FORREST COUNTY, MS (WDAM) - A new multi-million dollar energy-efficient project is in the works, which supervisors say will ultimately save Forrest County and its residents millions of dollars over several years.
“Over the next 15 years we will save between 4 and 5 million dollars in energy costs for the tax payers of Forrest County. The board is proud to be entering in this contract,” Forrest County Board of Supervisor David Hogan said.
Supervisors listened in as five bids for the new energy-efficient contract were presented.
“The Board felt like using some of our ending cash and then borrowing the remainder at low interest here locally was the best option,” Hogan said.
Hogan said the Board approved a measure Monday to move forward with borrowing up to $4 million for the project.
“Two million of that will pay off a current negotiable note that we have two years left to pay on," Hogan said. "The other two million will go towards our performance-based energy efficiency contract.”
The energy contract costs $2.9 million, with $2 million coming from the borrowed funds and the remaining $900,000 coming out of the general fund. The project is moving forward and Hogan said will be a win-win for the county and its residents.
“That contract provides for upgrades with lighting, water and gas consumption by all the county buildings,” Hogan said.
There is a plan in place if money is not saved during the project.
“It’s backed by the Mississippi Development Authority and if it doesn’t perform the way it’s specified in the contract, then there will be repercussions for the contractor providing those services,” Hogan said.
The project is expected to begin in the coming months and should be completed by the end of the year.
The funds are being borrowed from Community Bank in Hattiesburg with a 2.27 fixed percentage rate.