County projects will get $3.8M loan

By BRIAN GRAVES

Posted 12/5/17

The Bradley County Commission has unanimously approved a resolution to borrow up to $3,835,399 to fund the county’s energy-saving renovations and purchase new lights for the county’s softball …

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County projects will get $3.8M loan

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The Bradley County Commission has unanimously approved a resolution to borrow up to $3,835,399 to fund the county’s energy-saving renovations and purchase new lights for the county’s softball complex.

The county will utilize its ability to borrow from the HCI funds through the Trustee’s Office.

The action came during the commission’s voting session Monday night.

Mayor D. Gary Davis said during the Finance Committee meeting earlier in the day the potential for increased interest rates later in the month caused him to bring it on to the committee, and subsequently to the commission, for immediate action to lock in an interest rate of 1.53 percent.

“I want to lock in the rate for the ESG contract you approved a few months ago,” Davis said. “This is also for lighting for the recreation department. That was going to be done separately, but with locking in the lower rate, we wanted to include it with this one.”

The cost of the recreation department lighting is $237,000.

“The ESG contract is for $4.4 million, minus the reserve account for the courthouse we are paying from now,” Davis said. “Once that is gone, we will start using the proceeds from this loan which is the balance of $3.5 million.”

ESG is the same company which recently completed energy renovations to Bradley County Schools, which has already reported increased energy savings in just a short period of time.

The company had already contracted out to revamp the courthouse’s HVAC system, lights and bathroom facilities before the recent fire in the facility.

Davis was quick to note the money received from this note for ESG is to pay for what was already contracted for the renovations.

“There is not one penny added to that amount to cover anything called a 'fire,' no matter what somebody will start saying,” Davis added. “It’s for the contract amount minus the amount we had in a reserve account. So, it’s actually less than the contract cost.”

In other business, commissioners voted to cancel meetings for the weeks of Dec. 25 and Jan. 1. It will resume business on Jan. 8.

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