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Third Resolution Changes 911 Rate

By Staff | Feb 18, 2009

On Tuesday the Wetzel County Building Commission adopted the third supplemental resolution for the issuance of lease revenue bonds not to exceed $1 million for the purpose of financing the costs of acquiring, constructing, and equipping a new 911 Call Center.

According to Attorney Camden P. Siegrist of Boles Rice McDavid Graff and Love LLP, the only change in the resolution from the last version is a change in the initial interest rate from 4.4 percent to 4.25 percent and a change in the rate of adjustment to take place every five years. Previously that adjustment rate was equal to the sum of the Five Year Libor Swap plus 1.25 percent. The new rate is the Five Year Libor Swap plus 2.25 percent.

While the ordinance approved by the building commission allows for up to $1 million, the aggregate principal is $740,000 to be advanced by WesBanco. The involved parties closed on the transaction Tuesday afternoon.

Wetzel County 911 Director Ed Sapp said their bank account has close to $1 million.