Porter library funding approved
$3.46 million in bonds to be issued for second library in county
The Newton County Board of Commissioners approved the issuance of $3.46 million in bonds to pay for the county’s second library at their Tuesday meeting.
The bonds are to be paid back at a rate of $555,000 annually until 2015 said Bryan Huske, vice president of investment banking firm Merchant Capital. The total interest paid on the bonds will be $524,000 bringing the total cost of the bonds to $3.98 million.
The Porter Memorial Branch Library will be built on Ga. Highway 212, next to Oak Hill Elementary School. Additional funding for the library comes from a $2 million state grant and approximately $1 million from locally collected impact fees. Construction on the library is expected to begin in early 2009.
In other BOC news:
The latest scaled back projections from Merchant Capital on the hotel/motel taxes, which local officials plan to use to pay down the $23 million in bonds for the civic center project, were addressed by concerned members of the community, including former Covington City Attorney Jerry Bouchillon and Oxford resident George Stamps. • Original projections showed the bonds becoming revenue neutral by 2021 with a total surplus of $19.9 million by 2040. The latest “moderate” assumptions to come out have the bonds not becoming revenue neutral until 2029 and bringing in a surplus of only $405,869. • Covington/Newton County Chamber of Commerce President John Boothby addressed the board about the bonds and said he appreciated the “delicacy” of their situation, but added
meeting if they were to wait a couple of years for the economy to turn around to build the civic center, the costs of construction by then would likely make the project too expensive to move forward with. • The board approved a rezoning proposal for 25 acres of land located on the Access Road in District 3 from single family residential to commercial general. • The owners of the property – Fairview Road, LLC, Jody Hammonds and Resources Piedmont – plan to develop 175,550 square feet of commercial space on the land.
With the cost of asphalt sharply increasing, the BOC was forced to increase the amount of money it initially agreed to pay contractor ER Snell Contracting Inc. for the resurfacing of Jack Neely Road by $43,000 • When the bid was awarded to ER Snell in the beginning of July, the cost of the project was $1,133,000. The new cost of the project is $1,176,000.