County leaders say they're saving more than they thought. The Public Safety Authority approved the sale of the first set of bonds for $9,950,000. That's going to save taxpayers more than $1.4 Million. Then next round of bonds will be sold on December 13.
Scott County residents are still paying off their $29 million jail, but that could soon change.
Later today, county leaders will sell the bonds used to pay for the jail and begin refinancing.
"It's time that we can look at bonds and refinance them at a lower interest cost because the climate right allows for very low interest costs," says Dee Bruemmer, Scott County Administrator.
In the long run, refinancing could save taxpayers up to $1.6 million.
The jail was built in 2007 and county leaders say they'll be paying off the state-of-the-art facility until about 2025. There's still about $20 million worth of bonds left on the jail.
County leaders say now is the time to capitalize on this money saving opportunity.
"The interest rates here are now under two percent," Bruemmer adds. "I can't imagine that climate stay for very many more years and we really have no other issue to refinance."
The sale of those bonds and the beginning of refinancing will take place later this morning.
Then tonight, the Scott County Public Safety Authority will give their stamp of approval as long as the sale meets their expectations.
That meeting is open to the public and takes place at 4:30 p.m. in the board room of the County Administrative Building.
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