Tipp. County hopes to save $1 million

TIPPECANOE COUNTY, Ind. (WFLI) - Tippecanoe County Commissioners are hoping to save a million dollars by refinancing bonds used for additions to the jail. Ten years ago, the county used additional bonds to put a needed addition onto the jail.

Commissioners approved a resolution to refinance the bonds at a lower rate.

"That bond is repaid from a Tippecanoe County tax rate," explained county commissioner Tom Murtaugh. "What we are doing is refinancing those bonds at a much lower rate to the tune of, hopefully, a savings of $1.1 million over the life of those bonds."

Murtaugh said the entire refunding process should be wrapped up by the end of the year.