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Bulloch County commissioners approve 20-year revenue bond plan for jail expansion
Summary
After months of study and debate, Bulloch County commissioners voted to issue revenue bonds on a 20-year schedule to fund an expansion of the county jail, with officials saying the structure allows flexibility for early payoff.
Bulloch County commissioners voted to finance a jail expansion with a 20-year revenue bond on May 20, approving a financing plan county officials said balances construction inflation risk against pressure on the general fund.
The vote came after presentations from county counsel and the county's financial advisors comparing a 12-year bond, a 20-year bond and a cash-funding plan that would delay construction for years. Doug with Davenport, the county's financial advisor, told commissioners, "we do recommend going forward with the 20 year financing option," saying that schedule gives the county more budgetary flexibility if future SPLOST collections or other revenues fall short.
The county attorney, Jeff Akins, told the board the jail expansion is a project authorized by the SPLOST intergovernmental agreement and that state law and the SPLOST terms limit the county's ability to abandon the project without…
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