PANAMA CITY, Fla. (WMBB) – The Bay County commission debt committee met Wednesday to discuss its current hurricane loan.
They voted to extend the maturity and negotiation on a loan the county has with PNC bank.
It also locks the interest rate in at 0.7%.
Bay County Commissioner Doug Moore said originally the loan was approved at a floating interest rate, which started at 2.5% and is grateful it has come down.
“Locking in this rate and getting this extension allows us to be able to know what our costs are going to be, and be able to manage our budgets for the next couple of years without having to worry about rising interest rates or anything,” Moore said. “We’ve gotten a great rate that we’ve locked in at and so we’ve defined what the costs are going to be which makes us better stewards of the citizen’s money.”
Moore said the county is still waiting on FEMA reimbursements for the 100-million dollars still outstanding.
This loan gives the county time to receive the FEMA money and pay the loan off without affecting the budget.