In our last update, we mentioned that County Commissioners would be considering issuing the first series of bonds for jail construction, as approved by voters in November 2020.
The Commissioners approved the sale, and bonds were sold on August 5. Not only did the County receive a very good interest rate but the bonds were also bid with a “premium,” which means that the County actually received $81 million cash for the $74.9 million in bonds issued. The bonds have a 22-year term but are “callable” after the first 10 years.
The bond sale was closed on August 26 and the County now has over $79 million invested with the State’s Municipal Investment Pool until the funds are needed to pay project costs.