The Russell County Commission passed the resolution that authorizes the $7.835 million bond issue to purchase of the MeadWestvaco building, which will become the Russell County Government Center.
The commission will use the proceeds from the revenue warrants to pay back the $4.3 million loan from Phenix-Girard Bank and $700,000 in earnest money to the county's general fund used for the initial purchase of the building. Renovations to the Mead building and the Russell County Courthouse will also be covered through the bond issue, which will close on April 29.
Larry Jackson of Gardnyr Michael Capital Inc., the undewriters for the bond issue, said the company went to the bond market on Monday and was able to secure a 3.93 percent rate for 25 years. "You all did extremely well and your credit is secure in that A-plus rating (from Standard & Poor's) as well as having the bonds insured helped you secure that," he said.
Architect Mike Hamrick of Eufaula, Ala., who is designing the renovations of both the government center and the courthouse, said the renovation project will bid at 2 p.m. May 20 at the government center at the corner of Broad and Dillingham in Phenix City. The bid documents will be published beginning Thursday and two additional weeks, May 1 and May 8.
Hamrick has given the commission a late summer completion date for the move of virtually all the county's non-judicial functions to the new building.