GAINESVILLE - Hall County subdivisions may expect their bonds to cover sidewalk and street paving to increase when the county commission meets again November 14th.
Commissioner Scott Gibbs said subdivision bond renewal, extension, and collection needs to go up; commissioners agreed to postpone approval of current bond reserve amounts which were set several years ago before material prices went up.
"Unfortunately asphalt has doubled in price so we want to get our reserves built back up," Gibbs said.
Subdivisions have to post a bond to guarantee the paving; if they don't the county calls the bond, the bonding company pays the bond and the county has the paving done. Gibbs says the bond amounts need to accurately reflect current paving costs.
"What we want to do is make sure there is enough end reserve on those bonds," Gibbs added.
At this week's county commission meeting four out of five subdivisions had bond amounts that commissioners considered too low. For example, Misty Harbor's bond amount at $19,500 needs to be $31,856; Chestatee Cove's bond extension of $132,001 should be raised to $239,580 according to a bond amount list submitted by County Engineer Kevin McInturff.
Wednesday
October 16th, 2024
12:27PM
