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Halifax County opts for 25-year limited-obligation bonds to finance detention center, citing lower total cost than USDA loan
Summary
After reviewing amortization scenarios, the board directed staff to pursue a 25-year limited-obligation bond package for the new detention center, with commissioners citing an estimated $21 million total savings versus a 30-year USDA loan but noting higher early-year debt service.
Halifax County— The Halifax County Board of Commissioners voted 5-1 to pursue a 25-year limited-obligation bond (LOB) to finance construction of the countydetention center after staff presented comparative financing projections.
Finance staff summarized options: a 20- or 25-year limited-obligation bond versus a 30-year U.S. Department of Agriculture (USDA) loan. The…
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