Summary
Oconee County staff asked the board to approve a loan modification that defers payment and extends the completion date for the Calls Creek water reclamation upgrade to Feb. 28, 2027; staff said the change is administrative and does not alter interest rates or the project scope.
County staff described an administrative loan modification for the Calls Creek water reclamation facility upgrade at the June 30 meeting, asking the board to approve a deferral of payments and an extended project completion date.
Adam told commissioners the modification concerns the project’s transmission line schedule and would extend the project completion date to Feb. 28, 2027. The county has an existing $25 million loan associated with the project; the modification would defer payment under the existing financing agreement but would not change the project’s purpose or the interest rate. "This does not change the project itself or the purpose of the funding," Adam said. When asked whether interest rates would change, staff replied the interest rate has already been set.
Adam characterized the request as an administrative adjustment to align financing with the project schedule; staff recommended approval and execution of the loan modification to keep the financing agreement consistent with progress on the transmission work. The transcript records questions from commissioners about the timing and whether the rate was set; staff answered that the rate is already set and that the modification is essentially paperwork to match schedule changes.
No new financing terms were announced during the discussion. Staff said further administrative steps would follow to execute the modification.
