The Upson County Commissioners have the opportunity to lower the county’s monthly payments and receive back $750,000 by refinancing the three GEFA loans for the water department. Tony King, Director of the Georgia office of the Kidwell and Company, Inc., an advisory firm, spoke to the board earlier this week during a work session about their options for refinancing.
After speaking with Danny Johnson, Water Superintendent for Upson County, King’s company did several analysis of the financial condition of the water and sewer systems to gain a better understanding of the county’s options. This has come at no cost to the county so far; they will only be charged by the firm if the board decides to adopt one of their policies.
Currently the county has roughly $3.3 million in GEFA loans which will be paid off in the next 18 years. The money from the loans has been used for the well system at Sunnyside and waterlines put in at Logan’s Landing, extension of lines and service for the Northside system and an upgrade of the meters. King presented the board with two options for refinancing. The first being for 25 years, which will lower the monthly payments slightly and offer $750,000 in residual cash; and the second being for 30 years with lower payments and the $750,000 residual cash.
After hearing the proposal, the board decided to look over both options before taking any action.
The board recently approved a contract with AAA Insulation for $29,072 for installing insulation at the M.G. Worthy Community Center. The building which was formerly known as the Worthy Gym, is being renovated into a community center to better serve the citizens in the Lincoln Park community. The commissioners had tentatively approved a contract with Georgia Foam Solution out of Albany, which was the original low-bidder for the project. Each of the contractors had been given the same set of criteria and looked at the same building, however, before issuing final approval, the board wanted to make sure every aspect of the project had been included. Upon a second look, Georgia Foam Solutions realized it had left out a thermal barrier which raised its bid $11,000 to a total of roughly $35,000. That gave the low bid to AAA Insulation. Other bidders included Southern Insulation at $31,231 and SH and J Construction at $39,657.
Commission Chairman Rusty Blackston told the board at last week’s meeting about the need of a medical service contract with Upson Regional Medical Center. Blackston had spoken with URMC CEO David Castleberry about the new healthcare laws and federal regulations. In order to provide indigent care and have the ability to shop around for prescription drugs, the hospital must have a contract with a government agency. This will not cost the county anything and is merely saying the board will support the hospital. Approval of the support was passed unanimously.