Bond refunding options will save $15,000 a year

ELLIJAY, Ga. – The Gilmer County Board of Commissioners opted for a refunding savings option from the Series 2014 Bond this month.

Taking ‘Option A’ that was presented by Andrew Tritt, Managing Director at Stifel Financial Corp, will allow approximately $168,000 split between the remaining years. The savings would come to about $15,000 a year until the bonds are paid off.

While Option B ultimately realizes only $128,000, according to Tritt’s presentation, it would defer 2019’s payment in an opportunity to see nearly an extra million dollars in 2019.

However, County Chairman Charlie Paris pointed out that Option B would only defer that payment, meaning it takes that money from next year’s SPLOST. That million dollars is not extra and would put 2020’s SPLOST down a million dollars. Paris noted in the regular meeting that he didn’t think that moving the payment back was worth it. He said that even though the extra million would be great for 2019, it would hurt too much to lose those funds from 2020.

Ultimately, the other Board members agreed with Paris as the vote came unanimously for ‘Option A’ to advertise the movement forward.