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Franklin County is facing a 4.1 percent interest rate over 20 years to borrow $4.2 million to replace the roof on the Annex Building and install new windows in the Courthouse and the Senior Citizens Center.

Ashley McAnulty, senior vice president of Stephens Inc., the county’s financial advisor based in Nashville, updated the Finance Committee on Oct. 5 about the county’s ability to absorb new debt.

McAnulty confirmed what the committee had discussed at its Sept. 7 meeting about financing the project.

McAnulty said the annual payments on a $4.2 million bond note would be about $300,000, and the county has the headroom to pay that amount. He added that the note would be for a 20-year time frame.

The county has approved to have Trane Technologies Inc., which is under contract by the county to do an investment-grade audit on energy-saving upgrades to county buildings, handle the roof and window projects.

Owen Nevader, Trane’s comprehensive solutions leader for Tennessee, told the committee on Sept. 7 that the county has about $4.2 million that could go toward the project which would provide $3.6 million for the roof and for replacing all the windows in the Courthouse and the Senior Citizens Center. He added that the remaining $574,000 could go to address other issues that might surface.

County Mayor Chris Guess said the roof on the Annex Building is needed because it’s on tap in the energy-savings audit to get more energy-efficient lighting. He added that it makes no sense to install new lighting if the roof leaks because it would damage the new lighting fixtures.

County Finance Director Andrea Smith said debt for other projects will be paid off in five years which could free up about $200,000 annually that could go toward new projects.

The county has also called on Trane to do a study on the Southern Middle Tennessee Pavilion to determine how much it would cost to restore the deteriorating facility.

The county government and the School System had been looking at ways to save on energy costs by developing a unified plan to address energy-savings issues in county-owned buildings and entered into the partnership with Trane in 2021.

Randy Mauldin, representing Trane’s business development/energy savings solutions, had said Trane has an extensive track record with other school systems and government entities through updating lighting fixtures and converting to new energy-saving technology. He added that the improvement process involves using automated control systems, targeting heating and air-conditioning unit replacement with more efficient units over time, better sealing windows and doors, installing improved plumbing fixtures and capitalizing on solar-energy options.

Mauldin also said the improvements would more than amortize their cost and Trane’s fees to implement and manage them.

He added that Trane would guarantee a set savings, and if the figure isn’t met, the School System would be reimbursed for the difference.

Mauldin had said Trane is the largest company at what it does and is the industry leader in the field. He added that Trane manufactures the products it offers and can sell and install them at a reduced cost.

Mauldin had said Trane has generated savings for other school systems and government operations and would do the same for Franklin County.