STEAMBOAT SPRINGS- —Routt County officials expect to save about $65,000 annually and $852,000 by 2025 after restructuring the outstanding debt on the Routt County Justice Center.
“We’ve been working on this for two weeks to get in on the interest market while rates are down,” Commissioner Diane Mitsch Bush said.
The county financed the $17.5 million cost of the justice center in 2006 by issuing certificates of participation. The certificates are a financing instrument that allows governments to enter into a lease purchase agreement instead of bonding to build new capital projects. Instead of making debt payments, the county makes payment in the form of an annual appropriation.
At the time the certificates of participation were issued, the county was being compelled by the state to modernize its court facilities, but the voters already had turned down a bond issue for an expanded courthouse in downtown Steamboat Springs.
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