The state’s local government financial regulatory agency will take up two Rowan County matters when it meets Tuesday.

The Local Government Commission’s Tuesday agenda includes consideration of a $21 million bond refinancing and $3.95 million loan to replenish the county’s fund balance and pay for renovations at the former Salisbury Mall. Last time, Rowan County asked the Local Government Commission to approve the $3.95 million loan, county officials were accused of making questionable statements about the amount of fund balance available. The loan wasn’t approved and it was eventually pulled from consideration.

County Manager Aaron Church and Commissioners Chairman Greg Edds said no county officials are scheduled to attend the Local Government Commission’s Tuesday meeting. The commission’s meetings are regularly scheduled for 2:30 p.m. at 325 N. Salisbury St. in Raleigh.

The refinancing is for 2005 general obligations bonds designated for the public school system and would save county government approximately $1.4 million, according to county documents dated March 5. Rowan County Commissioners approved an application to the Local Government Commission for the refinancing on March 16.

The county’s interest rate on the remaining balance of the bonds will drop from 4.24 percent to 1.81 percent with the refinancing, for a savings of nearly $300,000 per year.

The $3.95 million loan includes money to replenish the county’s fund balance from the late 2013 purchase of the former Salisbury Mall, now West End Plaza, and $500,000 for renovations. Although the mall’s 2013 purchase drew controversy, opposition to the county’s most recent attempt to replenish its fund balance has been sparse. The loan is identical to one previously submitted, except for the interest rate. No opposition letters were received by the local government commission to the West End Plaza loan.

The county’s financing rates for the $3.95 million are lower than rates proposed last year, when commissioners dropped the loan before new commissioners were elected.

The approved proposal, from First Bank, includes a taxable interest rate of 2.5 percent on $2.5 million. The tax-exempt interest rate in the recommended First Bank proposal is 1.7 percent on $1.45 million. First Bank’s proposal would result in $440,227 in interest. Including interest, the loan would be for nearly $4.4 million. It would be paid off over 10 years.

Contact reporter Josh Bergeron at 704-797-4246.