WASHINGTON CO. COMMISSIONERS APPROVE ISSUING UP TO $45 MILLION IN CERTIFICATES OF OBLIGATION FOR JUDICIAL CENTER

  

Washington County Commissioners moved 4-1 today (Tuesday) to issue up to $45 million in certificates of obligation (COs) to build a new judicial center.

The issuance of the COs came after a petition filed with the intent of bringing the judicial center project to a public vote through a bond election in November did not reach the threshold of signatures needed.  Commissioner Misti Hartstack Corn voted against, saying at a previous meeting that the project should go before voters directly. 

County Clerk Nick Prenzler said after review of the petition submitted Monday, there were 700 signatures on the petition, shy of the 1,295 needed in order to hit the 5 percent mark of registered voters in the county and have the proposal go to the ballot. 

The judicial center is planned to be roughly 70,000 square feet and house two district courtrooms, a county court at law courtroom, and a community space that can serve as an extra courtroom.  It would also include a detention area for inmates that connects to the jail via a secure inmate corridor.

Commissioner Kirk Hanath said what came out of the petition process allowed for constituents to learn more about what this project entailed.  He said everything the county needed to do to provide information and the opportunity for feedback has been satisfied, and the county can now proceed with the project at the lowest costs currently possible.

County Judge John Durrenberger, citing info provided by Garry Kimball of Specialized Public Finance, Washington County’s financial advisor, said 12 bids were received for the CO deal and that this was “an exceptional reception by the market.”  Durrenberger said the bids still need to be verified, but the apparent winner for the 25-year CO came in with an interest rate of 4.41 percent, above the 4.35 percent budgeted due to developments in the Iran war.  The difference comes out to just under $19,000 per year over the course of the note.

Commissioners will hold a special meeting on Friday at 9 a.m. at the Washington County Courthouse to vote on calling a bond election in November for the Expo covered rodeo arena project.  The $16 million proposal was initially considered as part of the CO issuance, but commissioners opted in July to separate the judicial center and arena projects.

(KWHI is waiting to receive additional information from the county regarding the issuance of certificates of obligation, including the tax impact. We will update this story with that information once it is available.)

Click here to view the agenda packet for Tuesday's meeting.