County Commissioners Approve Re-Financing Loan

The Wilkes County Commissioners met Tuesday night for their regularly scheduled meeting. There was a Public Hearing and a Board vote concerning re-financing the high school construction/renovation loan of 2006.  Finance Officer of Wilkes, Jerry Shepherd, said he believes it will save the county and the school system money.  Initial estimates for refinancing the high school debt is that it could save 3.2 million dollars over the 20 year life of the loan.  These savings would be split between the County and the School System.  Shepherd said they are hoping for approval for the refinance loan by the LGC or Local Government Commission by November.  The payoff on the loan will be in 2036.  The refinance will not extend the time and will not extend the debt; rather it will save money for the County and School System who split the cost of the original construction/renovation loan.