Fiscal court approves mortgage revenue bond to finance new Justice Center
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Summary
The court approved a resolution authorizing the issuance of mortgage revenue bonds to fund construction of a new Justice Center; bond sale set for Nov. 5 and close Nov. 25, with proceeds around $47 million.
Barren County fiscal court voted on Oct. 21 to approve a resolution authorizing the issuance of the corporation’s first mortgage revenue bond to fund the county’s new Justice Center.
Sam Day, appearing for the county’s finance team, told the court the bond sale is scheduled for Nov. 5, when the interest rate will be locked, and the issue is expected to close Nov. 25. Day said approximately $47,000,000 in bond proceeds are expected; about $5,000,000 will pay off an existing bank note used for site purchase and pre‑work, and roughly $42,000,000 will fund new construction.
“Proceeds of the bonds are around 47,000,000. 5,000,000 of that will pay off the existing bank note… The remaining 42,000,000 will be for the new construction,” Day said.
Court members were told that recent construction bids came in roughly $6,000,000 below earlier estimates, improving the project's financing outlook. The court approved the resolution on a voice vote; no recorded roll-call tally was read into the minutes.
The county judge/executive and county staff said a groundbreaking for the Justice Center is scheduled for Oct. 30 at noon; officials invited magistrates and department heads to attend.
