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6/12/2018 - Jail Corporation Board of Directors Meeting
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The Board of Directors of the Decatur County, Indiana Jail Building Corporation met in special session Monday morning. The county commissioners have moved forward with the approval of the lease and the Corporation has executed the lease of the site back to the county. The county has continued the development of the construction documents in preparation for bids. The Corporation members approved a resolution to issue bonds in an amount not to exceed $25 million. Once construction bids are approved, Umbaugh and Associates will determine the total, or size, of bonds to be sold based on principal, capitalized interest, and other costs.
Construction bids for the project are due on June 21st. Fourteen separate portions of the project are available for bids. The Corporation will open the submitted construction bids at 2:00 pm on June 21st with a bid meeting taking place on June 25th. Contracts are scheduled to be signed within 7 days of the opening of the bids resulting in an official start of construction prior to the July 1st deadline.
The resolution also approved related financing agreements to document the bonds and to approve receipt of the approximately 7.5 acre site from the county. Two appraisals have been submitted for the site, with the average of the two appraisals, approximately $107,500, to be used for financing purposes. The county commissioners have approved selling the bonds in a competitive, public bid process to obtain the lowest interest rates. The sale of bonds will take place on July 11th with a closing date of July 25th. As a result, the bond proceeds will not be available before the end of July. The project will move forward initially contingent on the approval of financing. The Corporation will request an appropriation from the special jail tax during July from the county council.
Tom Flemming-WTRE News
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