(BROWNSTOWN) - Jackson County commissioners took the next step Tuesday morning in an effort to produce an estimated $200,000 in savings for the county over the next 10 years.
"This will save about $20,000 a year over the next 10 years," bond counsel Jim Gutting said during a commissioners' meeting at the courthouse annex.
Aubrey woods reports, Gutting, a Jackson County native who now is a partner with Barnes & Thornburg LLP, Indianapolis, was referring to a plan to reissue bonds originally issued for a project to renovate the courthouse and the former jail into the annex. The bonds were issued in 2002 for the 2003-2004 project and were to be paid off in 2022.
Earlier this year, a committee of county council members began working on the reissuance of the bonds to take advantage of lower rates. The present rate is 5.2 percent, but the new rate may be as low as 2.8 percent, county council President Charlie Murphy said in February.
Councilman Brian Thompson earlier said the county's annual payment for the present bond issue is $315,000.
Gutting told commissioners Tuesday that the building corporation put in place for the original project met Monday night to complete paperwork needed to reissue the bonds, and commissioners needed to approve a purchase agreement.
He said the county will get a rating for the bonds later this month or in early April.
"They will go on the market April 4 and that locks in the rates to that date," Gutting said.
Commissioners voted 3-0 to approve the purchase agreement.
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