Justice Building Corp. Approves Sale Of Bonds
July 28, 2016 at 4:25 p.m.
Advancing Kosciusko County's Justice Building expansion project, the board of directors of the Kosciusko County Justice Building Corp. approved the issuance and sale of bonds Wednesday.
The county council must also approve the bonds.
The amount of bonds will not exceed $22 million, according to the resolution approved.
"That should be on the high side," county commissioner attorney Mike Miner said. "It should be below that." He said the architects estimated the cost on the high side so if the cost is more than they expect, the process will not have to be restarted.
The county will pay back the bonds at an estimated rate of $1.9 million per year. The interest rate for the bonds cannot exceed 8 percent per year, with interest paid semi-annually each Feb. 1 and Aug. 1.
The resolution approved by the board states that the bonds will be sold at a public sale to the lowest and best bidder.
Miner said at the end of February, tentatively, the project will be advertised and bid documents will be sent out. A month later, the bids will be opened and bids will then be accepted in early April, approximately.
The board of directors of the building corporation are Neal M. Carlson, president; Terry J. Klondaris, vice president; and Sue Y. Charlton, secretary and treasurer. [[In-content Ad]]
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Advancing Kosciusko County's Justice Building expansion project, the board of directors of the Kosciusko County Justice Building Corp. approved the issuance and sale of bonds Wednesday.
The county council must also approve the bonds.
The amount of bonds will not exceed $22 million, according to the resolution approved.
"That should be on the high side," county commissioner attorney Mike Miner said. "It should be below that." He said the architects estimated the cost on the high side so if the cost is more than they expect, the process will not have to be restarted.
The county will pay back the bonds at an estimated rate of $1.9 million per year. The interest rate for the bonds cannot exceed 8 percent per year, with interest paid semi-annually each Feb. 1 and Aug. 1.
The resolution approved by the board states that the bonds will be sold at a public sale to the lowest and best bidder.
Miner said at the end of February, tentatively, the project will be advertised and bid documents will be sent out. A month later, the bids will be opened and bids will then be accepted in early April, approximately.
The board of directors of the building corporation are Neal M. Carlson, president; Terry J. Klondaris, vice president; and Sue Y. Charlton, secretary and treasurer. [[In-content Ad]]