POCAHONTAS, VA (WVNS)– The Town of Pocahontas, located in Tazewell County is now out of debt.
According to Mayor Benjamin Gibson, who posted on Facebook, he made the last payment on Friday, October 1, 2021.
“The Town is total debt-free. I paid the final payment on the last loan we had. When I started in 2009, the Town owed over two million dollars in debt,” Gibson said.
Gibson said that in the early 1980s, the town took out bonds for waterlines and a water plant. In 2005, more bonds were taken out for their town hall and heavy equipment. They also refinanced the bonds from the 80s.
“The debt was scheduled to be paid-in-full in 2027,” Gibson said.
The mayor paid the debt early because of Pocahontas selling extra properties and saving. The United States Postal Service buying a building that took seven years to purchase was the last payment the town needed to show a $0 balance.
According to Gibson, in 2019, Pocahontas sold their water system to Tazewell County, which alleviated a majority of the debt. This was a part of the Greater Tazewell Water Project. This project helped the county and Pocahontas upgrade the water system.
Other organizations helped the town of Pocahontas, including the Virginia Department of Health, West Virginia Department of Health, Tazewell County Board of Supervisors and the Tazewell Public Service Authority.
“If these transactions didn’t happen, Pocahontas would’ve been unincorporated, Gibson said.