
119th Year, 6th Issue	September 20, 2007	Sparta, NC

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Reality Check

Well, it's all over. The political season has ended and me and my country have, thus far, survived. ....Read More | Archives

Press Release - Public Forum on Wind Energy Held in Mitchell County

County eyes QZAB options

By COBY LaRUE
Staff

According to data provided by County Manager Don Adams to the Alleghany County Commission at their meeting Monday, the only concrete option thus far for funding the school systems' Qualified Zone Academy Bond request would tack on interest to the loan in the amount of 1.47 percent.

The loans were originally slated to be interest-free loans with banks recouping their costs through federal tax credits. Adams said LaSalle Bank of Chicago proposed the interest rate on a loan of $2 million. He pointed out that changes in the federal laws governing the loans have lead many banks, including Bank of America in North Carolina, to stop offering the loans. Bank of America had been the only N.C. bank making the loans.

An additional expense would be incurred by the county in hiring bond counsel to handle the loan procedures.

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