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December 1, 2009

JDA approves sale of bonds

Charles Oliver

The Dalton-Whitfield County Joint Development Authority approved the sale of approximately $3.6 million in bonds on Tuesday.

Board chairman Chuck Dobbins said the bonds will reimburse Whitfield County for its investment in the commerce park just off the South Bypass that will be the site of floormaker IVC as well as for money the county has pledged to Dalton Utilities to extend sewer to the I-75 interchange at Tunnel Hill.

The JDA sold the 10-year bonds to Bank of America, which was the low bidder, at 3.63 percent interest.

Whitfield County will pay the principal and interest on the bonds.

County administrator Bob McLeod said the bonds will allow the county to preserve its fund balance and use that money for future projects.

“The Board of Commissioners will be discussing some of those projects in meetings in coming weeks,” he said.

Commissioners must approve an intergovernmental agreement with the JDA for the bonds, and they are scheduled to vote on that at their next meeting.

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