Bond issue refinance to be considered
by James Phillips
Nov 08, 2011 | 943 views | 0 0 comments | 5 5 recommendations | email to a friend | print
The Walker County Commission heard Monday from three different financial advisors on the possibilities of refinancing some or all of the county’s bond issues.

Walter Lewis, vice president of Gardnyr Michael Capital, and Wesley Baker, senior vice president of Synovus Securities Inc., presented proposals to the Commission, while Terry Hogan, a representative of Joe Jolly and Associates also spoke to commissioners and said he would have a proposal to the group by the end of the week.

Walker County Commission Chairman Bruce Hamrick said low interest rates have commissioners interested in possibly refinancing a road and bridge bond issue.

“We think there could be a significant savings to the county per year if we refinance,” Hamrick said.

The proposals given to the Commission Monday showed the county could receive as much as $500,000 up front or save between $40,000 to $50,000 per year if a refinance was completed.

“We don’t want any money up front,” Hamrick said. “This is all about trying to save the county money over the years, and this might could do that.”

Hamrick said commissioners will discuss the pros and cons of refinancing with their legal counsel and will decide on the issue at the group’s Nov. 21 meeting.

In other action, the Commission:

•Approved a $24,132.22 bid from Thompson Tractor for a multi-terrain loader for District 4.

•Vacated a portion of Goodsprings Road, all of Gorgas Lane and Baker Creek Bridge. David Edgil, the county’s engineer, said as a part of the vacation that Alabama Power Company has agreed to provide access to Short Cemetery, which is located in that area.

•Approved the change of a polling place from Farmstead School to Farmstead Baptist Church, pending approval from the church.

•Scheduled upcoming holidays for county employees as Nov. 24 and 25, Dec. 23 and 26 and Jan. 2.

•Approved an annual contract with the East Walker Chamber of Commerce.