County to hold meeting on refinancing jail loans

The county board is hoping for some big savings.

The board will hold a public hearing during its regular meeting at 11 a.m. Tuesday on a change that could save the county up to $75,000 a year on the roughly $9.4 million owed on a bond for the Mower County Jail and Justice Center.

County officials said they expect little opposition because it’s not a new bond; it’s saving money on existing bonds.

The board previously voted to spend about $5,000 to research the change, and could spend a total of $10,000. However, County Coordinator Craig Oscarson said no money has been spent yet. Much of the costs will come from legal fees.

Interest rates are favorable right now and hovering around 2 percent, but Welsh noted the board must move fast because the rates are projected to climb by the end of the year.

In order to change the rates, the board would approve a shortened version of its five-year capital improvement plan. Then, the board will come back and flush out the plan more.

The meeting kicks off with Human Services business at 8:30 a.m. and the regular meeting starts at 9:30 a.m.

Other business:

•Soil & Water Conservation Chairman Jim Gebhardt and the Cedar River Watershed District’s Justin Hanson will give annual updates.

•The board may approve the first payment to Paul Johnson Architect Inc. for $10,800 for work on the Government Center remodel.

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