The Marshall County Commissioners approved the action of signing a preliminary official statement for Umbaugh and Associates in an attempt to move the refinancing of the 2006 jail bonds through at a quicker pace.
County Attorney Jim Clevenger told the commissioners that the paperwork is behind schedule, but he anticipated rates will be ideal for the county to move forward. It’s the hope of the commissioners and the county council to reduce the payments on the bonds each year through 2026. The county also wants to have flexibility to keep the funds in reserve to either pay off the bonds sooner or apply those funds for additional capacity at the jail or operational costs due to sentencing changes and the potential impact.
The bonds for the jail project were roughly $15 million in 2006 and $11 million is still outstanding. The county is hoping to lower their payment of $1.2 million per year until 2026.
The bond sale will occur after the official statement and additional paperwork are distributed. The county will need to adopt resolutions ratifying the sale including lease amendments and other closing documents. Those items may be ready in time for the commissioner’s next meeting on Monday, Oct. 6.
Clevenger noted that the refinancing will not be done if it turns out that a significant savings will not be realized. However, he anticipates a significant savings.