South Point to refinance Solida Road sewer system
SOUTH POINT — Lawrence County Treasurer Stephen Dale Burcham stopped by the South Point village hall on Thursday to present the village with a check for $720,000 as part of the plan to refinance the Solida Road sewer system.
The village council voted to accept the plan at last week’s regular meeting.
The plan, through the Lawrence County Neighborhood and Investment Program, will reduce the interest rate from 4.5 percent over 25 years to 2.8 over 20 years.
Total payments on the old plan would have been $1,241,825, while, under the new plan, they are $941,136.
The plan was approved by the Community Bond Investment Advisory Committee, which includes members of the Lawrence County Commission.
“We want to thank the treasurer’s office and the commissioners who had to approve this,” Gaskin said.
He said that the $300,689 in savings will enable the village to keep their water and sewer rates among the lowest in the state.
Burcham said this is the 35th bond purchased in the program.
“All of these monies stay local,” he said. “The payments go to Lawrence County and the savings go to South Point.”
He said there is a multi-step approval process and the village was required to submit information to the county auditor to make sure millage was available.
“We also ran it past the state auditor for good measure,” Burcham said.
He said this is the fourth bond purchased from South Point, with previous ones being used for the purpose of constructing the village hall, repaving streets and repairing the village’s water tank.