Scott County residents could soon be paying less for their $29 million jail.
At the end of November, the county refinanced some of the bonds used to pay off the jail.
Later today, county leaders will sell off the rest of those bonds to get a lower interest rate.
Because of the financial climate, the first round of bonds sold saved taxpayers more than a million dollars.
Today's round could bring that number up to $1.6 million.
"There are no signs in the marketplace that interest rates can go any lower," says Dee Bruemmer, Scott County Administrator. "Daily rates are really at zero, so it's as low as its going to go and it's an opportunity to refinance."
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. The sale will take place later today, but county leaders say it's not a done deal.
The Public Safety Authority still needs to sign off and give their stamp of approval.
"If the sale is good and we can make that kind of savings, they will approve the sale," Bruemmer adds. "If something goes wrong and we don't get the savings we expect, then we would not approve the sale and continue with what we're paying today."
That meeting is open to the public and takes place at 3:00 p.m. Thursday in the County Administrative building.
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