Tonight members voted on the bonds for the new jail. The County Council created a 4.7 million dollar debt service reserve fund. The fund will be used as collateral for bond purchasers. Officials say it was a necessary step to keep the process moving forward and it will save money.
“This is just an extra step we had to take to cover the funds for the debt service reserve 4.7 million dollars and in doing this using the money we already have on hand is going to save the taxpayers about a million dollars over the life of the bond,” said Aaron Loudermilk, president Vigo County Council.
Since the council was able to conduct all of its business tonight, the next meeting is now scheduled for January.
