Pickens finances $2.175 million for recycling

JASPER, Ga.–The Pickens County Board of Commissioners awarded a bid to Farmers Bank of Greensboro, Georgia for a loan of $2.175 million for the recycling center. Farmers Bank offered the county a fixed 10-year loan with a 2.175- interest rate that can be pre-paid in part of full with no penalties. There was also no legal review fees.

Truist Bank, formerly BB&T, was the other bid, with a 10-year fixed rate of 2.28-percent, the ability to pre-pay in full with no penalties and a $5,000 legal review fee.

In this project, the Association of County Commissioners of Georgia will be the lien holder. The county will transfer the property to ACCG and make payments through them. However, the county will maintain all control and responsibility of the property. Once the debt is paid in full, ACCG will deed it back to the county.

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This isn’t an unusual process, said Rob Jones, Chairman of the Board of Commissioners.

“We’ve gone through them several times, including on the jail and it was a good experience,” he said.