Interest on $10 million in capital loan notes sold to fund construction of a new county jail is locked in at 3.821 percent. The Greene County supervisors with Northland Securities advisor Heidi Kuehl opened bids at their regular meeting Nov. 18, and then reconvened during the afternoon to accept the bid.
Low bidder was BNY Mellon Capital Markets of Pittsburgh, PA. The county received eight bids, with the highest interest rate 4.069 percent.
The county will receive a good faith deposit of $200,000 Nov. 19, and the rest of the proceeds in December.
Voters approved the bond issue for the jail last November. At the time, the tax rate needed to pay the bond was 8 cents (per $1,000 in taxable valuation). That figure is now estimated at 7 cents due to a decrease in interest rates and an increase in taxable valuations.
The vote to accept the bid was unanimous, with supervisors John Muir, Pete Bardole and Dan Benitz voting in favor. Supervisors Dawn Rudolph and Mick Burkett were not at the afternoon portion of the meeting. Burkett was absent from the morning meeting as well. He has not attended a meeting since the Nov. 5 election.
