With the signing of the bond agreement on June 8th, the Board of Commissioners set in a total savings of $1,472,679 on the 2007 G.O. Bonds.However, due to a previous Board having purchased part of its own 2007 Bonds, the Commissioners have agreed to set an additional $50,000 in an escrow account with Region’s Bank to comply with an IRS issue with the bond purchase.

According to Finance Officer Sandi Holden, the county had received around $11,000 of interest on this bond, and this $50,000 will be refunded to the county in April 2017 when the bonds become callable.

Good Morning From The Office got a chance to sit down with Chairman Paris to speak about the Refinancing of the Bonds:

GMFTO Gilmer County Refinances 2007 G.O. Bond. call w/Chairman Charlie Paris 6.10.2015 from Fetch on Vimeo.