The Daviess County Commissioners passed a resolution Tuesday which will refinance the county’s jail bonds.
The Washington Times Herald reports the action is expected to take the $5.7 million dollars in outstanding bonds on the jail and finance them at a lower rate. Commissioner Dan Jones called it a good deal saying 2 million is being paid off and an there’s an option to pay off the rest early for possible future projects.
According to the paper, the county has been paying off the jail bonds with a special County Adjusted Gross Income Tax that is dedicated solely to paying for the jail. The money coming in by the tax has been larger than the bond payments giving the county the money they could use to help lower the principal.
The refinancing is expected to save $300,000 year which could possibly be used to make improvements to the county’s buildings and property.
