Bonds for the new Greene County jail will be sold Nov. 18. Heidi Kuhl of Northland Securities reported to the board at their Oct. 14 meeting that the county’s current bond rating ius AA- . The bond issue will be $10 million in general obligation bonds.
Interest on the bonds will be locked in when the bonds are sold. Kuhl reminded the supervisors that at the time voters approved the jail project, the estimated cost to voters to repay the bond was 8 cents per thousand dollars of taxable valuation. She said interest rates have decreased and taxable values in the county have increased since the referendum for the bond issue was approved last November. It may be that only 7 cents per thousand will be needed to pay the bond.
Preliminary construction costs have come in higher than anticipated. The county has $400,000 that could be used for the project if needed. Tapping the general basic fund is a possibility. “That’s not what we want to do,” supervisor Pete Bardole said.
Another option would be to invest the bond proceeds until the funds are needed to pay construction bills. With the bond sale on Nov. 18, issuance resolutions will be approved Nov. 25 and the bond proceeds will be in the county’s coffers Dec. 11.
Nick Bruck of DCI Group was also at the supervisors’ meeting. He said ISG in preparing final bid documents, with the bid letting Dec. 19 if ISG stays on schedule.
In other business, the supervisors gave final approval to a pair of pavement replacement projects. Work on County Road P-29 from the Webster County line south 1-1/5 miles will be paid for with farm to market funds. Another project, paid for with local funds/farm to market will total eight miles – County Road E-18 from Hwy 144 east to the Boone County line, and on County Road P46 from E-18 to County Road E-26.
The board approved hiring Alexis Olson as a fulltime motor vehicle clerk in the treasurer’s office at the rate of $45,000 annually and a start date of Oct. 28.
Scott Peterson updated the board on city of Jefferson business.
Ken Paxton updated the board on the activities of Greene County Development Corporation. ~courtesy of GreeneCountyNewsOnline
