July 23, 2014 at 2:10 p.m.
County picks bond company
Jay County Commissioners
The Jay County Commissioners picked a bond seller for the Jay County Jail expansion this morning, locking in an interest rate of 4.4383 percent.
The commissioners chose City Securities, which offered the lowest rate of three submitted proposals, to handle sale of 20-year bonds for the jail project.
The rate of 4.4383 percent was the lowest received by the commissioners and will equate out to a net interest cost of $5,506,495 for the county.
That pick is the assumed selection unless the commissioners hear from financial adviser Greg Guerrettaz with any other proposals that may be lower. The commissioners thought Old National Bancorp might have submitted a proposal late Friday, but have not heard from Guerrettaz.
City Securities was the apparent low bid compared to Fifth Third Securities at 4.6379 percent and Edward Jones, 4.8695 percent.
"It looks like almost a no-brainer," said commissioner Milo Miller Jr.
Once the bonds are sold, construction can begin on the expansion, which is expected to take 18 months to complete. The commissioners have not signed a contract with a contractor yet, but will likely sign the apparent low bidder, Weigand Construction.
The commissioners will meet with SchenkelShultz representatives this afternoon to discuss aesthetics on the Main Street side of the expansion. The Jay County Building Corporation will also be meeting in the near future to approve a contract with a general contractor.
In other business this morning, the commissioners:
•Approved drainage plans for the Hudson Family Park in Portland. County surveyor Brad Daniels said water will drain toward the park's pond and that he saw no issue with the plans.
•Spoke with a Daniels about a drainage issue on county road 700 South about a quarter mile from U.S. 27. Daniels said he will look into the problem.
•Approved purchase of a new networking switch for the courthouse at a cost of $990. The current switch is malfunctioning. The commissioners chose to go with the same type of switch, which is obsolete, but is brand new, as opposed to a current model, which would cost $4,895.
•Approved creation of a change account for the Jay/Portland Building and Planning department so it can make change for people paying for building permits.
The commissioners signed an emergency claim of $100 to put into that fund.
•Signed paperwork for a grant for new 911 equipment including hardware, software and training. Sheriff Ray Newton and 911 director Bill Baldwin said there is a good chance the county will receive that grant.
•Were informed by Newton that he will be raising the cost of sheriff sales to $200 from $140 to cover additional costs in preparation.[[In-content Ad]]
The commissioners chose City Securities, which offered the lowest rate of three submitted proposals, to handle sale of 20-year bonds for the jail project.
The rate of 4.4383 percent was the lowest received by the commissioners and will equate out to a net interest cost of $5,506,495 for the county.
That pick is the assumed selection unless the commissioners hear from financial adviser Greg Guerrettaz with any other proposals that may be lower. The commissioners thought Old National Bancorp might have submitted a proposal late Friday, but have not heard from Guerrettaz.
City Securities was the apparent low bid compared to Fifth Third Securities at 4.6379 percent and Edward Jones, 4.8695 percent.
"It looks like almost a no-brainer," said commissioner Milo Miller Jr.
Once the bonds are sold, construction can begin on the expansion, which is expected to take 18 months to complete. The commissioners have not signed a contract with a contractor yet, but will likely sign the apparent low bidder, Weigand Construction.
The commissioners will meet with SchenkelShultz representatives this afternoon to discuss aesthetics on the Main Street side of the expansion. The Jay County Building Corporation will also be meeting in the near future to approve a contract with a general contractor.
In other business this morning, the commissioners:
•Approved drainage plans for the Hudson Family Park in Portland. County surveyor Brad Daniels said water will drain toward the park's pond and that he saw no issue with the plans.
•Spoke with a Daniels about a drainage issue on county road 700 South about a quarter mile from U.S. 27. Daniels said he will look into the problem.
•Approved purchase of a new networking switch for the courthouse at a cost of $990. The current switch is malfunctioning. The commissioners chose to go with the same type of switch, which is obsolete, but is brand new, as opposed to a current model, which would cost $4,895.
•Approved creation of a change account for the Jay/Portland Building and Planning department so it can make change for people paying for building permits.
The commissioners signed an emergency claim of $100 to put into that fund.
•Signed paperwork for a grant for new 911 equipment including hardware, software and training. Sheriff Ray Newton and 911 director Bill Baldwin said there is a good chance the county will receive that grant.
•Were informed by Newton that he will be raising the cost of sheriff sales to $200 from $140 to cover additional costs in preparation.[[In-content Ad]]
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