County spending $1.2M to repair buildings

Published 12:10 am Tuesday, November 25, 2014

NATCHEZ — The Adams County Board of Supervisors voted Monday to take out $1.2 million in debt to pay for repairs to county buildings, nearly half the amount they originally approved.

The supervisors received bids for the bonds with their financial advisor, Demery Grubbs, at an afternoon meeting Monday.

The bids — a 3.45 percent interest rate from Concordia Bank and Trust and a 1.92 percent interest rate from Home Bank — were for a 5-year note.

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Grubbs recommended the board take the Home Bank bid, saying the annual payments ranged from $230,000 to $249,000, but the note could be paid off at any time.

“This (interest rate) is a market rate,” he said. “This is what I would anticipate.”

The bond is to repair roofs at the county courthouse’s chancery annex and the Adams County Sheriff’s Office.

Supervisors President Darryl Grennell has also said some of the funds will be used to make road repairs.

When the supervisors first moved to seek bonds for the roof repairs Nov. 5, the resolution they adopted was for up-to $2.1 million, which Grubbs said was the supervisors’ debt cap for the project.

“We said up-to ($2.1 million) because at that time we didn’t know what the bids were going to be,” Grennell said.

The project bids for the roof repairs were awarded last week.

The chancery roof bid — which includes a 20-year warranty — was awarded to Mandal’s of Gulfport for $127,301. Initial estimates for the roof were for $165,000.

The ACSO roof award — which also includes a 20-year warranty — went to True Solutions Inc. of Gulfport for $101,205.

The initial estimate for the roof was for $160,000.