Wells County announced today that it has closed on bonds in the amount of $5,365,000 million for its upcoming renovation of the county jail.
Early-on in October, S&P Global Ratings assigned its ‘AA-‘ long-term rating to the county’s general obligation (GO) bonds, series 2021. The outlook is stable.
“The stable outlook reflects our view that continued financial stability is likely achievable, as there has been a recent uptick in economic development that could bring new revenue and reserves are very strong with no significant budget pressures,” said S&P Global’s credit analyst John Sauter.
Prior to this credit assignment, Wells County attended a meeting with agency representatives to discuss a variety of factors. S&P cited that the county has strong budgetary performance and flexibility and very strong liquidity and overall debt profile.
“Municipal bond ratings are comparable to one’s individual credit score,” says Marielle Rujevcan of Bondry Consulting. “There is a direct impact on any interest paid on the financing. Since this is a high-quality bond, it shows that the county has a very strong capacity to meet their financial commitments.”
In addition, the county was able to secure a true interest rate (TIC) of 1.97% – an achievement that was primarily driven by its strong credit rating and stable outlook.
The Wells County Jail, originally built in 1985, will undergo various renovations in an effort to refurbish it from the inside out. This includes a new-and-improved HVAC system, inmate intake area, video courtrooms, and more.
“This project will update our current facility, and help address a lot of the COVID-related issues we’re dealing with today,” said Wells County Sheriff Scott Holliday. “This is a huge step for the future. Long after me, future sheriffs will be able to do their jobs correctly, while keeping people safe.”
Construction will kick off the first week of November, and is expected to finish by November of 2022.
For more information contact: Scott Holliday – Wells County Sheriff | (260) 824-3426 | firstname.lastname@example.org