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Tippecanoe County jail to be looked at closely

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Tippecanoe County taxpayers will save $1.3 million thanks to low bond rates

County jail bonds refinanced, saving $1.3 million

Updated: Monday, 05 Dec 2011, 5:01 PM EST
Published : Monday, 05 Dec 2011, 4:55 PM EST

TIPPECANOE COUNTY, Ind. (WLFI) - Tippecanoe County taxpayers will save more than a million dollars thanks to refinanced bonds.

County commissioners approved the refinancing of bonds that were used for constructing an addition to the jail in 2001. Commissioner Tom Murtaugh said this saves the county $1.3 million

"The rates for the new bonds averaged at 2.07 percent, which is just fantastic. That is what resulted in that savings of $1.3 million and reduces the term by two years," Murtaugh said. "The rates have obviously dropped. Plus, the county has a very, very strong bond rating, so that obviously helped us get that low rate."