Franklin Co. BOC Approves Hospital Bond Debt Re-Financing

By MJ Kneiser, WLHR Radio, Lavonia

The Franklin County Commission saved $1.5 million this week.

At a called meeting Tuesday evening, Franklin County’s Board of Commissioners approved a proposal to refinance the hospital bond.

In so doing, the interest rate on the hospital bond went from 5.96 percent to 2.72 percent.

That means the pay-off amount, which was $15.5 million, will now be just over $14 million.

Not only that, but the bond, which would have been paid off in 2041, will now be paid off in 2035.

Franklin County Manager Beth Thomas calls the refinancing a major financial savings for the county and a huge step in dealing with the hospital debt.

Thomas also thanked the voters of Franklin County, who passed hospital refinancing and SPLOST referendums last November.

She says those allowed Franklin County to move forward with its plan to pay off the debt in the least painless way possible to the taxpayer.

Meanwhile, Andrew Trint of Stifel Financial Corporation said SPLOST money will cover the debt initially with no property tax increase expected for Franklin County.

Trint said that Franklin County’s SPLOST money will pay this debt for the next six years up to 2023 versus having to create a bond millage to pay it.

The closing date on the bond refinancing is set for May 24th in time for the next payment on the hospital bond, which is due June 1st.