Suwannee Democrat

Home

February 19, 2014

County receives $4.5 million loan

Live Oak —

The Suwannee County Board of County Commissioners voted unanimously recently to adopt a resolution and accept the terms of a loan agreement in the amount of $4.5 million. The funds will be used to cover projects performed at the catalyst site in Northwestern Suwannee County and to cover costs associated with a $3.5 million lawsuit over the county’s breached agreement with Suwannee Landing.

The loan was obtained through Capital City Bank. 

According to Chief Financial Officer Leeta Bronson, the loan is broken down into two types: a taxable loan in the amount of $2.65 million priced at 3.25 percent interest rate fixed at five years and adjusting annually thereafter; and a tax exempt loan in the amount of $1.85 million priced at 2.15 percent interest rate for five years, adjusting annually thereafter. 

Payments will be made quarterly beginning April 2014. The loan will have a maturity date of Jan. 1, 2024. 

So far, the county has invested a total of $8,725,457.43 on projects at the catalyst site. Of that amount, $6,035,241.73 was county taxpayer money while the rest, $2,690,215.70, was grant money (state taxpayer money). 

Although the project is still in the works and more money will be received and spent, Bronson said the county will be actively applying for future grants to assist in the project.

 

 

1
Text Only
Local News
Suwannee Democrat

Sports
Jasper News
Mayo Free Press

Arrest Record
VIDEO

Features

Meetings
Opinion
AP Video
Entertainment

Must Read
Business Marquee
Election 2014
AP Video
Florida Panther Rebound Upsets Ranchers Small Plane Crash in San Diego Parking Lot Busy Franco's Not Afraid of Overexposure Fighting Blocks Access to Ukraine Crash Site Dangerous Bacteria Kills One in Florida Workers Dig for Survivors After India Landslide Texas Scientists Study Ebola Virus Smartphone Powered Paper Plane Debuts at Airshow Southern Accent Reduction Class Cancelled in TN Raw: Deadly Landslide Hits Indian Village Obama Chides House GOP for Pursuing Lawsuit New Bill Aims to Curb Sexual Assault on Campus Russia Counts Cost of New US, EU Sanctions 3Doodler Bring 3-D Printing to Your Hand Six PA Cops Indicted for Robbing Drug Dealers Britain Testing Driverless Cars on Roadways
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
House Ads
Facebook
Twitter Updates
Poll

Did your student take advantage of local summer activities?

Yes, through 4-H or another club.
Yes, through Parks & Recreation.
Yes, summer food service program.
No, they didn’t.
No, we didn’t know there were any.
     View Results