County approves $8.6M bond issuePublished 3:59pm Tuesday, January 28, 2014
An $8.6 million general obligation bond issue was approved by the Morgan County Commission at its regular meeting Tuesday morning.
The money will be used to help finance eight ATRIP bridge and road projects and a jail annex.
Ken C. Funderburk, executive vice president of Merchant Capital LLC, reported to the commission that the bonds were purchased Monday at an interest rate of 2.97 percent.
“This is very good news for you,” he said, “and it can be credited to the AA bond rating you received.”
He said the money would be deposited in the county’s band account Thursday.
“We’re very pleased,” said Commission Chairman Ray Long. “Some of the bonds are set up on a 15-year payback while the others are scheduled to be retired on a 20-year plan.
In separate but related actions, the commissioners entered into an agreement with Arab Water Works to relocate water lines on Rescue Road for a bridge replacement, approved the purchase of right-of-way for $20,270 for the Kirby Bridge Road bridge replacement, initiated a bridge replacement on Cotaco-Florette Road in District 4, initiated a bridge replacement on Cedar Creek Church Road in District 3, initiated a resurfacing project on Eva Road in District 3 and accepted a deed for additional right-of-way and a cul-de-sac on Goose Pond Road in District 2, authorized District 3 Commissioner to employ Shannon Breeding at $10 per hour, no benefits, effective Jan. 6 and ending April 30.
The commission acted on other agenda items including the following:
• Approved a leave without pay for Hilda Etienne of the Sheriff’s Office through 2014 election.
• Approved the lease purchase of 10 new Ford Police Interceptors for the Sheriff’s Office, subject to a 4.2 interest rate with 16 quarterly payments of $17,823.62.
•Authorized Daryl Bolding and Elbert Chapman to participate in the Morgan County employee self-improvement and educational program for the 2014 spring term.
•Authorized District 3 Commissioner Don Stisher to hire Shannon Breeding at $10 per hour, no benefits, effective Jan. 6 through April 30, 2014
•Approved the claim of Robert Keen for excess tax proceeds amounting to $1,134.30 on a parcel of land
•Approved the appointment of Larry Madison as legal counsel for the Morgan County Personnel Review Board
•Approved payments from the Tourism, Recreation & Convention Fund as follows: Morgan County FFA/4H Steer Show, $1,000; Racking Horse Breeders Association, $2,500; Decatur Daily Opportunity Edition, $708;
Decatur Daily 2014 area guide, $2,980; and Decatur Downtown Merchants Association (Third Fridays), $1,000
•Authorized the chairman to execute a memorandum of understanding with the City of Huntsville on behalf of the Morgan County Sheriff’s Office, accepting a K9 (police dog)
•Authorized the chairman to advertise for bids for 25 computers for county offices
•Accepted Lake View Circle into the county for maintenance of the road system and releasing any bonds being held for the road
•Authorized the chairman to advertise for bids for fencing at Ball field #2 in the Brindlee Mountain Park
•Approved the removal of the district park maintenance coordinator position and replaced it with the position of groundskeeper
•Approved granting leave without pay for Sonya Patterson, an employee of the License Commissioner’s Office, effective Feb. 5, 2014 until the time of final election results in 2014
•Approved change order proposal of $47,767.55 from Nelson Engineering Associates for the Somerville Senior Center project
• Approved payment of $15,747.06 to McWhorter Communications Inc. for work on a Civil War exhibit at Morgan County Archives
•Approved payment of $41,584.35 to Etech Construction for work on the Somerville Senior Center project
•Approved payment of $95,932 to Etech Construction for work on the Somerville Senior Center project
•Authorized District 3 Commissioner Don Stisher to purchase a parcel of property at the intersection of Hwy. 155 and Wilhite Mountain Rd. for $12,000.