County will make $500,000 payment on Senior Center debt; interest will be set at fixed rate
by Franklin Clark, Reporter -- fclark@cadizrecord.com
Oct 20, 2010 | 0 0 comments | 5 5 recommendations | email to a friend | print
Trigg County’s Fiscal Court unanimously decided to start paying down its debt from the construction of the new Trigg County Senior Citizens Center building with a payment of $500,000 when it met Monday evening.

The finance agreement ordinance the fiscal court signed involves a transition from a variable interest rate to a fixed rate, which Trigg County Judge Executive Stan Humphries said will probably be in the neighborhood of 4 percent, although the exact rate has not yet been determined.

“This is due in part to good stewardship by the county,” Humphries said. “We’ve been very conservative in some areas.”

The move to a fixed rate will happen by the end of the month, after which the county will be locked into that rate for monthly payments for the debt service for the next 10 years, said Humphries.

Trigg County Treasurer Lucy Oliver said they’re going to talk with the Department of Local Government to see if they can use the taxes from alcohol sales to pay for materials or equipment for Trigg County Dispatch.

The court also paid its monthly bills. Aside from the $500,000 bill to U.S. Bank CT-Louisville for debt payment, notable bills include $5,243 to H&R Agripower for tractor repair and $129,019 to Kyler Bridge Company for work on the Riley Hollow Road bridge, which Humphries said is complete.
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