The Moore American

Local News

February 6, 2013

County trust pays down debt early

MOORE — Cleveland County commissioners were elated last week 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.

1
Text Only
Local News
  • Heathplex Healthplex, EMSStat recognized

    Norman Regional Health System’s Healthplex and EMSStat teams were recognized Thursday by the American Heart Association, receiving a Silver Plus Quality Achievement Award.

    July 25, 2014 1 Photo

  • DHS opens lecture series

    People leaving incarceration face a variety of challenges even without a diagnosis of mental illness. But for those who face mental

    July 23, 2014

  • ‘Magic Kids’ get royal treatment

    A Moore elementary student is among three metro children honored by Oklahoma City radio station, KMGL-FM, as “Magic Kids” for their outstanding contributions to their families, schools and local communities.

    July 23, 2014

  • Toothpick holders’ convention coming

    Lynne Ryan has been collecting toothpick holders her entire life. “My parents, Mr. and Mrs. W.L. ‘Bud’ Gibbs started our collectio

    July 23, 2014

  • Gang member charged in shooting

    An Oklahoma City man police identified as a gang member was charged with assault and battery with a deadly weapon Thursday after sh

    July 23, 2014

  • Angels protect us

    A co-worker unpacked a box of copy machine paper from a cardboard box and got a nasty paper cut. Because the source was cardboard, it was deeper than most and the bleeding was difficult to stop.

    July 23, 2014

  • Southmoore student wins gold at National FCCLA

    More than 7,000 Family, Career and Community Leaders of America members, advisers, alumni, and guests from across the country recen

    July 23, 2014

  • Sculpture brings tornado-torn community back together

    After the May 20 tornado tore through Moore in 2013, hundreds of families were left to pick up the pieces. And it was in these old, shattered pieces of people’s homes and scattered debris that two local artists found something new.

    July 22, 2014

  • Panel explains forced labor system

    Many topics were discussed over the course of three days during the 2014 Oklahoma Judicial Conference, but one of the newest issues

    July 22, 2014

  • Moore shut out of prevention aid

    As a massive tornado bore down on Moore on the afternoon of May 20, 2013, residents scrambled to find shelter. Some retreated to safe rooms at home or in buildings. Many hid in closets, bathrooms or hallways.

    July 22, 2014

Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide