County approves bonds for complex
The Pike County Commission approved bond issues for the new judicial complex under construction on Alabama Highway 29.
The bond issues for both loans totaled $30,512,00 and was divided into two separate bond issues. The county was also required to deposit $4 million from the earmarked sales tax revenue with Troy Bank & Trust Co. as collateral for the bond issues.
The first bond issue was for $21.3 million with a 3 percent interest rate for the first five years. The second was for $9.2 million also with a 3 percent interest rate. The interest rate on both bond issues will increase to 3.625 percent after five years through 2038.
The county broke ground on the new judicial complex on May 5 and construction estimates indicate the complex will be completed in about 18 months.
The commission approved a $36 million project cost for the judicial complex. The complex will include a judicial building with offices, courtrooms and meeting rooms for the county’s judicial system. The second building in the complex will be an administration office for the Pike County Sheriff’s Office. The building will include offices and meeting and training rooms for the PCSO. The final building in the complex will be a 175-bed jail facility.
In addition, a second phase of the project includes a consolidated E-911 dispatch building as well as a building for the Pike County Emergency Management Agency.