The Jefferson County Commission voted 5-0 during a May 7 special meeting to move forward with a $16 million financing plan for the two former APUS buildings it intends to purchase in July.
During a regular meeting last week on May 1, the Commission reviewed multiple financing proposals in executive session. At the beginning of the May 7 special meeting, which was conducted remotely over Zoom, County Administrator Edwina Benites-LM noted that “while you [the commissioners] considered this [proposal] at the last meeting, the Commission wanted additional time to consider the options because it is such an important decision that the Commission is going to make.”
According to the information the Commission provided to The Observer after the May 7 meeting, the accepted financing proposal is for a 20 year lease revenue bond at an expected interest rate of 4.627 percent. The repayment schedule shows an annual payment (for both debt repayment and interest) of approximately $1.25 million per year.
Following the vote, the Commission staff was directed to move forward to complete the bond rating process and other administrative steps required to issue the bonds.
You can watch the video of the 3 minute meeting to hear directly what the commissioners think about this project.
You can bookmark this link to follow The Observer’s ongoing coverage of this new county administration and court complex.
By Steve Pearson