Bond sale for new jail approved; farm lease, sale discussed

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ruggles richard 16-05-09s

Editor’s Note: The following is a report on the Carroll County Board of Supervisors’ Oct. 1, 10 and 14 meetings.

The Oct. 1 meeting became uneventful as our financial consultant advised us not to vote on bond purchase that day because of volatility in the bond market. We agreed to table till Oct. 10 and revisit the issue.

At the Oct. 10 meeting, first up was the bond purchase. The board voted to move forward on the bond sale with a 4-1 vote. The board borrowed $8.95 million and authorized a premium of 5 percent to be attached to the bonds. That premium will generate $1,719,783 worth of extra money to be added to cover the bid. An additional $323,504 from Local Option Sales Tax money will be added. This will pay for the bid plus cost of issuance and the underwriter’s fee. We were able to hold the refinance requirements to after the seventh year, which will give future boards options of refinancing. The yield will be 1.873 percent. The true interest cost is 2.997 percent. This brings this project very close to the referendum. That cost at that time was 45 cents per $1,000 and this final cost is 46.5 cents per $1,000. This will be $31.28 per year on a $125,000 valuation, versus $30.94 at referendum time.

In the Oct. 14 meeting, there was a closed session as union negotiations have begun. Discussion of the county farm lease/sale was held and will be tabled until full board is present.

Ashten Wittrock gave the recorder’s quarterly report.

There will be sewer work done at the courthouse on Oct. 21 or about that date so restroom facilities will be limited on that date. So please plan accordingly.

Manure-management updates were presented. The only one of notice is there will be increased construction activity in Section 25 of Kneist Township.

As always, if there is any concern, please contact your local supervisors.

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