Jail Expansion Cost Depends Upon Council’s Choice of Financing

Jail Expansion Cost Depends Upon Council’s Choice of Financing

Assuming Interest at 4.75% per Colette Irwin-Knott of Umbaugh and Associates

Riverboat savings Balance is $19,015,443

The County Certified Net Assets Valuation is $2,337,154,108 for 2012. The debt limit is this number divided by 3 then times 2% which equals $15,581,027. This is the maximum the county can borrow- so if we use $9 million of this we have about $6.5 million left. The county report did not list our other current debts.  

Four scenarios were presented to Council. They vote on this at the June 19^th Council meeting.

Bond Issue   RBoat Savings   Interest 19 yrs   Total Cost

$0                   $9 million            $0                        $9 million

$3 million      $6 million             $1,300,800        $10,300,800

$6 million      $3 million              $2,599,600        $11,599,600

$9 million      $0                            $3,903.300        $12,903,300

Does a referendum apply to the total cost including interest payments?