WATER VALLEY–In a brief meeting last Monday, October 14, supervisors took steps to lock in current interest rates to finance the jail, expediting the financing as the Thursday deadline loomed for the government defaulting on it’s obligations.
“With the fear of something happening, we want to get it done before there is any fluctuation,” Board President Tommy Vaughn explained.
That said, supervisors approved the issuance cost for the certificates of participation, an estimated $70,000. Similar to a bond, the certificates of participation will be purchased by investors with the money raised used to finance up to $2.6 million for the jail.
The $70,000 cost approved will come from $430,000, the amount from county coffers that will be invested in the jail as a down payment.
The certificates will be validated in a hearing scheduled October 29, at 9 a.m. in Chancery Court in Water Valley, according to a legal notice published in last week’s Herald. Written objections to the validation of the obligations must be filed at or before the scheduled hearing.
Supervisors also approved the $50,000 claim from Mike Williamson for the five-acre land deal on Hwy. 32 for the jail site.
Both votes were unanimous, 4-0,with District 2 Supervisor Amos Sims absent. Sims has been absent for meeting during recent weeks after being hospitalized with viral meningitis.
Benchmark Construction Corporation has been hired to build the facility and construction could get underway before the end of the year. The facility will house an estimated 60 county inmates.