Clayton County commissioners voted Monday to award a bond deal to PNC Bank, a decision that will cost taxpayers nearly $403,000 more in interest fees over the next six years.
PNC will handle a bond deal aimed at helping the county’s ailing Southern Regional Medical Center . The county’s chief financial officer Ramona Thurman conceded Monday that the decision will “reduce the amount of money we have to spend on other projects.”
PNC was in the running with Wells Fargo but commissioner Sonna Gregory had concerns about the appearance of impropiety because Wells Fargo is an employer of commissioner Michael Edmondson. Commissioners never even considered Wells Fargo at Monday’s meeting because it failed to get support to be considered. Commissioners did however vote to have independent counsel look into how Wells Fargo made it into the final consideration. Wells Fargo quoted lower interest rates than PNC Bank - or nearly $403,000 less than PNC.
In May, voters agreed to extend the special local option sales tax six more years to pay for county projects and help the ailing hospital.
The county will close the bond deal with PNC Bank on Thursday.
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