By Courtney D. Clark
The Fayette County Commission voted unanimously Friday to authorize the Boy Scouts of America to issue up to $100 million in bonds to build The Summit: Bechtel Family National Scout Reserve.
The project includes the new home of the group’s National Jamboree, which will occur every four years beginning in 2013.
A National Scouting Center and high-adventure base are also going to be built on the 10,000-plus acres of land in the Glen Jean-Mount Hope area.
Commissioner Matt Wender said the reason for issuing the bonds in the county’s name is that it lends the Boy Scouts tax-exempt status.
“This will allow the Boy Scouts to issue them at a lower interest rate, which gives the scouts an advantage,” Wender explained. “But this is a bond resolution. It doesn’t authorize a specific issue, it just gives the Boy Scouts permission so they can plan to issue them at a future date.”
Wender says he believes the Boy Scouts will be back before the commission in the early part of 2010 to ask for a specific amount to be issued.
“Of course, that amount won’t exceed $100 million,” the commissioner added, “but they could break it into two or three bond issues. It will depend upon how much they need and the timing when they come to ask for the money.”
Fayette County has absolutely no repayment obligation whatsoever, Wender says.
“Repayment is fully the responsibility of the Boy Scouts of America,” he continued. “This will allow them to finance the construction in a relatively short period of time, if the payment of the bonds will stretch over.”
He expects construction will start in the spring and says anything the commission can do to help move the process along is in the best interest of Fayette County.
“We’re certainly very supportive of this project,” Wender said. “Hopefully the largest part of this $100 million will be spent in Fayette County and southern West Virginia.”
Last month, the Boy Scouts received a $50 million donation from the S.D. Bechtel Jr. Foundation to start the project. It was the largest single donation to the Boy Scouts in the group’s history.
— E-mail: cclark@register-herald.com
