Winamac to Explore Cumulative Capital Development Fund Reestablishment

Winamac property owners may see a bit of a tax increase next year. Clerk-Treasurer Melanie Berger told the town council Monday that the town’s cumulative capital development fund rate, which decreases over time, is now down to 4.23 cents. She said the town could bring in about another $5,300 by reestablishing it at the full five cent rate.

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Pulaski County Officials Consider Architect, Financial Advisor, Bond Counsel for Courthouse Project

Pulaski County officials are planning their next steps, when it comes to the renovation of the courthouse and expansion of the Justice Center. During a joint session with the county council Monday, the commissioners agreed to ask Rowland Design for a quote for final design work, since the company already did the preliminary plans.

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Starke County Officials Review Paperwork to Potentially Refinance Jail Bonds

Representatives from financial firm Baker Tilly presented bond refinancing information to the Starke County Council and Commissioners Monday night as the county has an opportunity to possibly save money on the 2013 jail bond repayment. 

The county currently pays $1,070,000 annually on the $14 million bonds that financed the Starke County Justice Center construction project.

There were several cost-saving scenarios given to the county.  The interest rates are lower which would free up annual cash flow. If the county decided to refund the bonds and keep the payments where they are, about $1.5 million would be generated in cash.   

The current interest rate is about 3 percent and the rate would drop to 1.6 percent if the decision is made to proceed. 

The bonds go through the year 2034. 

The council members and commissioners took the information under advisement to take a closer look at what was presented.  Council President Dave Pearman asked the Baker Tilly representatives to come up with a shorter repayment term just for another choice for the county leaders to consider to ensure they make the right, informed choice.