County Administrator Steve Swafford told the two commissioners who attended the work session Monday that the county has the opportunity to refinance the debt, which could save $150,000 to $200,000, the equivalent of about one annual payment.
The bond would be redeemed and the debt refinanced on the open market or through private entities. The money saved could be applied to the payments, Swafford said.
The original bond, which was issued to pay for the $2.5 million county jail that opened in July 2002, has already been refinanced once, Swafford said. The last time it saved the county about $250,000 to $275,000, he said.
“The earliest we can call the bonds is the spring,” Swafford said.
He estimated the commission members would have to vote on the issue in January, so the county could sell the bond in March 2014.
“When you’re saving that kind of money, you’re making it, too,” said Commissioner Bobby Brooks. “That’s wonderful.”
The county started investigating the opportunity in June, Swafford said. It could just let the bond ride and pay it off as scheduled, but Swafford said the commission can seize this opportunity to save taxpayers some money.
In other business, the commission:
— Heard it will have to reauthorize road projects on county roads 10 and 24. The projects were authorized by a previous commission, but need to be authorized within the last three years in order to receive federal funding, Swafford said. Both the projects were authorized more than three years ago.
— Heard the county’s contract with Solid Waste Removal will expire in 2014. The county will have the opportunity to renegotiate the contract to benefit residents, Swafford said.
— Heard the Emergency Services Committee will meet Dec. 17 for what could be its final meeting before creating a sample bill for the commissioners about a proposed ad valorem tax to support county emergency services.
Commissioners Emmett Owen and Benji Langley did not attend the work session.
The next Cleburne County Commission meeting is scheduled for Dec. 16 at 3 p.m.
Staff writer Laura Camper: 256-235-3545. On Twitter @LCamper_Star.