Jail bond refinancing yields big savings

Wednesday, January 21, 2009

Putnam County Commissioners received some good news at their meeting Tuesday -- the Putnam County Jail bond was refinanced at a savings of $214,000 over the next 10 years.

Tom Pittman of Baker & Daniels law firm told the commissioners that being able to get the low interest rate was, "a tribute to the wackiness of the market. It is very unusual."

The bond is for $3,540,000 and was refinanced at a very low rate.

"It is between 3 and 5.7 percent. I don't have the exact number with me right now," said County Attorney Scott Hoff.

Along with the good news came bad news, however.

The Putnam County Highway Department is out of road salt and money to purchase it. The department started out with $70,000 this year and has only $12,000 left, which is not enough to purchase more salt. The county has spent $100,000 on salt so far this year, including a request approved at the meeting for 150 tons at a cost of $21,150.

The commissioners requested $50,000 from the County Council's Rainy Day Fund.

"Salt is like liquid gold," said Commissioner Gene Beck.

The Putnam County Council tentatively approved the funds request at their meeting later Tuesday evening.

View 5 comments
Note: The nature of the Internet makes it impractical for our staff to review every comment. Please note that those who post comments on this website may do so using a screen name, which may or may not reflect a website user's actual name. Readers should be careful not to assign comments to real people who may have names similar to screen names. Refrain from obscenity in your comments, and to keep discussions civil, don't say anything in a way your grandmother would be ashamed to read.
  • *

    Is salt considered a liquid?

    -- Posted by tackleberry65 on Wed, Jan 21, 2009, at 9:25 AM
  • I bet the 12 grand left over will be in someones dirty pocket by the end of winter!

    -- Posted by 1stamendrights on Wed, Jan 21, 2009, at 11:59 AM
  • I could buy salt with 12 grand! Our county sucks!

    -- Posted by 1stamendrights on Wed, Jan 21, 2009, at 12:00 PM
  • Does any of the county taxes taken out of my paycheck every two weeks which averages 22.00 every payday go toward keeping our roads safe in the winter months. First time I ever lived anywhere that I paid a county tax and no one seems to know where it goes.

    -- Posted by peace2019 on Wed, Jan 21, 2009, at 6:46 PM
  • Could someone explain to me the craziness regarding salt? It just seems like a very abundant natural resource to me. Probably another manufactured shortage like the oil companies claim.

    -- Posted by Rome on Wed, Jan 21, 2009, at 8:23 PM
Respond to this story

Posting a comment requires free registration: