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Refinancing Bonds Saves County Money

By David Howell
Editor

WATER VALLEY – Low interest rates prompted the Yalobusha County Board of Supervisors to refinance the General Obligation bond levied for courthouse renovations.

    Chancery Clerk Amy McMinn told supervisors the bond reissue will save the county $103,000 during the remaining 11 year payment schedule.

    Initially county officials thought the refinancing would save the county $84,000, but McMinn reported during a June 16 recessed meeting that after the closing the total savings had increased.

    Other business discussed during the June 6 and June 16 meeting includes:

    • Supervisors approved an industrial ad valorem tax exemptions requests from  Windsor Foods and Valley Tool Inc.

    The ad valorem tax exemption granted for Windsor Foods was on property valued at  $2,287,567.10. The exemption for Valley Tool was for new equipment purchased in 2010 valued at $160,000.

    In May, supervisors had approved an ad valorem tax exemption for BorgWarner on property valued at $772,000. A second request from BorgWarner, requesting an additional five year exemption on equipment added to the plant in 2001, was tabled in the May meeting.

    During the June 6 meeting, the request was denied based on advice from Board Attorney John Crow.

    “The state allows a 10 year exemption from the date of completion. The  date of completion was in 2001. The 10 years have expired. You have no legal authority to grant any further exemption on the same personal property,” Crow advised.

    “As much as we would like to help them out it’s something that if we did it for one, we would have to do it for everybody,” Beat One Supervisor Tommy Vaughn commented.

    • Approved a request to fund the purchase of a used police car for the sheriff’s department.    

    Sheriff Lance Humphreys said the car was needed to replace a Ford Crown Victoria that was wrecked on June 9.

       His request was to use $1,528 from the general fund for the purchase, with the rest of the money coming from an insurance settlement for the wrecked car, plus money from his sheriff’s budget and the drug seized fund.

    Humphreys said the price tag for the used 2009 police car, which would be purchased from the State of Missouri, would cost  $14,750.

    “At 50,000 miles, they (Missouri State Police) take them off the road,” Humphreys said.

    “Everybody I have talked to said they are good cars,” he added.

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