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City wants to refinance bonds The City of Thomasville and the Thomasville Water and Sewer Board are looking to refinance existing long term debt bonds to take advantage of lower interest rates. Mayor Sheldon Day said the city can save significant money by doing so. Reid Carvar of Merchants Capital, a bond investment company, told the water board that refinancing its 2001 $3 million bond issue for the remaining 10 years of the issue could save the city $100,000. Carvar estimated that the interest rate would drop from 5.58 percent to around 4 percent. He later told the city council that $125,000 to $150,000 in savings could be realized by refinancing the city’s existing $4 million or so debt with the same expected rates. Mayor Sheldon Day noted that 75 to 80 percent of the municipality’s bond debt is school or water related. The city council voted 5-4 to start the procedure of refinancing the city’s bonds. Council member Charles Allen said he was opposed because of the constant borrowing and the lack of information on the city’s debts. Pilot housing program Thomasville has applied for a $4 million grant to help with housing needs for low to moderate citizens in Thomasville and the surrounding area. Day said Monday that the city stands a good chance of securing at least $2 million to $3 million, possibly before the end of the year. A 501c3 board will need to be set up to handle the grant and administer it. Day described the “Thomasville Community Development Corporation” as being similar to a housing authority but could handle other grant funds the city could receive too. It will be overseen by a three-member board appointed by the council. The council agreed to contract with an attorney for $2,500 to create the board and help with other issues in getting it set up. Other business Day said the city has also secured a $15,000 forestry grant to help with urban reforestation due to Hurricane Katrina damage. The money will be used for landscaping along Highways 43 and 154. Alabama Power has also awarded the city a $2,000 grant to help with urban forestry landscaping. The city has received a $750,000 grant from the State Road and Bridge Committee to help with the construction of a new street into the new south industrial park where Southwest Alabama Medical Center plans to build a new hospital and where Lower Dixie Timber is locating. The county has contributed $550,000 toward the project for a total of $1.3 million for the road. Day said about 60 percent of the land in the industrial park annex is committed to projects that could mean 369 new or retained jobs and $59 million in new capital investments. Day praised State Treasurer Kay Ivey, one of the members of the committee, for her help. Ivey is a native of Camden. Building permits were approved, including one for just over $3 million for the construction of new multifamily apartments, Country Club Cottages, behind the Thomasville Mart.
At the end of the council meeting, Day saluted the Thomasville High School Tigers for a great season, even though they lost the state championship by one point in Birmingham. He said over 4,000 people turned out for the game and that was great.
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