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Howard County approves building corporation, OKs lease framework to finance planned jail
Summary
The Howard County Board of Commissioners approved forming a nonprofit building corporation and adopted a lease framework to support lease-rental revenue bonds for a planned county jail; counsel said the structure could save the county “several million dollars” during early years, while the final bond amount remains to be set.
The Howard County Board of Commissioners approved two related measures to finance a planned county jail, voting to form a nonprofit building corporation and to adopt a lease agreement template that will allow the county to issue lease-rental revenue bonds.
Max Adams of Barnes & Thornburg, serving as bond counsel for the jail project, told commissioners the building corporation will issue the bonds and lease the project back to the county. "We're using what's called a lease financing model," Adams said, explaining that the county may also lease the courthouse temporarily as collateral while construction is underway.
The measures matter because the financing approach can reduce short-term…
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