July 23, 2014 at 2:10 p.m.
Building corporation gets organized (01/22/2009)
By By STEVE GARBACZ-
The county is trying to move forward quickly on a jail project while the building market is still down.
The Jay County Building Corporation, which will oversee the bonds and finances of the Jay County Jail expansion project, met for the first time Wednesday to push ahead on the project in an effort to get the construction process started by early summer.
"The commissioners are anxious in this economy," said attorney Sue Beesley of Binghham McHale LLP., Indianapolis. "I want to have all our business done and out of the way so we're not holding up the process."
The building corporation and the Jay County Commissioners want to move quickly while material costs are still low and while contractors are hungry for work in hopes of catching the lowest price possible.
"They want to get this out to bid as soon as possible," said county attorney Bill Hinkle, informing the board of the commissioners' intent.
The board worked through four points on its first agenda, starting by adopting the articles of incorporation and code of by-laws.
The purpose of JCBC, founded as a 501(c)(2) not-for-profit, is to manage the $10.25 million to be drawn in the form of bonds and serve as owners of the jail. In turn, the corporation will lease the Jay County Jail back to the county.
This process avoids maximum borrowing limits for local governments, effectively allowing the county to obtain the money needed through a third party and sidestep borrowing restrictions.
The board also chose to adopt a resolution authorizing issue of bonds. Board members adopted the document before giving it a thorough read, due to length and having only been presented with it at the start of the meeting.
"I don't like to do it this way," said Beesley about the board adopting the resolution before combing through it. But echoing the hurry-up mentality, said, "I didn't want anyone to be waiting on us."
Beesley told board members if they find anything alarming to contact her and they could amend the resolution at a later meeting.
The process was moved ahead so that the corporation can print legal notices stating the intent to issue bonds and advertise a public hearing concerning a lease agreement.
Beesley will meet with the commissioners at 10 a.m. Monday to discuss the terms of the lease with the goal of getting an ordinance approving execution of that lease signed.
In other business Wednesday night, board members:
•Elected officers: Carl Walker, president; Mark Tatman, vice president; and Jane Ann Runyon, secretary-treasurer.[[In-content Ad]]
The Jay County Building Corporation, which will oversee the bonds and finances of the Jay County Jail expansion project, met for the first time Wednesday to push ahead on the project in an effort to get the construction process started by early summer.
"The commissioners are anxious in this economy," said attorney Sue Beesley of Binghham McHale LLP., Indianapolis. "I want to have all our business done and out of the way so we're not holding up the process."
The building corporation and the Jay County Commissioners want to move quickly while material costs are still low and while contractors are hungry for work in hopes of catching the lowest price possible.
"They want to get this out to bid as soon as possible," said county attorney Bill Hinkle, informing the board of the commissioners' intent.
The board worked through four points on its first agenda, starting by adopting the articles of incorporation and code of by-laws.
The purpose of JCBC, founded as a 501(c)(2) not-for-profit, is to manage the $10.25 million to be drawn in the form of bonds and serve as owners of the jail. In turn, the corporation will lease the Jay County Jail back to the county.
This process avoids maximum borrowing limits for local governments, effectively allowing the county to obtain the money needed through a third party and sidestep borrowing restrictions.
The board also chose to adopt a resolution authorizing issue of bonds. Board members adopted the document before giving it a thorough read, due to length and having only been presented with it at the start of the meeting.
"I don't like to do it this way," said Beesley about the board adopting the resolution before combing through it. But echoing the hurry-up mentality, said, "I didn't want anyone to be waiting on us."
Beesley told board members if they find anything alarming to contact her and they could amend the resolution at a later meeting.
The process was moved ahead so that the corporation can print legal notices stating the intent to issue bonds and advertise a public hearing concerning a lease agreement.
Beesley will meet with the commissioners at 10 a.m. Monday to discuss the terms of the lease with the goal of getting an ordinance approving execution of that lease signed.
In other business Wednesday night, board members:
•Elected officers: Carl Walker, president; Mark Tatman, vice president; and Jane Ann Runyon, secretary-treasurer.[[In-content Ad]]
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