County to get back fair barn loanPublished 9:31am Friday, July 6, 2012
Port authority to borrow funds
In the next few weeks the county should be getting back the $400,000 it lent to the fair board to pay for construction of a new barn.
Last week the county authorized the Lawrence County Port Authority to accept the title of the county fairgrounds and to borrow $700,000. That loan will be used to pay back the county for the $400,000 it borrowed to build the livestock barn and arena and also to pay the current contractors on the project.
At its regular Thursday meeting the county commissioners approved authorizing the prepayment of the $400,000 that was issued in the form of bonds to cover the costs of the first contractor for the barn project. The contract with that contractor was terminated by the fair board in May because of delays on the project and the contractor’s refusal to return money the fair board said he should not have been paid.
“(Getting the money back) is a great thing because the taxpayers are not on the line for the money,” Commission President Les Boggs said. “The county helps out in time of need, but now it will be made whole in a brief period of time.”
The port authority will pay back the loan to the county as well as the $996.67 in interest accrued through July 1 and the $32.22 subsequent daily rate.
On Saturday the fair board will have a ribbon cutting for the new barn the day before this summer’s weeklong fair begins.
In other action the commission:
• Authorized an almost $1.4 million resurfacing project for roads in the county and the villages of South Point and Proctorville;
• Filed a coal mining renewal application for Addington Sherrits with public comment period to end on July 31;
• Approved vacating a portion of Township Road 293 N in Union Township.