The future of the transportation and equipment finance rates for Young County remains uncertain. An indecisive commissioners court could not agree Monday morning on refinancing offers between American National Leasing and First National Bank.
The commissioners court was unable to manifest a majority vote in the decision to select either American National, which submitted a final bid rate of 2.20 percent, and First National Bank, which through representative Stewart Cobb submitted a rate of 2.25 percent.
The end vote from the motion to select First National’s offer of 2.25 percent came in at 2-1-2, with Commissioner Mike Sipes and County Judge John Bullock abstaining, Commissioners Matt Pruitt and Jimmy Wiley voting to select First National’s offer, and Commissioner Stacey Rogers voting against selecting First National to refinance Young County’s entire vehicle fleet, among other county equipment.
The division came primarily as the result of a more-than month old bidding war between the two finance companies, during which Cobb said multiple times that the numbers projected from American National were “fuzzy.”
Cobb reiterated that sentiment at Monday morning’s Young County Commissioners Court meeting, informing the court that even though his company’s finance rate was .05 percent higher than American National’s offer, it would save the county several thousand dollars between the two.
Read the entire story in Wednesday's Graham Leader.