The Hamilton County Board of Supervisors adopted a resolution Tuesday morning that will refinance and add additional General Obligation bond funding for several county projects.
A public hearing on the matter was held a week ago and Tuesday's meeting represented the finalization of $10 million in bond refinancing, according the Supervisor Doug Bailey.
The proposal would finance the remodeling of the former UAW Hall which will serve as the new home of Hamilton County Public Health for approximately $200,000. Also included in the funds $600,000 for a Hamilton County Conservation Board project that would construct five new sleeping cabins in parks around the county. The refinancing will also benefit Van Diest Medical Center by saving nearly $1 million in interest. The refinancing of loans on two other completed county projects - the courthouse parking lot and Red Bull Drive - would also mean savings for the county.
The final proposal featured three county refundings and two new money pieces, according to Jeff Heil, Northland Securities, who attended the meeting Tuesday.
"I broke down the savings included. Total today on just the first piece is $929,560. Of that, the hospital has $788,058. The 2009 loan, the county portion, has $25,459 and the county highway bonds have a savings of $133,842. The conservation loan savings is $2,200," he said.
"We were able to reduce the loans and get more proceeds in," Heil said.
The supervisors approved the resolution. Heil said next week the supervisors will sign the loan agreement for the refinancing of the bonds.
A second bond offering will be addressed after the first of the year, totaling up to $6.75 million. Heil said a meeting would be required in January to lock in the rates.
"We're planning on the second week in January," he said. "We'll see where the market is. We want to capture the best rate."