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Commissioners OK government center bond resolution

Christmas came a little early this year for McDuffie County commissioners acting as the agents over the building of the new city/county government center.

It came via an announcement recently from a representative of a financial group, known as Morgan Keegan.

Gabe Agan sought and received his request from county commissioners to adopt the bond resolution and purchase agreement.

Mr. Agan explained to commissioners that the county's general obligation bonds, Series 2008, were priced at $17,655,000 on Dec. 2. The bonds were sold at an interest rate of 4.27 percent, Mr. Agan said.

McDuffie County Commission Chairman Charlie Newton said he was pleased with that rate, considering the current state of the market.

"The bond market has been scary lately," Mr. Newton said at an earlier commission meeting this month. "It's been all over the board. I don't know if you are lucky or good. But you seemed to have hit a good day to sell when the rates were down."

The new city/county government center, which was approved by voters in a special referendum last November, will be constructed near the intersection of Railroad and Greenway streets in downtown Thomson.

Mr. Agan noted that the bonds will have a par call feature beginning April 1, 2018. It earlier was decided to use municipal bond insurance from Assured Guaranty to help lower the cost of borrowing.

The county is planning to use sales tax proceeds to repay the first six years of the 12-year bonds. Those bonds have a final maturity date of 2021.

Web posted on Thursday, December 25, 2008

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