LINCOLNTON – The Lincoln County Board of Commissioners authorized pursuit of a loan, to be reimbursed through installment payments, to finance a number of ongoing capital projects during its March 4 meeting.
After a public hearing in which no one stepped forward to speak, commissioners voted unanimously to instruct Lincoln County Finance Director Deanna Rios to proceed with the loan arrangements to obtain funds to complete a series of capital projects. In total, the county has agreed to borrow an amount not to exceed $12.25 million through Regions Capital Advantage, Inc. The money will be paid back over 15 years at an interest rate of 3.04 percent.
“I prefer 20 years, but we got a better rate at 15 years and I’m all for saving money,” Rios said.
“It’s a very good rate,” commissioner Milton Sigmon added.
The projects being funded through the installment financing include the construction of a new West Lincoln Library branch, renovations of a building purchased to house Senior Services, the construction of a new Optimist Club Road convenience site and the construction of a new communications center.
Septic permit backlog
The board once again discussed potential resolutions to the county’s three-month backlog of septic system inspections.
After agreeing to set aside up to $100,000 to reimburse residents who decided to hire a more expensive independent contractor due to the delay, the board voted unanimously March 4 in favor of rebates up to $500 for residents who contracted an outside agency to do their inspection from Sept. 1, 2018, to Feb. 1, 2019.
The amount of each individual rebate will vary on a case-by-case basis depending on how much the contractor charged for the inspection. Any resident hoping to take advantage of the rebate will need to show the county a receipt for the work they had done.