MONROE - The Green County Board of Supervisors Tuesday approved a financing plan for the remaining $8.2 million to pay for the Justice Center over the next 18 years.
Brian Della from The PFM Group, Milwaukee, the county's financial advisory firm, told the board it was a good time issue the bonds because the markets have stabilized. He said the county was able to get an interest rate of about 3.6 percent.
M&I Bank of Milwaukee offered the lowest interest rate for the bond. Three other firms put in bids for the refinancing.
Della said it was anticipated the county would pay about $1.12 million per year for the next 18 years for the bonds. By refinancing Tuesday, the county will pay about $1.04 million a year instead, Della said.
Della said the county was able to get a lower interest rate because it applies the county sales tax to the debt service. The county collects about $2 million a year from the county sales tax. About $1 million is used to pay for the county's debt. Della said the county's financial rating was high because county residents approved the Pleasant View referendum in October. He said it shows the county has a sound financial foundation.
The Green County Justice Center opened in September. The expected cost for construction was about $12.63 million. The actual cost for construction was about $12.39 million.
Brian Della from The PFM Group, Milwaukee, the county's financial advisory firm, told the board it was a good time issue the bonds because the markets have stabilized. He said the county was able to get an interest rate of about 3.6 percent.
M&I Bank of Milwaukee offered the lowest interest rate for the bond. Three other firms put in bids for the refinancing.
Della said it was anticipated the county would pay about $1.12 million per year for the next 18 years for the bonds. By refinancing Tuesday, the county will pay about $1.04 million a year instead, Della said.
Della said the county was able to get a lower interest rate because it applies the county sales tax to the debt service. The county collects about $2 million a year from the county sales tax. About $1 million is used to pay for the county's debt. Della said the county's financial rating was high because county residents approved the Pleasant View referendum in October. He said it shows the county has a sound financial foundation.
The Green County Justice Center opened in September. The expected cost for construction was about $12.63 million. The actual cost for construction was about $12.39 million.