South Carolina: Pawleys Mayor Braswell: “I've never borrowed so much money”
Pen in hand, Pawleys Island Mayor Jimmy Braswell paused for a moment Monday afternoon, Oct. 14 and said, “I’ve never borrowed so much money in my life.”
Then he and Town Administrator Ryan Fabbri signed multiple documents for a bond issue for the Town to borrow $2.8 million to help pay for the beach renourishment project.
The Town has most of the funds necessary for the project. The bond issue – which was expected to “close” on Wednesday, Oct. 16 will provide the rest of the required funds.
Payback for the bond issue will be spread out over 15 years. Interest is to be paid twice a month and a payment on the principal will be made once a month. Together, the payments will total about $257,000 each year.
Funds to repay the bond issue will come from local Accommodations Tax.