The Walker County Commission at its regular meeting on Monday, August 8 approved a bond issue for the Walker County Development Authority (WCDA) that in the end will be used by Alabama Power Company to be used for the fly ash remediation at the Plant Gorgas facility.
“We basically serve as an issuing agency, which is really a conduit for the issuance of bonds, WCDA executive director David Knight said. “It doesn’t create any liability for the development authority or for the county government. .The sole obligore on the bond issue is Alabama Power Company.”
Knight said the final amount for the bond issuance was not known yet.
A public hearing was held on the issue in July. No one showed up for the hearing.
Knight said the commission had already approved authorization of the issuance of the bonds.
“And then there’ll be some sort of final documentation approval that we do at some point, but that may not happen for a while yet,” Knight said.
Knight added this was the second time the agency has secured a bond issuance for Alabama Power. He said it was previously done more than a decade ago.
“As a public development organization, the Walker County Development Authority has the ability to issue bond financing for the benefit of private development opportunities,” Knight said.
