County to get 2.125% loan for final $3.4 million due on construction of Somerset County Technical High School
PRINCESS ANNE — To finalize the second phase of the county’s loan for construction of the new Somerset County Technical High School, the County Commissioners approved advancing the school system …
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County to get 2.125% loan for final $3.4 million due on construction of Somerset County Technical High School
PRINCESS ANNE — To finalize the second phase of the county’s loan for construction of the new Somerset County Technical High School, the County Commissioners approved advancing the school system the remaining unspent funds.
The state paid 100% for construction of the $42.8 million building, but the design, site preparation and furnishings were a county expense and to cover it borrowed $7.4 million which was split into two allotments.
As of Nov. 10, the second phase of $3.4 million had nearly $217,000 not yet paid out but committed. According to county finance director Gene Adkins, USDA will let the loan close before year-end if the unspent funds are transferred to Somerset County Public Schools.
By doing this before Dec. 31, the county can lock in a 20-year interest rate of 2.125% with payments every quarter. That’s lower than the $4 million phase one loan finalized last year which was 2.75% over 20 years.
