W.C. Attorney Billy Jenkinson was elated after county council approved an ordinance that will permit for funding of an installment purchase revenue bond. The bond will finance renovations to the courthouse and the construction of an administration building. The two projects fall under the Five-Year Capital Improvement Plan that is estimated to cost $22 million.  GMK and Associates will oversee the design of the courthouse and the public service administration building that will be located at the corner of Main and Jackson Streets.
The majority of the county facilities are in dire need of renovation or even demolition.
“We have buildings that will not last five or 10 more years,” said W.C. Councilman Sam Drucker. “Here we have an opportunity to save 35 percent of every dollar of interest paid. If we say we want to put it off because things are hard, then what is going to happen in two or three years from now when the state says we can’t have a jail anymore because the conditions are bad and we have to pay someone to keep our prisoner? We will have to do this eventually and it’s just impossible to let the courthouse, 911 or the jail go this way.”
The project has been worked on for over a year and has recently been met with criticism regarding the funding.  “Some have complained that here we are, cutting corners and employees’ hours, but these programs are only available for capital projects (buildings and infrastructure) and cannot be used for any other purpose,” said Drucker. “It is not money that can be used to fix our other problems. If it was then we might jump on it.” W.C. Supervisor Stanley Pasley agreed saying he met with county department heads and employees several weeks ago where they discussed the program. “I’m confident that our department heads and the county employees understand that this project has nothing to do with the general fund and these are two distinct and separate revenue streams and can’t be used for any other purpose,” said Pasley.  
Each year the Installment Revenue Bond payment becomes payable by the issuance of short term bonds in conjunction with Build America Bonds. The program has been structured to defer principal payments for a period of seven to eight years and capitalize interest for approximately three years to keep payments low initially. Over time, those payments will increase until they level out to $2 million. The county’s debt service millage will remain at 20.1 for two years then increase to 29.6 in year three where it is expected to remain.
Build America Bonds are part of the Stimulus plan with the federal government subsidizing a third of the interest rate. According to a McNair Law Firm representative, the bonds are considered more attractive to citizens than a traditional certificate of deposit. “If the interest rate on a long term bond is 7.6 percent, then factor in the government pays 35 percent of that that’s a net borrowing cost to the county of under five percent but the citizen who purchased that bond gets the full benefit of the 7.6,” said the representative. The county will save approximately $15 million in interest costs as well. The program expires December 31. The county also has approximately 1.6 million in grants available.
Williamsburg County Development Corp. has created the Williamsburg County Public Facilities Corporation, where the county will lease the properties (courthouse, EOC-911 building and the site for the public service administration building). Effectively the corporation will own the facilities in order to repurchase the facilities and to give the corporation a stream of revenue that will be used to pay the bond. The program has been implemented by school districts including Williamsburg County School District and Georgetown and Lancaster counties.
“This is a wise and sound investment for the citizens of Williamsburg County,” said Senator Yancey McGill who attended the meeting. “The courthouse is in terrible condition, and other agencies in the county are in desperate need. You talk about emergency preparedness and 911, what an effective professional group and they deserve the best. If Greenville, Columbia and Charleston can afford to create opportunities and other rural areas in South Carolina, it is time for Williamsburg County to step up to the plate,” said McGill who commended council for moving forward on the project. “This is without question one of the biggest votes you will ever take in your career. We’re not talking 40, 60, 80 mils, we’re talking roughly 9 to 10 mils and along with the federal government’s help and all the other areas discussed tonight, this is a great investment for this county.”
Activity on the administration building is expected to begin between October and November and be completed by September 2011. Renovations to the courthouse should be completed by 2012. The next regular council meeting will be held Aug. 17, at 6:30 p.m. in council chambers.