City Council to vote on refinancing debtPublished 10:57am Thursday, December 6, 2012
FRANKLIN—The Franklin City Council will vote during its 7 p.m. Monday, Dec. 10, meeting on refinancing a $4.2 million debt.
City Council delayed taking action during its Nov. 26 meeting after no one spoke during a public hearing on the matter. The city is looking at a fixed interest rate of 3.49 percent from SunTrust.
The refinancing also would allow the city to borrow $2.6 million at 2.19 percent interest from SunTrust, who was the lowest bidder. That debt would be absorbed into the city’s total debt.
The $2.6 million would pay for projects that have gone unfunded for five years. Projects include possibly buying of the former Virginia Department of Transportation building on Pretlow Street for the city’s power and light department, and replacing roofs at the Ruth Camp Campbell Memorial Library, the social services building and other buildings.