Karen Brady
The Grady County Commissioners voted to approve the refinancing of $4,185,000 in revenue bonds for the fairgrounds on Monday.
Pat Brooks of First National Bank & Trust Company told board members the bonds may be redeemed with no penalty to the county in February, 2010, and they may be refinanced at a rate of 3.85 percent for five years, down from the current 5.59 percent.
Brooks also said payments would be made on a monthly basis rather than the current annual basis, and a reserve fund may be established if necessary.
Jeff Raley of the Floyd Law Firm told commissioners his office will file new documents and give the current bond holders the required 30-day notice.
The Grady County Industrial Authority has already approved and authorized the proposed transactions.
In other business, the commissioners:
• Approved a filing date and upcoming election for the fairboard. The filing period will be between 8 a.m. and 4:30 p.m. Jan. 25-29. Anyone interested in filing may do so at the Grady County Clerk’s Office. The election will be in each commissioner’s district on from 5 p.m. to 7 p.m. Tuesday, Feb. 16.
• Approved a request for payment for the Community Development Block Grant, Phase II Grady County Rural Water District No. 3 to cover the cost of the new Bradley water tower. The cost of the tower is about $166,000.
• Accept a bid on a used pickup for District No. 1 from Dan’s Auto Sales in Newcastle. The only other bidder was Byford Auto Group of Chickasha with bids of $34,900, $29,000 and $24,000.
• Took no action on bids for one or more trucks for the fire department and the plat for Hughes Acres.
