County OK’s funding for repair projects
Published 9:06 am Wednesday, June 28, 2017
River Hills Bank of Vicksburg will be doing business with Warren County after the Board of Supervisors Monday approved its interest rates for two separate loans totaling $2.6 million.
The supervisors June 5 passed resolutions to borrow up to $1.2 million to buy land for a new county jail, and $1.4 million to repair some county buildings and a fix a slide area at Riverfront Park. Both loans are short-term loans to be paid off over five years.
River Hills’ bids were the lowest of five interest rates submitted to the county, bidding an interest rate of 1.79 percent on the $1.4 million loan, and a 1.93 percent rate on the $1.2 million loan.
Other banks submitting bids included Hancock Bank, 1.90 percent; BancorpSouth, 2.57 percent; Trustmark National Bank, 1.99 percent and Regions Bank, 1.93 percent. All four banks bid the same interest rate on both loans.
The board is looking to buy property to build a new jail, and county administrator John Smith said the $1.2 million is more like a letter of credit, because the board may not need the entire amount to purchase the prospective site.
Board of Supervisors president Richard George said the board has narrowed its choice down and recently received site proposals from three other landowners.
The $1.4 million will pay for a new raised metal roof on the Warren County-Vicksburg Public Library, a new chiller for the library, and to upgrade elevators at the county courthouse, library and the jail.
It will also provide for an upgrade to the handicap ramps and bathrooms for the parks and recreation pavilion, located at Cedar Creek Golf Course.
It will also pay for the county’s share of the cost to fix a slide problem at Riverfront Park, which is owned jointly by the city and county.
The total cost of the slide repair at Riverfront Park is estimated at $300,000. The county’s share is $150,000.