Friday, November 2, 2001
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Friday, November 2, 2001 |
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County pays jail off early By JOHN
THOMPSON The Coweta County Commission saved the taxpayers nearly $3 million this week. At a called meeting Monday, the board voted to pay off all outstanding certificates of participation on the Coweta County Jail. The COPS were issued in 1993 to refinance 1990 COPS, which had been issued to pay for the construction and equipping of the jail facility. Construction of the new jail had been ordered by court action. Debt remaining as of Dec. 1 totals $8.39 million. An existing debt service fund of $391,067 will be subtracted from the total, resulting in a final cash outlay of $7.99 million to retire the COPS. Members of the Board of Commissioners said paying off the debt was a good piece of financial business for the county, saving the citizens $2.5 million in interest payments over the remaining term of the debt. Finance director Rick Smoot said it was sound management practices put in place by the board that created the financial stability needed to allow the early payoff. Smoot added that, in addition to the county's strong financial status, the recent downturn in interest rates and the fact that there are no penalties at this time for early payoff make this an ideal time for this action to be taken. In other actions: Meeting as the Coweta County Airport Authority, the board voted to approve application for a state Department of Transportation contract to cover the cost of a retaining wall needed for the runway expansion project currently under construction at the Newnan-Coweta County Airport.
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