Posted: Jun 21, 2011 5:15 PM by Greg Boyce
The Board of El Paso County Commissioners today decided to refinance about $32-million in a lease-purchase agreement on the El Paso County Criminal Justice Center.
Refinancing at a lower interest rate will save the county about $700,000.
Budget Officer Nicola Sapp explained, "The County is taking advantage of current conditions in the financial markets to lower our effective interest rate from just over 5 percent (5.05%) to just under 4 percent (3.97%) on those particular securities. This will result in aggregate savings, (after all fees and expenses), of $724,611 over the next 15 years."
Commissioner Darryl Glenn summed up comments from the Board, "We have an obligation to save taxpayers money wherever possible and we are fortunate to have staff and financial advisors who spotted this opportunity and brought it to our attention in timely manner. It just makes sense to take advantage of changes in the market that will lower our costs."
The El Paso County Criminal Justice Center, located on east Las Vegas street, houses all individuals arrested by any law enforcement agency in El Paso County.