Beltrami County Board: County to pay off mortgages early
The Beltrami County Board of Commissioners voted unanimously Sept. 6 to prepay mortgages on the County Jail, County Administration Building and the Law Enforcement Center.
The long-term debt for the County Jail remodeling will be callable Feb. 1. The County Board authorized County Administrator Tony Murphy to pay the remainder off on that date at a savings to the county of about $100,000 per year. The county took out the jail mortgage for $800,000 in 2003. The County Board will next meet at 5 p.m. Tuesday, Sept. 20, to open bids for refinancing the Jail Bonds.
The debt for the County Administration Building will be eligible for prepayment Dec. 1, 2012. Paying that mortgage off early will save the county about $500,000 per year. The county took out the mortgage for the Administration Building in 2004.
In addition, the county will refinance the mortgage on the Law Enforcement Center at a lower interest rate for a savings of about $40,000 per year. The county took out the LEC mortgage in 2002.
"We've been setting aside funds over the last couple of budgets," Murphy said. "Now the time is right."
"Any time we can reduce our indebtedness, it makes good business sense," said Chairman Joe Vene.