At the regular meeting of the Jackson County Commissioners on Tuesday, the board discussed redeeming the Series 2010 Bonds secured Oct. 7, 2010 by the Jackson County Facilities Authority, that appropriated the use of sales tax to pay for construction and operation of the Jackson County Jail facility.
The bond, a one-half of one percent sales tax, was meant to retire a prior bond and pay future obligations for construction and operation of Jackson County Jail. With principal payments due at the first of October of each year, the board discussed paying off the bond earlier than expected with a deadline in 2023.
A revenue bond, such as the Series 2010 Bonds, is a municipal bond supported by the revenue from a specific project, in this case, a one-half of one percent sales tax.
The resolution to pay off the bond in the amount of $594, 482.06 was passed by the board of commissioners. Since the bonds are held by the Jackson County Facilities Authority, the board voted to allow county Treasurer Renee Howard to transfer those funds to the Jackson County Facilities Authority to be appropriated to redeem the bonds.
A contract between Robbie C. Kerr, trustee of the Robbie C. Kerr Living Trust and Jackson County District No. 2 for the removal of clay and limestone rock from the southeast quarter of Section 17 was also discussed. The contract was approved to be effective immediately through June 30, 2017. This will allow the board of commissioners to use clay and limestone from the property at a fee for projects throughout Jackson County for the next fiscal year.
Reach Katrina Goforth at 580-482-1221, ext. 2077.