Franklin Co. Taking Next Step in Hospital Bond Refinancing

By MJ Kneiser, WLHR Radio, Lavonia

Franklin County will use a third party company to complete the process of the hospital refinancing.

At its recent work session, the Franklin County Board of Commissioners heard from County Manager Beth Thomas.

Thomas told the board that staff is completing work on the official statement in preparation for the public offering of the bonds.

At that time, Thomas said Franklin County’s bond attorney urged the county to work with a company called DAC Bond.

“We need to update certain pieces of operating data from 2014 to current,” Thomas said. “Our Bond Attorney, Jim Pannell has recommended that we contract with this DAC Bond Company.

According to its web site, DAC acts as the disclosure dissemination agent for issuers of municipal bonds, electronically posting and transmitting their information to repositories and investors alike.

Last November, Franklin County voters approved a referendum to refinance the hospital bond debt in order to get a lower interest rate.

At their regular meeting Tuesday, Thomas asked Franklin County Commissioners to approve using the DAC Bond company.

“I would recommend that the Board accept this so that we can move forward,” she said.

Thomas said the initial upfront fee is $1,000 plus an annual renewal and storage fee of $1,500.

After hearing from Thomas Tuesday, the Franklin County Commission approved contracting with DAC Bond.