Commission approves bond refundingPublished 11:00pm Tuesday, October 30, 2012
The Pike County Commission held a special meeting Tuesday night to vote on two items.
The commission voted to adopt a resolution accepting the refunding of the 2003 Gas Tax Bond.
The issue was something the county had been discussing since February in relation to Alabama Transportation Rehabilitation and Improvement (ATRIP) funds the county would have to match if all projects were approved by the Alabama Department of Transportation.
The refunded bond increases the amount the county already owed by $2 million, but due to low interest rates, the payments made by the county decrease by about $5,000 to $168,938.
The bond would have been paid off in 2019, but the new conditions extend that to 2032.
The $2 million will assure the county will be able to provide a 20 percent match to any ATRIP funds granted to resurface and repair county roads and bridges.
State law requires the money only be used for resurfacing and repair.
Also at the meeting, the commissioners voted to allow money to purchase equipment to replace portions of two severe weather sirens and to upgrade the repeater for the system.