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By refinancing and paying $3.2 million on the principle, the Kosciusko County Commissioners hope to pay off the bonds on the Justice Building project sooner and for less.
The commissioners approved Tuesday to pay $2.6 million toward the principle from excess funds raised through the Economic Development Income Tax. Another $600,000 will be paid toward the principle from leftover construction costs. The bid for the expansion project was estimated at more than the actual cost.
The bond issue will thus be lowered from approximately $19 million to $16.885 million.
By refinancing, the interest rate for the bonds will be lowered from 5.68 percent to 4.57 percent.
With the refinancing and payment toward the principle, five years will be shaved off the amount of time the county will take to pay off the project. The county will also save approximately $4 million.
"You don't have to ask me twice about that," said Brad Jackson, northern district county commissioner, on the savings.
The first payment is due in August and the bond issue should be paid off approximately in 2019 instead of 2025 as previously scheduled. Annual payments are estimated at $1.9 million.
The commissioners also will try to make larger payments - when possible - to have the bonds paid off as quickly as they can, though there is a minimum of approximately 11 years for the bonds.
Kosciusko County Auditor Sue Ann Mitchell told the commissioners an open house for the Justice Building is tentatively scheduled for April 14 from 1 to 4 p.m. "pending any unforeseen" circumstances.
In other business, the commissioners:
• Approved to "proceed with a concept for implementing (software) connectivity with the outlying townships" in the county for the reassessment. The contract, with Manatron, will cost approximately $29,000 plus $14,000 for hardware fees and $4,580 a month for maintenance.
• Approved an increase in the Kosciusko County Jail inmates' medical co-payment from $7 to "the maximum allowed." Currently, the maximum is $10 but it may rise to $15 this summer.
• Heard from Kosciusko County Sheriff Aaron Rovenstine that the sheriff's department received two letters from the American Red Cross and Parkview Hospital regarding the professionalism of the county's central dispatch.
• Approved a contract and an agreement regarding the Geographical Imaging System software upgrade for 911 Emergency. The contract is with WTH Engineering to integrate the existing mapping software into what central dispatch already has; the agreement is an interlocal agreement with adjoining counties to share information.
• Approved for Indiana Public Employees Plan Inc. to provide workmen's compensation insurance for the county. The county's existing carrier no longer writes workmen's compensation in Indiana.
When county commissioner Avis Gunter asked insurance agent Jerry Clevenger if he had anything to say about IPEP, Clevenger responded, "A good salesman knows when to shut up."
• Approved the Kosciusko County Historical Society to place a marker outside the old jail.
County commissioners are: southern district, Avis Gunter; middle district, Ron Truex; and northern district, Brad Jackson. They meet at 9 a.m. every other Tuesday in the county courthouse, Warsaw.
