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Two ordinances were approved Tuesday by the Kosciusko County Commissioners to finish up the bond issue for the Kosciusko County Justice Building expansion project.
Randy Rompola, of Baker & Daniels, South Bend, told the commissioners the bonds, in a principal amount of $19 million, did sell and they are preparing to close on the financing. The approximate interest rate on the bonds is 5.6 percent, which was less than the 6.5 percent originally predicted.
The first of the two resolutions, Rompola said, is to appoint a new appraiser, Jean Williams, to appraise the land being bought by the building corporation from the county. The property is at the corner of Lake and Center streets. One of the two previously appointed appraisers was not able to complete the appraisal of the property.
As part of the financing of the project, the building corporation must buy the property from the county and then lease the property and building to the county over a period of approximately 15-20 years. The annual lease payment by the county will range from approximately $1.7 million to $1.8 million.
The second resolution approved provides that the lease rental payments will be reduced following the sale of the bonds by the building corporation. It also states the average of the two appraisals equals $750,000 and the county will sell the property to the building corporation for $954,000. The second resolution also provides a lease schedule when the annual payments are due and how much is due per year ($1.7-$1.8 million).
In other business, the commissioners:
• Approved and signed the quarterly capital and operating claims for KABS.
• Approved an ordinance that would set copies made by county departments for the public at 5 cents per copy, but there will be no charge unless a person makes more than $1 in copies. The county council approved the ordinance last week.
• Approved the report on the condition of school funds. When schools were township schools, they were allotted an amount of money. Under current law, the county now retains the principal amount and divides the interest among the local school corporations. The amount of interest this year is $29,000.
• Denied a petition to vacate a 10-foot easement northeast of Big Barbee Shore First Addition in Tippecanoe Township off EMS B 1 A Lane.
Kosciusko County Commissioners are Eddie Creighton, Avis Gunter and Brad Jackson.
