Six point five million dollars in bonds changed names this week. The bonds are part of the Pickens County Courthouse Project financing, which were previously held by Jasper Bank. The bank, though, recently went into receivership, when the FDIC briefly took over the operation. Stearns Bank then acquired it from the FDIC. But, United Community Bank then agreed to take the bonds. County Attorney Philip Landrum III said the move does not create any new debt service, saying the amount and terms of the bonds are the same as they were previously with Jasper Bank. The only change, he said, is the name on the bonds.
During a called meeting last Thursday, the board of commissioners signed a resolution for United Community Bank to take over the bonds. Financial Director Faye Harvey explained the bonds were to cover any gap in SPLOST revenue, saying the county only expects to use two million dollars of the six point five million dollars. Commission Chairman Robert Jones said the project continues to be on schedule. The year-long courthouse renovation project is expected to be complete this summer.