PARKERSBURG, W.Va.-(WTAP) Update: 9/7/2007 4:30 P.M.
The Wood County Commission has given itself more time to pay off bonds issued for construction of the county's justice center.
The commission Thursday gave final approval to refinancing the bonds issued seven years ago-at the time renovations to the former Hintgen building began-financing those renovations of its then-occupant, the former Public Debt annex on Avery Street.
The county is taking advantage of lower interest rates, in hopes of making lower debt bond payments.
"Whenever there's turmoil, there's a flight to bonds," says Greg Isaacs, Senior Managing Director of bond financing firm Crews and Associates. "So when treasury is a 2-10 or better, that's our bellwether. We're still a month away from pricing, but it's still a great market."
County officials have been looking at ways to save money because of a tight budget.
Update: 8/21/2017 5:05 P.M.
The Wood County Commission Monday took the first steps toward refinancing construction of the county's justice center.
It gave preliminary approval of issuing bonds to refinance thee project through the county's building commission.
The plan is to take advantage of existing interest rates, and to extend the period of time the county has to pay off those bonds-lowering the payments on the renovation costs.
"The building commission owns the center and leases it back to the (county) commission, for essentially rents equal to the amount of debt service," Bond Attorney Roger Hunter told the commission Monday morning. "The market is such, that there is an opportunity to achieve significant savings on future debt service."
The commission is expected to hold a public hearing in early September, before taking a final vote on the refinancing.
The Wood County Justice Center was opened nearly five years ago, and the magistrate court, sheriff's office and holding center were moved there from other buildings.
Original story: 7/17/2017
Wood County is close to refinancing bonds for the construction of the Justice Center in Parkersburg.
The commission Monday met again with the attorney handling the refinancing project.
Commission President Blair Couch says the county hopes to see a savings of more than $100,000, by extending payments its making to pay off project.
The financing was completed when the project began nearly a decade ago. The Justice Center, housing the sheriff's office, magistrate court and holding center, was completed nearly five years ago.