Metcalfe to borrow money for repairs

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June 30, 2010

FEMA to reimburse for most county expenses

By GINA KINSLOW Glasgow Daily Times The Glasgow Daily Times Wed Jun 30, 2010, 11:03 AM CDT

EDMONTON — Metcalfe County magistrates agreed Tuesday during a special-called meeting to borrow money to fund initial costs for projects relating to the early May flood.

Magistrates agreed to accept a low-interest loan of $2.5 million from the Kentucky Association of Counties over a 10-year period with a variable interest rate of 4.3 percent for those projects.

Judge-Executive Greg Wilson explained last week that FEMA will reimburse counties for projects estimated to cost more than $63,000. The county is unable to fund those projects without first borrowing money.

On Monday, county officials met with Earl Blanks, a FEMA representative, to discuss how much money the county would need to borrow, and $2.5 million was the suggested amount to cover repairs to fix damage to bridges, the county’s fairgrounds, debris removal and the chipping and sealing, as well as some blacktopping, of the county’s roads.

The estimated cost of damage for the county is $3.4 million.

Wilson cautioned magistrates the amount is just a ballpark figure and would include the costs for the aforementioned repairs.

“This is just an estimated amount. It could be higher, it could be lower. This doesn’t have the dam on it. This doesn’t have the school on it. This is just the county’s portion,” Wilson said.

County treasurer Vickie Stephens shared with magistrates that Blanks, said damage from the flood is being discovered daily.

“He was a little hesitant to give these figures. We only spent about 10 minutes on it,” she said. “He wanted you all to know that only 10 percent of the project worksheets are complete. In other words, they are still finding things.”

The county has a debt capacity of $5,932,383, and county officials believe that by borrowing $2.5 million they will be able to make up the difference in the projects costs by using some of the money the county has in reserves. The county will be responsible for paying 13 percent of the project costs, but will be reimbursed by FEMA for the remaining amount.

Wilson said he and other county officials met with Blanks so they could have a number to present to magistrates Tuesday.

“That was just a figure that maybe would could handle, or get enough to get the bridges built back so where we could have the citizens taken care of and be safe,” he said.

Last week Wilson met with a representative of the Kentucky Transportation Cabinet to discuss damage to bridges in the county.

“We do have two or three bridges that we are having to lower the load limits on because he said they just were not safe enough,” Wilson said.

The weight limit for the Junior Harper Bridge was lowered from 9 tons to 3 tons, and the weight limit for the Mosby Ridge Bridge was lowered from 18 tons to 9 tons. The weight limits have to be posted in order for the county to escape liability in the event the bridges fail when vehicles drive over them.

Magistrates are required to have a public hearing regarding the money they wish to borrow.

“Any time the amount is over $500,000 they’ve got to get approval from the state local debt officer,” said Lonnie Campbell, assistant director of KACo.

One public hearing will be in Metcalfe County, and another in Frankfort. Only a representative of the Metcalfe Fiscal Court will be required to attend the public hearing in Frankfort, which will be done before a hearing officer who will make a recommendation to the state local debt officer. It is the state’s local debt officer who will make the final decision on whether the county can borrow the money from KACo, Campbell said.

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