Jail bond refinance considered

By: 
Becky Killian

County officials may take advantage of low interest rates to refinance the debt from the jail expansion and Justice Center construction.

The matter was discussed Tuesday, Sept. 1, during a joint meeting of the Washington County Board of Commissioners and Council.

Projections of the possible savings were presented by Baker Tilly Municipal Advisors, an Indianapolis firm.

The project was financed through two separate bond issues. The first, issued in 2013, has an outstanding principal of about $3.7 million. If that were the only bond refinanced, the county could reap a savings of more than $353,000.

The county’s potential cost savings would increase to more than $509,000 if both bond issues are refinanced. The combined principal is about $9.1 million.

Assumed interest rates would gradually increase from .7 percent in 2021 to 2.3 percent in 2033.

Local banks will be contacted to further investigate the possible refinance.

Commissioners will consider signing a preliminary resolution at the Sept. 18 meeting to continue the process.

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