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Commissioners table decision on financing for $61.5 million jail expansion after bond presentation
Summary
Davenport & Company laid out two bond structures to finance a planned $61.5 million Phase 1 jail expansion, recommending 20-year Public Facilities Authority bonds; commissioners voted 3–2 to table formal authorization for further review.
Bullock County commissioners on Tuesday delayed action on a proposal to issue long-term bonds to finance Phase 1 of a planned jail expansion, after a detailed presentation from the county's financial adviser about two financing options and their implications.
Doug Gebhardt of Davenport & Company told the board the project cost for Phase 1 is “just north of 61 and a half million dollars,” and that the county's March SPLOST referendum authorized $51 million to be applied to the project. Gebhardt said the county must therefore seek additional long-term financing to cover the remaining cost and interest. He described two scenarios: a shorter 12-year amortization that would concentrate repayment into two SPLOST cycles, and a 20-year structure that spreads payments out and lowers annual debt-service pressure on future SPLOST collections. “Our recommended approach is the 20‑year financing,” Gebhardt…
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