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.