Commissioners Could Save Taxpayers $100,000 By Refinancing Jail Bond

CLEVELAND, Ga. — In today’s called meeting, the White County Board of Commissioners discussed the possibility of refinancing the Series 2010 jail bond to take advantage of today’s lower interest rate and the possibility of increasing the amount of the bond to include future development plans for Parks and Recreation or possibly issuing a separate bond for that purpose.

After a presentation by Tom Owens of Raymond James, a financial services company, the Board directed County Manager Michael Melton and staff to meet with the county’s bond attorney Tread Syfan and the Raymond James representative to put together an analysis that they could vote on in a future meeting.

By refinancing the existing jail bond, Owens said the county could lower the current interest rate by about 2 percent, there by saving taxpayers $100,000.
Owens also pointed out that the White County Building Authority could handle the parks and recreation funding through an intergovernmental agreement (IGA) with the county without the need for a referendum.

The Board also tabled a vote on approving $6,021.12 to purchase fitness equipment for Parks and Recreation. The Board recently canceled a contract with the YMCA to bring that function in house.