The Norman Transcript

Local news

January 31, 2013

County trust pays down debt early

NORMAN — Commissioners report $6M excess money collected

Cleveland County commissioners were elated Wednesday to announce that about $6 million has been collected to pay off early some of the bonds issued for construction of the jail that was opened a year ago.

“This is excess” money, said Commissioner Rod Cleveland, who noted that the proceeds will be used to pay off construction bonds for the $26 million Cleveland County Detention Center.

Commissioners met as trustees of the Cleveland County Justice Authority to approve the payoff. Cleveland said commissioners will know in a week or so exactly how much of the sales taxes can be paid off early.

“We did exactly what we told the taxpayers that we would do,” Commissioner Rusty Sullivan said.

Commissioners had pledged that any excess funds collected through the countywide sales tax would be used to pay off the bonds early, which saves millions of dollars.

Last year, commissioners were able to pay an extra $7 million to retire bonds early.

In 2008, county voters approved a one-fourth cent sales tax for the next 20 years to generate revenue to pay off the bonds sold to build the detention center. The tax has been generating about $500,000 per month.

Meanwhile, commissioners are awaiting results of an Internal Revenue Service audit of the jail financing after questions were raised regarding how the $52 million in bond proceeds were used.

For local news and more, subscribe to The Norman Transcript Smart Edition, or our print edition.

1
Text Only | Photo Reprints
Local news
  • N7 Sooners come together to serve Native American youth

    Whitney Wofford has faced some tough competition as a part of the Oklahoma tennis team. However, on Wednesday, Wofford may have taken on her biggest and most rewarding competition yet at the Sooners For N7 event at the Oklahoma football ...

    April 10, 2014 3 Photos

  • Chamber Banquet During annual banquet, Chamber of Commerce promotes moving Norman forward

    Amidst the backdrop of music, dancing, dinner and fellowship, business leader Mike Fowler announced that the time for a quality-of-life initiative in Norman has come. As incoming Norman Chamber of Commerce board chairman, Fowler and ...

    April 18, 2014 1 Photo

  • Symposium speaker Paul Polik: Commerce can help and bring millions out of poverty

    How to harness the power of commerce to address social and environmental challenges in sustainable ways was the topic of discussion at the University of Oklahoma Center for the Creation of Economic Wealth’s fourth annual Social ...

    April 18, 2014

  • Amber waves turn gray as farms lose younger generation

    OKLAHOMA CITY — Jerry Pfeiffer was thrilled when his son, Kelsey, 25, announced plans to return to the family’s farm in Orlando....

    April 18, 2014

  • Postal retiree luncheon set

    A postal retiree luncheon will be 11:30 a.m. Monday at Golden Corral Buffet and Grill, 123 N. Interstate Drive in Norman. Diners will meet in the lobby. For more information, call Joyce Carle at 872-5157....

    April 18, 2014

  • Flapjack fundraiser set

    The Apple Gold Group, a franchisee of Applebee’s Neighborhood Grill and Bar, will partner with the Global Outreach Team at Go Church to host a Flapjack Fundraiser on April 26. Proceeds raised will be used by team members to purchase ...

    April 18, 2014

  • OU Hornsemble goes to the movies

    The OU Hornsemble will present a concert of music from the cinema at 6 p.m. April 27 in the Paul F. Sharp Concert Hall. Billed as “Movie-Time Music,” the ensemble will present a wide variety of cinematic music from the 1940s to the ...

    April 18, 2014

  • Woman bound over for trial

    A Slaughterville woman facing a manslaughter charge after the death of an 8-year-old child was bound over for trial this week after a preliminary hearing in Cleveland County District Court. Kimberly Dawn Wenthold, 29, was charged in ...

    April 18, 2014

  • MNTC campaign focuses on dangers of texting while driving

    Students enrolled in Moore Norman Technology Center’s Career Exploration Education class are taking a class project that they feel strongly about to an involved level within their community. They are raising awareness among their high ...

    April 18, 2014

  • Fighting to rid world of polio

    A small crutch leaned against a podium inside an Oklahoma Memorial Union room Wednesday evening. It was a prop, retrieved and held aloft by Shawn Arnold as he described his early battle with polio....

    April 18, 2014

Video
Facebook