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Commissioners & Holding Company take Preliminary Steps to Refinance Jail Bonds

August 20, 2014

County Building_2The Marshall County Commissioners and Correction Holding Facility took preliminary steps Monday to refund the jail bonds. Both passes resolutions indicating their desire to refinance the current bonds on the jail because of substantial savings.

Earlier this summer Todd Samuelson from Umbaugh appeared before a special joint Commissioner Council meeting to explain the options for refinancing the jail bonds. The one stipulation is that they won’t lengthen out the bond period and there must be at lease of savings of $350,000.

The Commissioners approve a letter of engagement with City Services as underwriters and the placement agency to market the bonds.

Final determination of refinancing the jail bonds will be make on September 15th at the Commissioner’s meeting and the annual meeting of the holding corporation at 11 a.m. in the commissioner’s meeting room of the County Building.