By Karen Middleton
A bill being advertised in The News Courier for introduction in this session of the Legislature would allow Limestone County to refinance a bond issue to build the jail and Clinton Street Courthouse Annex.
The county borrowed $13 million and received legislative approval through a local act in 2001 to levy a 2-percent fee on utility bills to pay off the bond issue.
“We just used 1 percent, but the legislation didn’t allow for refinancing the debt at a lower rate,” said County Commission Chairman David Seibert. “If the bill passes it will be possible to pay off the loan quicker.”
Seibert said the loan was scheduled to be paid off by 2030, at which time the 1-percent surcharge on utility bills would be lifted.
This would mean it would be paid off substantially sooner,” said Seibert. “The interest rates have gone down considerably. When it’s repaid, the surcharge goes off.”
