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County moves to retire debt early

Measure to save $5 million

POSTED: November 7, 2012 4:00 a.m.

The Dawson County commission expects to save an estimated $5 million in interest by paying off two loans in December.

Commissioners voted last week to authorize early payoffs on notes for the detention center and a courthouse parking lot.

"Through being able to save money from the original estimated cost of building the government center and courthouse, we were able to put money back from the bond to be able to cover this debt and pay it off early," said County Manager Kevin Tanner.

The remaining $4.3 million owed on the detention center was scheduled to be paid off by December 2020, while the last payment toward the $678,000 on the parking lot was scheduled for December 2021.

Instead, they will be paid off on Dec. 3.

"We're planning a security deed-burning ceremony in mid-December outside the detention center and everyone will be invited," Tanner said.

Based on current collections and projections from a sinking investment fund, Tanner said the county is also on track to have the courthouse and government center paid off by 2015.

"Then the county will be virtually debt free, and a lot of counties can't say that," he said.

 

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