County to refinance outstanding warrants
By By Clif Knight, Hartselle Enquirer
Refinancing a series of county bonds could save more than $400,000 a year.
Morgan County Commis-sion approved a resolution at its March 9 meeting authorizing the chairman to negotiate with Joe Jolly and Co. to refinance the county’s $2.6 million Series 2000 general obligation bonds.
The bonds are currently scheduled for retirement in 2020 at an average interest rate of 7.02 percent. Refinancing at a lower interest rate has the potential of reducing the annual debt services payments from $45,000 to $50,000 and saving the county about $416,000.
Any agreement tentatively reached on the refinancing of the bonds will be subject to further approval of the commission.
The commission acted on other matters as follows: